what will they re-list this thing for now?

Nice chop.

My guess: the listing will reappear with a smaller, leseer known broker. That seems to be the trend.

If they're down to $2.4, think it'll sell for $2?

At $2.4, it's $1142 SF. Do you think PPSF will hit $900?

I think ppsf might go as low as $500.

Rents are collapsing. 21 Chelsea has two 2-bedrooms, prices slashed from $4,500 to $3,975 on one, $4,900 to $4,100 on another, or 1/2 what it would cost to buy a similar apartment across the street at Indigo. $4,100 x 12 x 12 = $590,000 purchase price for 1,200 square feet.

The carnage has not yet begun. Fortunately, I think it will be fast.

i'm very curious what happens here--i'm potentially interested in this apartment and in the central village market in general.

stevejhx... that's my number.... give it back!....HR.... stay together now.... don't go putting in a false bottom now all by yourself.

I'm still bleeding from trying to catch the equity market.

My guess... drum roll pls...... ..... ...... ....... ....... ....... ...... ........ (that took forever)..... ...... ....... ...... ...... ...... $1.999999MM (doubt they'll get it).

If that unit goes for $1.875MM ( a big is)... based on a "comp" across the street did we do 50%?

" Fortunately, I think it will be fast."

Steve,

what do you mean by "fast"?

Here is a fun flip/distressed sale conducted by our favorite pornstar cum broker, no pun intended! Asking $4.2M, paid $2.65 last year. The audacity of hope...

http://www.streeteasy.com/nyc/sale/369853-condo-44-west-22nd-street-chelsea-new-york

w67: what area are you looking to move to? just curious. I'm looking for UES.

I mean within a year. Rental prices are falling very, very quickly. A lot of new development has yet to come online. Listings approaching 10,000, and they normally fall over the holidays. MS and GS have slashed bonuses 50% from last year, but they're not done...those bonuses are based on the profit made in the first half of this year, which won't be made next year, and indeed can't be made because they are now NY-chartered commercial banks, and they can't take on more than 10x leverage, a far cry from their previous 40x.

Indeed, who is going to give MS and GS and hedge funds the money they need to fund their operations?

No one.

The Merrill layoffs haven't even started yet - not to mention the transfers to cheaper Charlotte - nor has the elimination of WaMu staff in New York, to be taken over by JPM. Citigroup is far from finished cutting back - they just announced a merger of units, that's just the beginning. AIG is being sold off in pieces. After the Madoff scandal you can bet that hedge funds are now going to be regulated.

I think average MS salary this year is $262,000 per employee. It won't be anywhere near that next year, and on that salary you can't afford a $2 million apartment.

Can't be done.

And even if it could, who working in finance is going to risk buying an apartment at this point, when they don't even know if they'll have a job next year, or where that job will be.

There is nothing in the fundamentals that can support real estate prices at these levels. Nothing. Inventory is high and growing, all aimed at a nonexistent client.

I wonder how spunky fared in C and MER, along with all of those properties he was buying in Tribeca.

Gosh, I miss spunky.

dwell.... : ) w67th street... my daughter and son loves playing in the playground near tavern on the green, then we'd do the carousel and skoot over to the big slides down 59th street... and for nostalgic sakes.. .I got my first mugging in the 80's near here... so I love this area, oh and I made out with my first girlfriend.... and went to Wolman rink when it opened (go Donald)., played ultimate in sheep's meadows. It's weird but I've literally, biked, run, and this section of Central park since the 80's and now my kids get to do it... and then this F-ing RE bubble priced me out of this neighborhood while my wife was in fellowship and I was getting my MBA... But dwell when all is said and done.... we'll put in a real bottom and all will be right in this world again.

stevejhx...mind if i do some computations?

$262K, take off 40% for taxes.... ($157.2net, $13.1K monthly take home, mortgage and cc on $1.2MM unit ($8K), ancillary costs of cable, reebok club, garage, car, groceries, dinners out = $3K (very conservative)... savings $2.1K/month....baby on the way (well you're just "F----Ked) .... Honey let's look at homes in Jersery.... This was the math for every banker that I've come across since 80s' and 90s'... but the bubble... said hey stay awhile... that apartment went up to $2.5MM, double down and get yourself a negative amortizing ARM for that $5MM unit at 15CPW... cause you deserve it... now I have to fight with all the other strollers on the blk.... just leave already :)

for dwell .... computing...... computing ....... ding!

At $262,000 the most you can get financing for is $6,550 per month (30%) including maintenance, which would make your maximum budget about $800,000, not $1.2 million.

W67,
"my daughter and son loves playing in the playground near tavern on the green, then we'd do the carousel and skoot over to the big slides down 59th street.."
sounds like a lot of fun.

Good memories & good times. I also got priced out & I also love the park. Yeah, 67th by the park is a perfect location.

I'm contemplating moving west, just not sure. love Fairway.

"we'll put in a real bottom and all will be right in this world again." I hope you're right & that we don't become Argentina.

sorry dwell.. I'm looking for exit2...

This bubble thing just threw meritocracy out the door... gotta go now... looking for exit2..... r u there exit2?

oh stevejhx... oh a limit on a mortgage what a quaint idea... :)

Thank you, Steve. I totally agree. At what point would you consider buying, if at all? I'm not a finance person, but hear we are becoming more like Argentina than Japan, so, do I want to buy at all? Do I even want to be in dollars? But, there's no where to run. I read some where that we shouldn't be surprised if the US's AAA rating is soon downgraded & then what? I'm neither bear nor bull, but I try to be realistic & pragmatic.

"for dwell .... computing...... computing ....... ding!"

hehehehehehehehe......................DING!!

exit2............exit2...............exit2..................DING

Yup, Steve, that's how I'm looking at it: 30% of my net income goes for housing.

HappyRenter: sorry I hijacked your post. Back to the original topic:

look at this:
http://www.streeteasy.com/nyc/sale/239167-coop-30-fifth-avenue-greenwich-village-new-york

$1,795,000 30 Fifth Avenue #7GH in Greenwich Village

Hey, I hope we can recover as well as Argentina did in a very short time. Growth has been consistant, the debt with the IMF is paid, hospitals are open for everybody and a top level private health insurance costs ten times less than in the US. Poverty is way lower than it was, literacy rates are higher than in any other Latam country, and the president is some sexy lady! The american press loves to hate Argentina. I can assure you is not bad to live there.

Hey, W67th,

I thought you were driving on the palisades pkwy, looking for exit2, didn't know that was someone's name...........doy..............ding

mimi,

I was in Argentina. Spoke to the locals. They weren't as optimistic as you. They lost a lot.