If You Can Demonstrate Market Movement With Comps: Downtown Edition

You have to be careful with these outliers where something sold for 30% below market. I remember tracking one down to pres at RE development company selling a unit to some other exec at same company. Why? Who knows, maybe to cheat on taxes. Say I need to pay you $200K. Rather than do so, I simply sell you one of my properties at $200K below market value. I pay no taxes because I do a 1031 exchange, and my benefit is that my basis is now $200K lower. Your benefit is that you get to defer your taxes indefinitely, and when you do need to pay, it'll either be at capital gains, or you simply move in for a couple of years to take advantage of the exemption.

Everything is fine with your little stealing until the world catches up to the fact that even at a $200K discount, the place is worth $200K less than what you paid and levered given its cash flow.

nada, these are ALL 1900-2700 sf units. i hear what you're saying, but this developer would have owed a lot of friends who had the means to buy these apartments. i would love to know what went on here. in 06/05, after the sale of 3C, prices went up significantly.

06/23/2005 #3C $1,256,925 -
06/21/2005 #4C $1,355,000 -
05/11/2005 #3E $1,141,075 -
05/10/2005 #4F $1,329,075 -
05/10/2005 #2E $1,112,950 -
05/09/2005 #4E $1,200,000 -
05/09/2005 #2C $1,260,500 -
05/06/2005 #2F $1,277,750 -
04/25/2005 #3F $1,343,900 -
04/22/2005 #4D $1,245,000 -
04/22/2005 #5D $1,087,250 -
04/21/2005 #5F $1,362,775 -
04/21/2005 #5C $1,321,600

Same-unit resale of a Village one-bedroom, down about 10% from early 2008: http://streeteasy.com/nyc/sale/440981-coop-69-west-9th-street-greenwich-village-new-york

04/08/2008 Previous Sale recorded for $825,000.
07/30/2009 Listed by Corcoran at $895,000.
10/07/2009 Price decreased by 11% to $795,000.
11/11/2009 Price decreased by 3% to $769,000.
12/11/2009 Listing entered contract.
02/04/2010 Sale recorded for $743,750.

The seller had replaced the floors and kitchen, etc., so make that more than 10%.

In January 2008, the seller also contracted to buy a $2M place at the Harrison. He closed on that a few months ago. This 9th St place may have been bought as a flip project while waiting for the Harrison to be built.

tiny, no closet, but location. and a comp. 3F, one floor down, sold for #349k 11/05.

http://streeteasy.com/nyc/sale/422013-coop-56-jane-street-west-village-new-york

06/12/2009Listed by Barak Realty at $349,000.
09/09/2009Price decreased by 7% to $324,500.
11/12/2009Listing sold.
01/12/2010Sale recorded for $300,000.

Am I the only one doing this. When I see people paying 1000psf for something so small, and hardly liveable I now run to google to see if I can figure out who the owner is. In this case, apparently a young creative type, so I can see it..I guess..as a place to live for a couple years. But this is teeny weeny itsy bitsy.

i don't google the owners. yes indeedy, teeny weeny. but a GSE is probably ready, willing and able to buy the loan, so there you have it. as absurd as it seems, this is an improvement in the pricing. you're much more likely to see $600 psf and under in the 1200 sf 2/2 (although that will have its own set of issues). go figure.

another bank purchase. listing seems to indicate bank has already unloaded the property.

http://streeteasy.com/nyc/sale/444020-condo-250-south-end-avenue-battery-park-city-new-york
04/07/2008Previous Sale recorded for $615,000.
05/07/2008Previously Listed in StreetEasy, but temporarily delisted, by Battery Park Realty at $650,000.
08/09/2009Listed by Corcoran at $549,000.
09/18/2009Price decreased by 15% to $469,000.
11/06/2009Price decreased by 5% to $445,000.
12/11/2009Price decreased by 2% to $437,000.
01/01/2010Price decreased by 5% to $415,000.
01/12/2010Listing sold.
01/12/2010Sale recorded for $485,000.
01/23/2010Listing entered contract.
01/28/2010Listing sold.

73 Worth - 5D
SOLD
$1,687,500

http://streeteasy.com/nyc/sale/362029-condo-73-worth-street-tribeca-new-york
04/22/2005Previous Sale recorded for $1,087,250.
11/04/2008Listed by Prudential Elliman at $2,250,000.
02/03/2009Price decreased by 7% to $2,095,000.
02/27/2009Price decreased by 5% to $1,995,000.
06/23/2009Price decreased by 7% to $1,850,000.
12/10/2009Listing entered contract.

soho mews, unit 4D. 6D, 7D and 8D all closed in 05/09 for $2,308,500, $2,472,500 and $2,543,750.

http://streeteasy.com/nyc/sale/92446-condo-311-west-broadway-soho-new-york

06/21/2007Listed by Corcoran at $2,495,000.
07/22/2007Listing sold.
07/22/2008Price decreased by 4% to $2,395,000.
01/12/2010Sale recorded for $1,875,000.

4D buyer must be feeling pretty good about himself that he got such a "bargain." Meanwhile, you just know the developer sprinted to the bank, laughing the whole way, to cash that check for $1,500 psf.

Something tells me that the (from what I can ascertain) SF venture capitalist who bought 4D, who ranked #38 on a recent Forbes "Midas List," could probably care less whether or not you think he got a "bargain." LOL.

interesting that said "midas" chose to spend "only" $1,875,000, don't you think? maybe he cares whether or not he got a bargain. some wealthy people do.

aptboy, the slightly later 3D sale? i have no idea what happened in that building, but something seems to have. but good for the 5D sellers. they did well.

oh, aptboy, sorry. i see that you might have just been adding on to my earlier comment. very strange pricing history there. would love to know why.

Midas is pretty clearly buying a happy little pied-a-terre. I'm sure that many wealthy people care, and weep when they read this board and are told what lemmings they are for just having squandered 1% of their net worth on NY real estate.

miette, the bottom line is that midas is getting a good deal. whether or not midas cares is something that we can't know, because we can't know. i doubt they care what we write. but what they pay, at the end of the day, does say something. he very well could have squandered 2%.

oh, and by the way, you think they just offerred this huge discount to the midas? sua sponte? you don't think that said midas asked for something off, despite his ability to pay more?

I don't run in the billionaires club. But, let's face it, Manhattan draws a disproportionate number of those who do.

You're close, close on the dimensions, though.

what about "perky"? ...

because of the way this has been listed and recorded (6G, PH6G) the closing prices don't show up here. it closed 10/06 for $1.4mm and 1/10 for $1.1mm. interesting unit.

http://streeteasy.com/nyc/sale/14764-coop-514-broadway-soho-new-york
01/04/2006Listed by Corcoran at $1,499,000.
04/01/2006Listing is no longer available.
04/11/2006Re-listed by Corcoran.
04/20/2006Listing is no longer available.
04/24/2006Listing entered contract.
09/26/2006Listing is no longer available.
09/02/2008Re-listed by Corcoran.
09/02/2008Price increased by 13% to $1,700,000.
09/28/2008Price decreased by 12% to $1,499,000.
12/17/2008Delisted temporarily.
03/07/2009Later Listed by Brown Harris Stevens at $1,499,000.
01/28/2010Brown Harris Stevens Listing is no longer available. Last priced at $1,200,000.

new development resale, $713 psf. highish maintenance. one of the earliest sales in the building, contract may have been earlier.

http://streeteasy.com/nyc/sale/394913-condop-242-east-25th-street-kips-bay-new-york

03/22/2006Previous Sale recorded for $962,767.
03/25/2009Listed by Prudential Elliman at $995,000.
08/05/2009Price decreased by 10% to $899,000.
11/06/2009Price decreased by 0% to $898,000.
11/13/2009Price decreased by 5% to $850,000.
12/10/2009Listing entered contract.
02/25/2010Listing sold.
02/25/2010Sale recorded for $805,000.

242 east 25th
Not surprising, being on 2nd ave and 25th it's at the southern end of project row on 2nd ave. Though not as bad though almost as bad as project row on 10th avenue ironically with the same cross streets.

Those projects are pretty benign--mostly seniors who have lived there since they were built and plenty of the type of working families the projects were originally built for. This apartment actually looks like a decent, at $800K not almost $1MM, except for the fact that the master bedroom is just off the kitchen. Am I the only one who thinks that's a little weird.

Considering that the apt is 800sf at most, it's $1,000/sf for a shit box in the sky, er, sorry, postwar coop on 2nd avenue.

and someone was willing to pay more for it earlier. this is a COMPS thread.

AR: Comps thread? Isn't this the bidding wars thread?

SnS, I'm told that will show up shortly. Of cousrse I've been told that for the past 8 or so months. it's becoming quite the lag

Sorry, didn't want go mess your comps thread. I expect people to have made stupid decisions on new construction in 2006. But now? What were they thinking?

2 bedroom. condo rules. conforming loan. not many 2/2s meet those conditions. which is why the market has quite a bit further to fall. it's still being propped up.

Gut-renovated one-bedroom at One Fifth: http://streeteasy.com/nyc/sale/376313-coop-1-fifth-avenue-greenwich-village-new-york

Looks as if they made a few bucks on that reno, but it took two years to unload.

02/24/2006 Previous Sale recorded for $830,000.
03/27/2008 Previously Listed by Corcoran at $1,595,000.
12/12/2008 Delisted temporarily by Corcoran. Last priced at $1,495,000.
01/21/2009 Listed by Ann Weintraub, Ltd. at $1,350,000.
08/14/2009 Delisted temporarily.
11/19/2009 Listing entered contract.
03/03/2010 Sale recorded for $1,280,000.

prima, new construction condo. unit 5D. 3D sold 08/09 for $799,000.

http://streeteasy.com/nyc/sale/177757-condo-130-west-20th-street-chelsea-new-york
01/30/2008Listed by Prudential Elliman at $829,000.
09/22/2008Listing sold.
11/05/2009Later Listed by Prudential Elliman at $780,000.
01/29/2010Prudential Elliman Listing entered contract.
03/05/2010Sale recorded for $705,000.

be@william, same unit resale.

http://streeteasy.com/nyc/sale/418382-condo-90-william-financial-district-new-york

05/21/2007Previously Listed by Corcoran at $736,000.
08/03/2007Corcoran Listing is no longer available. Last priced at $751,000.
02/07/2009Previously Listed by Corcoran at $751,000.
02/09/2009Corcoran Listing sold.
02/09/2009Previous Sale recorded for $751,000.
06/05/2009Listed by Corcoran at $599,000.
06/12/2009Price increased by 4% to $620,000.
12/26/2009Listing is no longer available.
03/03/2010Listing entered contract.
03/04/2010Listing sold.
03/04/2010Sale recorded for $620,000.

superior ink. i'm hesitant to list this one, but 14B closed for $8.1mm 12/09. this is 16B.

http://streeteasy.com/nyc/sale/268362-condo-400-west-12th-street-west-village-new-york

02/09/2008Listed in StreetEasy, already in contract, by Related Sales at $8,100,000.
10/24/2008Price increased by 3% to $8,350,000.
03/03/2010Listing sold.
03/03/2010Sale recorded for $6,950,000.

40 mercer, new unit resale. one of the earliest closings, nouvel building. don't know when contract was signed. this seems pretty harsh, given the building and location.

http://streeteasy.com/nyc/building/40-mercer-street-new_york

03/16/2007Previous Sale recorded for $2,350,000.
09/28/2007Listed by Mercedes Berk at $2,995,000.
12/13/2007Listing is no longer available.
02/21/2008Re-listed by Mercedes Berk.
02/21/2008Price increased by 9% to $3,250,000.
04/07/2008Price decreased by 8% to $2,995,000.
09/02/2008Listing is no longer available.
10/06/2008Re-listed by Mercedes Berk.
10/31/2008Delisted.
11/13/2008Re-listed by Mercedes Berk.
11/13/2008Price decreased by 5% to $2,850,000.
12/01/2008Price decreased by 4% to $2,750,000.
12/12/2008Price decreased by 5% to $2,625,000.
12/23/2008Listing is no longer available.
10/16/2009Re-listed by Mercedes Berk.
10/16/2009Price decreased by 16% to $2,195,000.
11/23/2009Price decreased by 9% to $1,995,000.
03/03/2010Sale recorded for $1,750,000.
03/04/2010Listing sold.

AR: 40 Mercer #9 was marked as "Contract Signed" on January 18th.

west81st, i was talking the initial sale. i don't know when they started sales for the building, so it's possible the early '07 closing reflects an earlier price point.

same unit resale at the albert. west81st's point about the january contract for 40 mercer is indeed interesting. this was also a january contract date, deals seem to be closing quite quickly. this is a coop that closed in less than 2 months from contract signing.

http://streeteasy.com/nyc/sale/437716-coop-23-east-10th-street-greenwich-village-new-york

10/26/2005Previous Sale recorded for $540,000.
07/17/2009Listed by Prudential Elliman at $599,000.
09/18/2009Price decreased by 2% to $585,000.
10/26/2009Price decreased by 2% to $575,000.
12/14/2009Price decreased by 2% to $565,000.
01/06/2010Listing entered contract.
03/02/2010Listing sold.
03/02/2010Sale recorded for $525,000.

district, unit 521. unit 721 sold for $645k 01/09.

http://streeteasy.com/nyc/sale/481882-111-fulton-st-financial-district-new-york
08/12/2009Previously Listed by Urban Marketing--District at $605,000.
12/03/2009Listed by Urban Marketing at $605,000.
01/07/2010Listing sold.
02/12/2010Urban Marketing--District Listing entered contract.
02/26/2010Sale recorded for $492,000.

wow..interesting.

1/09 was after the financial melt-down definitely post re peak.

Say floor difference would account for $20K decrease. Its a relatively new building so condition differences are unlikely. Its a still a 15% decline in a year. And the tide has been turned?

Great work AR. Being basically lazy, I figure if I wait long enough AR will comp every downtown option for me.

liz, ugliness. lots of it. keep an eye on 254 PAS.

the first unit is 2K, the second is 4K. 2K likely has less light and definitely needed more work, although impossible to tell condition of 4K for sale in 2005.

http://streeteasy.com/nyc/sale/320362-coop-99-east-4th-street-east-village-new-york
07/22/2008Listed by Halstead Property at $885,000.
11/11/2008Price decreased by 10% to $795,000.
12/22/2008Delisted temporarily.
02/06/2009Re-listed by Halstead Property.
03/05/2009Price decreased by 5% to $759,000.
04/14/2009Delisted temporarily.
09/29/2009Re-listed by Halstead Property.
09/29/2009Price decreased by 8% to $699,000.
10/24/2009Listing entered contract.
01/21/2010Sale recorded for $685,000.

http://streeteasy.com/nyc/sale/134560-coop-99-east-4th-street-east-village-new-york
05/11/2005Previous Sale recorded for $885,000.
10/16/2007Listed by Prudential Elliman at $1,095,000.
11/17/2007Listing entered contract.
02/07/2008Listing sold.
02/07/2008Sale recorded for $1,095,500.

111 Barrow Street - Same Unit Re-sale - Unit 8D
http://streeteasy.com/nyc/sale/37025-coop-111-barrow-street-west-village-new-york
07/12/2006Listed by Warburg at $1,375,000.
08/05/2006Listing is no longer available.
08/31/2006Re-listed by Warburg.
09/29/2006Price decreased by 6% to $1,298,000.
01/19/2007Price decreased by 8% to $1,198,000.
03/22/2007Price decreased by 4% to $1,150,000.
04/26/2007Listing is no longer available.
05/17/2007Re-listed by Warburg.
05/17/2007Price decreased by 13% to $998,500.
06/12/2007Listing entered contract.
09/14/2007Listing sold. Sale Recorded at $1,020,000

http://streeteasy.com/nyc/sale/479946-coop-111-barrow-street-west-village-new-york
11/19/2009Listed by Century 21 Clickit at $1,395,000.
12/28/2009Listing entered contract.
02/23/2010Listing sold. Sale Recorded at $1,395,000

sold as PH6A for $2.8mm in 02/05.

http://streeteasy.com/nyc/sale/390746-coop-30-west-13th-street-greenwich-village-new-york

03/10/2009Listed by Prudential Elliman at $3,199,000.
05/16/2009Price decreased by 6% to $2,999,000.
10/08/2009Price decreased by 7% to $2,799,000.
11/23/2009Listing is no longer available.
12/10/2009Listing entered contract.
02/24/2010Listing sold.
02/24/2010Sale recorded for $2,500,000.

bank owned liberty court condo, 25L. 33L sold for $585k 09/05.

http://streeteasy.com/nyc/sale/436588-condo-200-rector-place-battery-park-city-new-york

07/10/2009Listed by Wakefield Properties at $490,000.
09/02/2009Price decreased by 8% to $450,000.
10/20/2009Listing entered contract.
02/24/2010Listing sold.
02/24/2010Sale recorded for $450,000.

99 Jane, 3E. 5E sold 07/06 for $2,095,000.

http://streeteasy.com/nyc/sale/91459-condo-99-jane-street-west-village-new-york

06/11/2007Listed by Corcoran at $2,199,000.
07/01/2007Listing is no longer available.
07/11/2007Later Listed by Corcoran at $2,199,000.
09/22/2007Corcoran Listing is no longer available.
09/11/2009Later Listed by Sotheby's International Realty, Inc. at $1,895,000.
02/24/2010Sotheby's International Realty, Inc. Listing sold.
02/24/2010Sale recorded for $1,725,000.

west village studio, 2F. 3F sold for $425k 09/05. 5F for $385k 08/04.

http://streeteasy.com/nyc/sale/457002-coop-33-greenwich-avenue-greenwich-village-new-york
09/09/2009Listed by Corcoran at $399,000.
10/02/2009Listing entered contract.
02/23/2010Listing sold.
02/23/2010Sale recorded for $385,000.

dreamer, unless its a same unit resale i try to stay away from greenwich club, 20 pine, be@william, 99 john, 200 chambers, etc. those buildings give me a headache, but sponsor units have been going in a number of them for around $700 psf. there's some crazy shit that's going on at the beaver, and i can't (or am too lazy to) figure it out, but it seems like they keep churning the same units between related companies, for what reason i'm not sure.

one morton. closed 02/10 for $2.2mm.

http://streeteasy.com/nyc/sale/233139-condo-1-morton-sq-west-village-new-york
11/17/2004Previous Sale recorded for $2,100,000.
05/09/2008Listed by Sotheby's International Realty, Inc. at $2,800,000.
10/17/2008Price decreased by 11% to $2,495,000.
04/29/2009Listing is no longer available.

101 warren, same unit resale. could have done a lot worse, but 10% plus new condo transaction costs isn't pleasant for a year and a half of ownership. awful timing for an attempted flip.

http://streeteasy.com/nyc/sale/414123-condo-101-warren-street-tribeca-new-york

07/07/2008Previous Sale recorded for $1,270,000.
08/05/2008Previously Listed by Corcoran at $1,885,000.
01/28/2009Corcoran Listing is no longer available. Last priced at $1,695,000.
05/16/2009Listed by Corcoran at $1,465,000.
06/12/2009Price decreased by 12% to $1,295,000.
11/06/2009Listing is no longer available.
12/01/2009Re-listed by Corcoran.
01/23/2010Listing entered contract.
02/01/2010Listing sold.
02/19/2010Sale recorded for $1,150,000.

downtown by starck. not a pretty result.

http://streeteasy.com/nyc/sale/467722-condo-15-broad-st-financial-district-new-york

01/31/2007Previous Sale recorded for $1,193,290.
03/22/2007Previously Listed by Corcoran at $1,650,000.
11/06/2007Corcoran Listing sold. Last priced at $1,500,000.
11/06/2007Previous Sale recorded for $1,450,000.
04/25/2009Previously Listed by Prudential Elliman at $1,595,000.
09/18/2009Prudential Elliman Listing is no longer available. Last priced at $1,260,000.
10/01/2009Listed by City Connections Realty at $1,195,000.
12/10/2009Listing is no longer available.
01/13/2010Listing entered contract.
02/17/2010Listing sold.
02/17/2010Sale recorded for $1,150,000.

this unit has been listed over time as 8A, phA, and ph8A, so nothing matches up in one listing. it sold for $1,750,000 in 05/05, and closed for $1,450,000 in 02/10.

http://streeteasy.com/nyc/sale/481705-coop-889-broadway-flatiron-new-york

10/01/2008Previously Listed by Corcoran at $1,895,000.
10/22/2008Delisted temporarily by Corcoran.
12/02/2009Listed by Corcoran at $1,495,000.
12/13/2009Listing entered contract.
02/17/2010Listing is no longer available.

butterfield house. estate sale, but newly renovated kitchen, baths just ok. unit 9D. 7D sold at what appears to have been the peak for the building, 05/08, at $2.2mm. 7D also sold in 11/05 for $1,392,157 (strange). no idea of condition of 7D for either sale.

http://streeteasy.com/nyc/sale/356936-coop-37-w-12th-st-greenwich-village-new-york

10/10/2008Listed by Sotheby's International Realty, Inc. at $2,200,000.
12/01/2008Price decreased by 16% to $1,850,000.
12/16/2008Listing is no longer available.
01/02/2009Re-listed by Sotheby's International Realty, Inc..
03/26/2009Listing is no longer available.
06/26/2009Later Listed by Sotheby's International Realty, Inc. at $1,650,000.
11/03/2009Sotheby's International Realty, Inc. Listing is no longer available.
11/04/2009Later Listed by Sotheby's International Realty, Inc. at $1,650,000.
02/16/2010Sotheby's International Realty, Inc. Listing sold.
02/16/2010Sale recorded for $1,500,000.

same unit resale, fourth floor walk up. sellers also renovated.

http://streeteasy.com/nyc/sale/465274-coop-120-second-avenue-east-village-new-york
10/24/2006Previously Listed by Corcoran at $525,000.
04/04/2007Corcoran Listing sold.
04/04/2007Previous Sale recorded for $513,500.
09/23/2009Listed by Corcoran at $510,000.
10/21/2009Price decreased by 2% to $499,000.
12/22/2009Listing entered contract.
01/21/2010Listing is no longer available.
01/28/2010Listing entered contract.
02/12/2010Listing sold.
02/12/2010Sale recorded for $475,000.

150 Fulton, unit 5B, 662sf one bedroom. 8B sold for $675k 08/07, 6B for $660k 09/05 and 3B for $700k 01/06.

http://streeteasy.com/nyc/sale/438746-condo-150-nassau-street-fultonseaport-new-york
07/21/2009Listed by Corcoran at $677,700.
08/17/2009Listing is no longer available.
09/08/2009Re-listed by Corcoran.
11/19/2009Price decreased by 6% to $640,000.
12/02/2009Price decreased by 3% to $620,000.
01/08/2010Listing entered contract.
02/12/2010Listing sold.
02/12/2010Sale recorded for $572,300.

Am I crazy or does $900+ seem like high maintenance for a smallish 1 bedroom in a walk up building? I pay less than $1500 for 2 beds in with full service.

no you're not crazy, prices in the east village are crazy. check out the monthly costs for this one, BPC, $1700 for a one bedroom. no wonder prices are falling. unit 3U. 5U closed for $419k in 12/04

08/01/2009Listed by Brown Harris Stevens at $410,000.
08/11/2009Price decreased by 3% to $399,000.
10/21/2009Price decreased by 5% to $379,000.
02/09/2010Listing entered contract.
02/12/2010Listing sold.
02/12/2010Sale recorded for $380,000.

liz - whoever is crazy enough to pay $475,000 for a small 4th floor walkupo apartment is what is probably a renovated tenement (oh sorry, PREWAR) building is crazy enought to pay that maintenance. It does boggle the mind.

AR, BPC has always had the most ridiculous maintenance costs which I understood were due to the land lease and PILOT. Traditionally, cots compensated to some extent to make monthly costs equivalent to other areas. Ironically, several people have told me that renting down there is a good value.

ar-thanks for this! This gives a real perspective on the market. Thank you so much for doing this. It is VERY VALUABLE!!! And very appreciated

Here Here!!! AR is an amazing resource (not to mention one cool chick).

"AR, BPC has always had the most ridiculous maintenance costs which I understood were due to the land lease and PILOT. Traditionally, cots compensated to some extent to make monthly costs equivalent to other areas. Ironically, several people have told me that renting down there is a good value."

I you think they have been high or are high now, you ain't seen nothing yet. New round of ground lease increases coming up soon.

Here's one in Chelsea -- 15% below 2006 basis for a building that has been stubborn to move:

http://streeteasy.com/nyc/building/chelsea-mercantile

06/29/2006 #15H $2,240,000
03/17/2010 #15H $1,900,000

There's no listing associated with either one, so it isn't clear this is an arm's length transaction. However, I suspect one of those in contract 2 bedrooms was the listing for this unit.

I see a listing on the 2006 sale: on market asking $2,250,000 4/19/2006

SkinnyNsweet: Here's an expanded history for #15H. Despite the loss on the 2010 sale, the appreciation over the course of a decade remains impressive (and a bit sobering):
12/15/2000 #15H .. $840,500
06/10/2003 #15H $1,350,000
06/29/2006 #15H $2,240,000
03/17/2010 #15H $1,900,000
The first transaction is the original sponsor sale. The next two appear to have been struck through brokers. As for the 2010 sale, the seller has owned an apartment on the sixteenth floor since 2002, so it seems plausible that he was able to find a buyer himself.

post-war 2/2, village. don't know who renovated.

http://streeteasy.com/nyc/sale/390724-coop-79-west-12th-street-greenwich-village-new-york
07/13/2005Previous Sale recorded for $997,600.
03/10/2009Listed by Bellmarc at $1,175,000.
04/10/2009Price decreased by 6% to $1,100,000.
10/28/2009Price decreased by 9% to $999,000.
12/03/2009Listing entered contract.
03/30/2010Sale recorded for $990,000.
04/01/2010Listing is no longer available

This one's interesting and sad -- it is a greater than $500k loss in two years on a beautiful, albeit cramped, apartment in the West Village, and it hasn't sold yet. I guess there could be a bidding war that turns the tide, but I doubt it given how long it has been on the market.

http://streeteasy.com/nyc/building/maison-pierre-369-bleecker-street-new_york

04/10/2008 #4 $3,025,000 -- labeled as 4, but it was probably 4/5 based on the linked listing

12/11/2007 Previously Listed in StreetEasy, but temporarily delisted, by Corcoran at $3,295,000.
04/10/2008 Corcoran Listing sold.
12/01/2009 Listed by Brown Harris Stevens at $2,950,000.
02/08/2010 Price decreased by 10% to $2,650,000.
04/05/2010 Price decreased by 6% to $2,500,000.

SNs - I think it's actually even more interesting. The sponsor sale in 2007 preceded the flip for $3,025,000 8 months later (clearly the August 2007 listing and closing, although separate in the SE history, are the same unit).

From this perspective, the current ask (7% above 2007 initial sale) doesn't look cheap by any means, $500k loss or no. I also doubt the bidding war theory, BTW. Maybe if they cut to low 2s as a price discovery mechanism, but a 6% cut from a price that got no interest in 2 months probably isn't going to catch much attention.

04/10/2008 #4 $3,025,000 -8.2% $3,295,000 Sold 2 beds 3 baths 1,590 ft²
08/17/2007 #4/5 - $2,650,000 2 beds 3 baths 1,590 ft²
08/16/2007 #4 $2,341,975

I thought the Village/West Village were "immune" from the slump. Can't figure out what the problem was with 79 West 12th. Sounds like a nice apartment with good light, renovated, and very close to PS41. Was there just no one in the market?

As for the Bleecker St listing not sure who would want to want to spend that much money to live on a street with so much tourist congestion (Magnolia, Marc Jacobs etc). Then again I say the same thing every time I'm in Soho.

http://streeteasy.com/nyc/building/maison-pierre-369-bleecker-street-new_york

We saw this unit -- it's essentially a duplex on the top two floors of a brownstone with a nice roofdeck. But the price was/is ambitious for what is essentially a third floor walkup. I agree that cutting it to low 2s would make it more intriguing.

^^ actually three flights up to the 4th floor.

Kiss
Was the square footage right? It looks like that total includes the outdoor space.

I didn't calculate the sq footage and didn't it on the listing, but the floor plan gives room measurements which do seem accurate from what I recall.

the vermeer, not one of my favorite buildings but it has its fans. 7D, admittedly 4 floors higher, sold for $1.3mm 12/07. 10D sold for $1,230,000 07/05.

http://streeteasy.com/nyc/sale/392819-coop-77-seventh-avenue-chelsea-new-york

03/18/2009Listed by Halstead Property at $1,099,000.
05/27/2009Price decreased by 9% to $999,000.
09/12/2009Price decreased by 3% to $969,000.
11/30/2009Listing entered contract.
01/29/2010Listing sold.
03/08/2010Sale recorded for $909,000.

sponsor sale, new development, sponsor likely only has a couple of units left. nice chopping action. this is 16PHB, 15PHB, same size sold for $3,411,437 09/08.

http://streeteasy.com/nyc/sale/50898-condo-240-park-avenue-south-flatiron-new-york
10/13/2006Listed by Prudential Elliman at $3,406,000.
05/16/2007Price increased by 1% to $3,450,000.
03/04/2008Listing is no longer available.
03/14/2008Re-listed by Prudential Elliman.
01/02/2009Listing is no longer available.
04/01/2010Sale recorded for $2,250,000.

55 N. Moore 4R 2,100 sf 15% up from 2007 (almost peak) price

09/26/2006 Previously Listed by Prudential Elliman at $2,400,000.
04/12/2007 Prudential Elliman Listing sold.
04/12/2007 Previous Sale recorded for $2,135,000.
05/27/2009 Listed by Halstead Property at $2,625,000.
09/29/2009 Listing entered contract.
11/16/2009 Listing sold.
11/16/2009 Sale recorded for $2,465,000.

Wasn't that unit renovated between sales, ph41?

Can't really tell - can't pull up full description from 2006 listing.

1 River Terrace, Unit 22B. 20B sold for $1,929,583 02/09.

http://streeteasy.com/nyc/sale/446816-condo-1-river-terrace-battery-park-city-new-york
08/24/2009Listed by Corcoran at $1,975,000.
10/20/2009Listing sold.
04/06/2010Sale recorded for $1,545,000.

"Wasn't that unit renovated between sales, ph41?"

"Can't really tell - can't pull up full description from 2006 listing."

Ahh, the babe in woods defense.

A few things should have clued you in. First, it's the 15% price increase when 20% drops is where the market is actually trading. Sure there are outliers, but a 35% outlier is really out there. Second, the lack of pictures of words associated with renovation in the 2006/2007 listing should provide another clue. Third, the 2009 listing's use of "renovated to perfection" and "back-lit Onyx wall" should provide another clue.

Finally, having never looked for such a thing before, it took me all of 1 minute to find the website for NYC work permits, punch in the address, and find the work permit. This is the original, filed in April 2007:

http://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=2&passjobnumber=104743681&passdocnumber=01

Note the interior demolition, general construction, plumbing modifications, and installation of central AC system. In other words, a gut renovation. The final amendment was filed in June 2009.

so...ballpark they lost between $250K and $350K?

inonada - my bad. I can't really use ACRIS et al that well, and didn't really care all that much.

http://streeteasy.com/nyc/sale/440412-coop-107-west-25th-street-chelsea-new-york

07/12/2004Previous Sale recorded for $1,215,000.
07/25/2009Listed by Prudential Elliman at $1,375,000.
09/15/2009Price decreased by 6% to $1,299,000.
01/28/2010Listing entered contract.
03/18/2010Listing sold.
03/18/2010Sale recorded for $1,200,000.

http://streeteasy.com/nyc/sale/231762-condo-133-west-22nd-street-chelsea-new-york

05/07/2008Listed in StreetEasy, already in contract, by Cantor and Pecorella at $705,000.
07/16/2008Later Listed in StreetEasy, already in contract, by Cantor and Pecorella at $705,000.
12/19/2008Cantor and Pecorella Listing sold.
12/19/2008Sale recorded for $717,866.
06/25/2009Later Listed by Citi-Habitats at $685,000.
10/08/2009Listing sold.
03/22/2010Sale recorded for $590,000.

Just busting your chops, ph41 ;).

1 York Street "F" line. #4F closed 14.5% below same-unit prior sale and 27.3% below the peak comp two floors up. #6F was a June 2008 contract. The contract for the original sale of #4F was signed in August 2007.
-------- Recorded Sales -------- | ---------- Previous Listings ----------
04/09/2010 #4F $2,220,000 -11.0% |↓ $2,495,000 Sold 2 beds 2.5 baths 1,733 ft²
11/19/2009 #5F $2,545,625 - 9.1% | . $2,800,000 Sold 2 beds 2.5 baths 1,733 ft²
08/01/2008 #6F $3,054,750 + 0.2% | . $3,050,000 Sold 2 beds 2.5 baths 1,733 ft²
06/26/2008 #4F $2,596,537 - 7.3% |↑ $2,800,000 Sold 2 beds 2 baths 1,733 ft²
06/12/2008 #3F $2,647,450 - 1.9% |↑ $2,700,000 Sold 2 beds 2 baths 1,757 ft²
http://streeteasy.com/nyc/building/one-york
In the listing for the resale of #4F, the sellers offered to pay all transfer taxes. Don't know whether that offer stood for a sale 11% below ask.

studio with a sleep loft. 6R. 4R sold for $455k in 12/04. from the addresses of the sellers it appears this may have been a divorce situation, very quick sale at what seems to be a good price for the market and location. no way to tell the condition of 4R, but 6R looks pretty nice (no picture of kitchen, but that may just be because it's tiny, which would be true of both units).

http://streeteasy.com/nyc/sale/486825-coop-23-waverly-place-greenwich-village-new-york

01/05/2010Listed by Corcoran at $459,000.
02/20/2010Listing entered contract.
04/13/2010Listing sold.
04/13/2010Sale recorded for $430,000.

Here's another one in the West Village, just listed for 4% under a 2006 price. This is a nice place and is in prime West Village. I guess you could say "bidding war", but I'm still waiting for that place on Bethune to go back into contract. Prime never goes down -- it is AAA real estate. ;)

http://streeteasy.com/nyc/sale/514832-condo-130-barrow-st-west-village-new-york
6/08/2004 Previous Sale recorded for $750,000.
07/21/2006 Previous Sale recorded for $1,225,000.
04/18/2010 Listed by Century 21 NY Metro at $1,185,000

The renovation appears to have been done prior to the 2006 sale, which may account for the markup from 2004 to 2006.

One question: I've noticed that a number of smaller firms that are taking some listings have some of the more realistic asking prices. Is this a general phenomenon, or am I just not seeing the data correctly?

same unit resale, central village. it wound up going for $1000 over ask, but i doubt that's much consolation.

http://streeteasy.com/nyc/sale/422063-coop-54-east-8th-street-greenwich-village-new-york

07/08/2005Previous Sale recorded for $570,000.
06/12/2009Listed by Brown Harris Stevens at $650,000.
08/25/2009Price decreased by 8% to $599,000.
11/11/2009Price decreased by 8% to $550,000.
12/05/2009Price decreased by 9% to $500,000.
01/14/2010Price decreased by 2% to $489,000.
01/19/2010Price decreased by 2% to $480,000.
02/04/2010Listing entered contract.
04/22/2010Listing sold.
04/22/2010Sale recorded for $481,000.

Here is prime central village -- although Kyle might dispute this -- now listed at 5% under 2005 basis:

http://streeteasy.com/nyc/sale/516411-coop-61-west-9th-street-greenwich-village-new-york
09/08/2005 Previous Sale recorded for $1,675,000.
04/23/2010 Listed by Corcoran at $1,750,000.
05/12/2010 Price decreased by 9% to $1,595,000

Only $1029/foot + $2644/month maintenance and nobody snatched it yet? What are you people doing?

and on the second floor too. run don't walk

Its actually a really nice apartment with a sensible layout and the location is super convenient. Price doesn't seem absurd but like many combinations, the maintenance gets out of control. And the only way to overcome that is to keep dropping the price. Kyle is there any reason you wouldn't call this location "prime central Village"? When I was growing up anything between 5th and 6th aves was the "rich kids block. (Especially amusing when the bombed out their own townhouse in the 70s. Don't know what the value was then but had to have been six figures, today probably eight.) But then again we also rode our brontosaurus to school.

Oh yeah -- I think it is a nice place, too. I wasn't knocking the place -- just recording the comps.

Liz: I think Kyle has very high standards for prime. I'm not even sure he'd put Butterfield House in prime because it is off fifth.

Kyle: I'm not knocking you, it was just an offhanded comment -- because I remember your delightful and exquisitely detailed description of prime. You know the neighborhood. It was like, move 100 feet in this direction and you've got a food smell. Over here is a bus stop. etc. I think you even ranked and tiered the buildings at one point.

Well we all agree that Kyle is THE arbiter of the Lower 5th Avenue/Greenwich Village Gold Coast. And like many "experts" he actually knows what he's talking about....if I were considering that area, I would absolutely beg Kyle to review my prospective apartments and give his opinion on the price/value.

I would stick up for Butterfield House but then I'm a sucker for modernist architecture. If anyone saw the townhouse that was featured on curbed this week, many disparaging it for not being cohesive with its Beaux Arts neighbors. I was positively salivating.

don't know who did the kitchen here.

http://streeteasy.com/nyc/sale/349632-coop-130-jane-street-west-village-new-york

01/05/2006Previous Sale recorded for $680,000.
09/17/2008Listed by Corcoran at $899,000.
11/07/2008Price decreased by 6% to $849,000.
03/17/2009Price decreased by 6% to $799,000.
06/06/2009Price decreased by 6% to $749,000.
08/18/2009Listing is no longer available.
01/23/2010Re-listed by Corcoran.
01/23/2010Price decreased by 7% to $699,000.
02/24/2010Listing entered contract.
05/18/2010Sale recorded for $687,500.
05/19/2010Listing is no longer available

Down a few bucks (3% flip tax) from 2007: http://streeteasy.com/nyc/sale/489399-coop-55-liberty-financial-district-new-york

12/28/2007 Previous Sale recorded for $590,000.
01/15/2010 Listed by Corcoran at $649,000.
03/25/2010 Listing entered contract.
05/21/2010 Sale recorded for $602,500.

BPC bank sale. i think the earlier purchase by the bank has been noted elsewhere. under $500 psf.

http://streeteasy.com/nyc/sale/444020-condo-250-south-end-avenue-battery-park-city-new-york

04/07/2008Previous Sale recorded for $615,000.
05/07/2008Previously Listed in StreetEasy, but temporarily delisted, by Battery Park Realty at $650,000.
08/09/2009Listed by Corcoran at $549,000.
09/18/2009Price decreased by 15% to $469,000.
11/06/2009Price decreased by 5% to $445,000.
12/11/2009Price decreased by 2% to $437,000.
01/01/2010Price decreased by 5% to $415,000.
01/12/2010Listing sold.
01/12/2010Sale recorded for $485,000.
01/23/2010Listing entered contract.
01/28/2010Listing sold.
05/13/2010Sale recorded for $387,500.

http://streeteasy.com/nyc/sale/385037-coop-459-west-broadway-soho-new-york

11/10/2005Previous Sale recorded for $3,875,000.
02/17/2009Listed by Prudential Elliman at $4,850,000.
02/23/2009Price decreased by 5% to $4,600,000.
03/17/2009Price decreased by 9% to $4,200,000.
07/03/2009Price decreased by 6% to $3,950,000.
09/11/2009Price decreased by 8% to $3,650,000.
01/02/2010Listing is no longer available.
02/13/2010Re-listed by Prudential Elliman.
03/03/2010Listing entered contract.
04/28/2010Sale recorded for $3,550,000.
04/29/2010Listing is no longer available.

this building doesn't look so healthy. and this was a fairly steep loss, when you add in transaction costs, for slightly more than a year of ownership.

http://streeteasy.com/nyc/sale/440148-condo-27-west-19th-street-flatiron-new-york

02/14/2008Previously Listed in StreetEasy, already in contract, by CORE at $1,950,000.
01/22/2009Previous Sale recorded for $1,955,040.
02/11/2009CORE Listing sold.
07/24/2009Listed by Brown Harris Stevens at $1,950,000.
11/06/2009Price decreased by 8% to $1,800,000.
02/10/2010Listing entered contract.
04/11/2010Listing is no longer available.
04/12/2010Re-listed by Brown Harris Stevens.
04/13/2010Listing entered contract.
04/29/2010Listing sold.
04/29/2010Sale recorded for $1,665,000.

It makes one wonder if they would not have been better off eating their downpayment.

maly, i doubt they're happy.

for the following it looks as though the current owners did the renovations, but not entirely certain. either way, awfully close to a mid-2004 price.

07/26/2004Previous Sale recorded for $962,680.
03/14/2008Previously Listed by Corcoran at $1,225,000.
06/16/2008Delisted temporarily by Corcoran. Last priced at $1,145,000.
02/06/2010Listed by Prudential Elliman at $985,000.
02/24/2010Listing entered contract.
04/30/2010Listing sold.
04/30/2010Sale recorded for $985,000.