My neighbor is undercutting my price... please help. building at 10 West 66th Street

250 East 87th, F-line. 8F comes to market in late Jan asking $100k (7.4%) below 2006 previous sale...

http://streeteasy.com/nyc/sale/659403-coop-250-east-87th-street-yorkville-new-york
08/15/2006 Previous Sale recorded for $1,350,000.
01/27/2012 Listed by Fox Residential Group at $1,250,000

...and 2 weeks later 6F comes along and undercuts by $200k (16%)

http://streeteasy.com/nyc/sale/661942-coop-250-east-87th-street-yorkville-new-york
02/08/2012 Listed by Maxwell Jacobs at $1,050,000

From the listings and pics, 8F looks to be in better condition, but still...

I am grey, yet I exist.

And your wife has been touched by thousands, so we know she exists too.

sidelinesitter
I noticed that as well. I never considered this building until google maps revieled a roof pool. The folks in 8F probably saw the 6F listing and had a bird. If they sell it will be a world of a spanking.

Agreed. The 6F listing is what we might call dropping the F bomb.

I've been considering buying in FiDi and I just noticed these interesting numbers in the listings for 90 William:
http://streeteasy.com/nyc/building/bewilliam-condominium

01/26/2012 #4C $872,500 (-3.0% $899,000) Sold 2 beds 2 baths 1,072 ft²
10/26/2011 #6C $810,000 (-14.7% $950,000) Sold 2 beds 2 baths 1,072 ft²

Am I reading this right? 4C undercut 6C's listing price by $51k (minus a few k for the floor differential), no price reductions were made for either of the units, and 4C ended up selling for $62.5k more! Whoa, what happened? The undercutter ended up with a lot more money in the end!!!

Did the buyer of 6C get a great deal, or did the buyer of 4C get gouged, or both? Or maybe the market improved over the 3-month period between the two sales? 90 William is a recent gut coversion and, as far as I can tell from the descriptions, the units are idential and there seem to be no notable upgrades to justify the extra $62.5k for 4C...two floors below, no less!!!

I'd be so upset if I were the buyer for 4C. Using the $10k/floor rule, they overpaid not by $62.5k but by $82.5k...I'd be so sad!!! Either way, 4C must have been a cash purchase because appraisal wouldn't have come back for that price anyhow,

Clinton,
Forget the closing dates and consider the day the deal was struck.
4C, maybe the end of the summer when the market was showing some life.
6C, April to May 2011 was closer to the beginning of that period.
Plus we don't know if there was multiple interests?
Overpaying would keep me up a few nights.

http://streeteasy.com/nyc/building/50-sutton-place-south-new_york

11l, 5c, 2c-- all same lay out-- 11l cutting down-- who will get to $750k first?

↓ $899,999
50 Sutton Place South #11L 2 beds 1,390 ft²
↓ $845,000
50 Sutton Place South #2C 2 beds 1,250 ft²
↓ $799,000
50 Sutton Place South #5C 2 beds
↓ $799,000

back on the market and undercutting neighbors price 15c- on market almost 1.5 years, undercutting 11L that also can't sell

http://streeteasy.com/nyc/sale/675077-coop-50-sutton-place-south-sutton-place-new-york

boom! the race to $798k begins

The "Penultimate" 2 bedroom. Really. Why do brokers insist on using this phrase. It is really the next-to-last 2 bedroom here. I count 4 currently listed. Fekkin ejits.

yea the "Penulitmate" 2 bed cutting theirs neighbors "penultimate" 2 bed in 11l, but no wait the penultimate in 2c is undercutting 15c and the "penultimate" 2 bed 3 floors up, 5c, undercutting 2c.... I wonder.... where are all those bidding wars????

Brooks: If 5c sold for 10% below ask -- which is reasonable considering competition in building and time on market-- it would be sold @ $576 psf-- perilously close to W67's predicted $500 psf.

i originally thought that it could sell for $750.. but that was a while ago. market going lower and lots coming to market in that building and neighbor hood..

>back on the market and undercutting neighbors price 15c- on market almost 1.5 years, undercutting 11L that also can't sell
http://streeteasy.com/nyc/sale/675077-coop-50-sutton-place-south-sutton-place-new-york

There's a window in the shower so this doesn't count.

Sometimes when you are doing your bondage thing with your wife you need a secret code word or words to know when to stop.

Tonite's secret code words are 'buy nyc re'

update:

the undercutters 15c. and 5c. go into contract(waiting for final closing px)... 2c drops price 46K, to $799k and sits, 11l cuts 1k to 898k.. then another steep drop of 3.99k to 895K(best of luck you'll need it) but wait... a new one jut entered the race to get cut, 9l starting off at a steep 875K ..... ..

who will be the first to cut next?

place your bets... place your bets....

I'll take 9l.. what's your pick????? will 11k undercut 9l?

Any thoughts on 1112 Park Avenue #10C ($2.3mm) and #11C ($2.5)? It looks like 11C may be ready for another price chop to $2.3mm based on the entry of 10C into the market. The kitchens are slightly different (notice the placement of the W/D) and one has a murphy bed, but otherwise they're remarkably similar.

http://streeteasy.com/nyc/sale/685320-coop-1112-park-avenue-carnegie-hill-new-york

http://streeteasy.com/nyc/sale/733736-coop-1112-park-avenue-carnegie-hill-new-york

Update on 50 Sutton Place South: 15C closed for $850k, while 5C sold, though the price hasn't been recorded yet. 2C remains on the market.

On an unrelated note, I'd also be interested to see how the combination of 3AB goes in that building.

drum rolllllll please 5c undercut to $730k!!! where will 11L, 9L , 7L and 2c shake out?

Yes getting close to W67 s prediction of $500psf

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http://streeteasy.com/nyc/building/50-sutton-place-south-new_york

The Race to the bottom goes on! 15c 11l, 5c, 2c-- all same lay out-- 11l cutting down-- who will get to $750k first?
15c 985k -----------------chopped---------------------$850k
11L↓ $899,999 ------------------------------------------ $830k
50 Sutton Place South #11L 2 beds 1,390 ft²
↓ $845,000
50 Sutton Place South #2C 2 beds 1,250 ft²
↓ $799,000 ---chopped $749
50 Sutton Place South #5C 2 beds -----------------------------$730k
↓ $799,000

oh where will 7l and 2c close!

Brooks, who claims he's a retired Air Force fighter jet pilot, decorated with medals and all of that;
is in a tizz over where 7l and 2c will close!

I knew there was a reason why I always ignored you. You are TRUEly an idiot.