12th and University - $900 psf for a 2 br/1.5 ba condo?

Can you post the link?

Seems low for the area. But who knows these days. Could be a seller who is pricing a bit below the market to move it.

We need more info! The area has many dumpy old coops with bad financials and ridiculous maintenance fees. In addition, I've seen too many Village 2BRs that are < 500sf! So, $900/sf isn't necessarily a bargain, even in that neighborhood.

Sorry, but disclaimer that there was a typo in the title - should be $950/sf (although it wouldn't surprise me to see it trade closer to $900/sf). Here's the link to the listing: http://corcoran.com/property/listing.aspx?Region=NYC&ListingID=1407795

nothing screams out at me as wrong...

I think its just someone moving closer to market realities... it notes a reduction.

Indeed. A $325,000 reduction. I'm sure bulls like alpine can find a silver lining as to why this isn't REAL Manhattan.

The 2nd bedroom looks like an afterthought. Plus no dogs is a negative in that nabe. What floor is it on?

Not a bad price at all - good looking listing, location (though maybe a bit too close to Union Sq for some). HMM, I think that area is pretty safe in terms of retaining value - it's not quite prime village, but not far off, and a condo to boot. The monthlies aren't crazy, though maybe a bit high, but this isn't too surprising in a condo. As for rents in the area, I think kylewest would know better than I, but I'm guessing you can get a decent doorman 2BR for under $4500? Your monthly outlay for purchasing this would be over $5500, I think.

I don't like the location of the bathrooms....kitchen/eating area/living room! The full-size bath should be in the bedroom area or there should be a hallway entrance.

you can NOT get a decent 2 bedroom in a doorman building in the village west of broadway for under 4k--or at least you could not until the recent collapse. i'd say 5000 would have been the minimum for that. apartment looks ok but it's kind of a squeeze to fit in those two bedrooms--the living room is not even 12' across. although i think this represents something of a decline i think it could still go somewhat lower. great location but cookie cutter apartment.

The layout is definitely a bit screwy. And the view out the back isn't great - looks at the back of a rather unattractive building. It's on the 9th floor and has southern exposure - it does get good light.

The current owners re-did it - what you see as the 2nd bedroom (agree that it's more like an office) used to be the master and connected to the full bathroom. The living room used to be the second bedroom and the current master bedroom used to be the living room.

Agreed... I was actually looking wvillage about 8-10 months ago, and it was really 5k before you hit anything liveable. And even those were on the small side. I haven't looked since the crash though...

That's lovely guys - I was talking about current rents, because those are a bit more, you know, relevant. Just did a quick rental search on here, lots of listings in that range.

I also don't get the gripes over the layout. Is it perfect? No. But at that price, I've seen far far worse. The bedrooms are well-sized (none of that 6'8"x9' junk) and the living room is fine. If you're expecting $3000 sqft at this price, well, it may be a while. The exposure's another story - much harder to tell without viewing in person.

You can dice and slice a one bedroom all you want, but it'll always be a one bedroom in my book. The reconfiguration leaves what was decent jr-four layout with "bonus" 1/2 bath an awkwardly configured ungracious 2-bdrm. I don't like it. The carrying charges are a few hundred too high--more than for comparable apts in better buildings on East 9 or East 10 Streets. I'd expect to see a little more off the price. Maybe a flexible $950K and offers may start coming in for seller. $1.3MM was ridiculous and never realistic--in any market.

Also, University and 12th is not great. The bowling alley and garage are likely targets when the economy picks up for future development. While that may be years away, even today the noise on that corner is ear splitting in the evenings and the street very crowded. Tons of college kids (perfectly nice crowds--but LOTS of them) at the restaurants, and generally just very busy and noisy. The building is OK, but not all that great--kind of ugly from the outside if it is the gray one I'm thinking of.

Personally, I'd never bother spending a premium on a layout I hate and would just rip out. At this price any renovations would amount to over-improvements that you would be unlikely to recover in the next 5 years.

Rentals? Not sure. Great pre-war 1-bedrooms much closer to Wash Sq. Park on quieter streets go for $4000-$4500 in white-glove buildings. I imagine $3000-3500 for a one-bedroom in the area of this building but I'm not a rental expert.

from the Apt 8B listing that sold for $1.295MM in Feb 08. Doh!

"Pinch yourself!! This is really happening...a 2BR/2BA PREWAR CONDO, under $1.5MM, in the heart of Lower Fifth Ave!! The magic is in the floorplan"

There's one one-bedroom for rent in this building, listed by Citi Habitats, on the market for $4K. It's not the extra bedroom that's worth a lot, it's the extra half-bath -- that would push up the price of a comparable rental.

ali r.
{downtown broker}

The half bath used to be a full bath - current owners ripped out bathtub to put in the W/D. I imagine it wouldn't be difficult to reverse that.