If You Can Demonstrate Market Movement With Comps: Upper West Side Edition

160 West 88th Street: Resale of vacant two-family brownstone, 10.1% below 2008 basis. Needed full reno in 2008. Some work appears to have been done; not clear how much.
05/22/2007 Listed by Prudential Elliman at $4,695,000.
07/17/2007 Listing is no longer available.
11/10/2007 Re-listed by Prudential Elliman.
05/06/2008 Listing entered contract.
08/07/2008 Sale recorded for $4,200,000.
04/15/2010 Listed by Corcoran at $4,400,000.
07/08/2010 Price decreased by 9% to $3,995,000.
08/31/2010 Listing entered contract.
09/16/2010 Sale recorded for $3,775,000.
http://streeteasy.com/nyc/building/160-west-88-street-manhattan

101 Central Park West #12E: Immense nine with extravagant views. The new price - which I think is actually the price it just sold for, not a new asking price - is 11.4% below 2006 same-unit estate-sale price. Went to contract in June, although SE never showed the status change.
11/29/2006 Previous Sale recorded for $11,000,000.
02/08/2008 Previously Listed by Brown Harris Stevens at $15,000,000.
06/09/2009 Brown Harris Stevens Listing is no longer available. Last priced at $10,750,000.
04/08/2010 Listed by Brown Harris Stevens at $11,000,000.
10/02/2010 Price decreased by 11% to $9,750,000.
http://streeteasy.com/nyc/sale/510224-coop-101-central-park-west-lincoln-square-new-york

Is this bullish? Or just a blip as we shoot straight past 2005 prices on 'amazing' units?

My spidey sense says 2003 soon enough.

http://streeteasy.com/nyc/sale/529970-condo-25-central-park-west-lincoln-square-new-york
25 Central Park West 11E
03/28/2005 Previous Sale recorded for $1,400,000.
06/04/2010 Listed by Corcoran at $2,975,000.
07/07/2010 Listing entered contract.
08/12/2010 Listing sold.
08/12/2010 Sale recorded for $3,155,000.

Your "spidey sense" may be a litle off.

ph41: Check the last names of the buyer and the sellers on that 2005 transaction at the Century. Just might be a sub-market family transafer. Still a nice resale.

in your face penthouse lady...

West81st - and over asking.

Wes67th - sorry if some sales don't reinforce your sense of the direction of the market.

And West81st - I usually call resales at 25CPW the "15 CPW halo effect"

ph41: I think the recent sale of #11E for $3,155,000 suggests a bounce of 5-10% off the 2009 trough, when the very similar #8E (same footprint, also renovated, but lower floor) sold for $2,873,000. This bounce seems consistent with the consensus view of what happened between mid-2009 and mid-2010. That #11E traded above ask is not a surprise; it was priced raher conservatively - just a few percent above a mid-2009 comp - and sold for a price that makes sense in the context of broader market movement. Good work by a Corcoran team that knows the building inside-out.

Whether 15 CPW has helped or hurt the Century is an interesting question. There's a halo effect, certainly, but there's also competition for the high end of the 25 CPW buyer pool. The impact on views from the south-facing apartments varies widely.

West81st - I absolutely think there has been a "halo" effect for 25 CPW. The apartments are, in general, really nothing special - relatively small rooms, dining alcoves, not necessarily dining rooms, nothing very grand about them. Yes, if they have the Central Park view, makes a difference, but south facing depends if they have a VERY specific view THROUGH 15 CPW. Again, when you look at most of the floorplans for the 15 CPW apartments, they are, in general, underwhelming.
And, I think the "high end" 25 CPW buyer can't afford anything close in 15 CPW, so if they can get a little park view in a slightly larger 25 apartment, they'll go for that rather than a back facing one bedroom in 15.

Recent closings within the 1,500,000-2,500,000 of UWS properties first listed in 2010.(One originally listed 2008, but taken off market until 2010). Surprising number of closings (not shown here) without any listings associated)

175 West 92nd - 5AH
06/02/2010 Listed by Stribling at $1,600,000.
07/06/2010 Listing entered contract.
09/13/2010 Listing sold.
09/13/2010 Sale recorded for $1,535,000.

35 West 92nd - 11C
05/04/2010 Listed by Halstead Property at $1,395,000.
05/27/2010 Listing entered contract.
08/18/2010 Listing sold.
08/31/2010 Sale recorded for $1,550,000.

265 West 94 #8
04/22/2010 Listed by Prudential Elliman at $1,495,000.
05/17/2010 Listing entered contract.
08/27/2010 Listing sold.
08/27/2010 Sale recorded for $1,600,000.

305 West 76 - 6G
08/03/2009 Related Sales Listing sold.
08/03/2009 Previous Sale recorded for $1,416,053.
06/10/2010 Listed by Halstead Property at $1,750,000.
07/20/2010 Listing entered contract.
08/25/2010 Listing sold.
08/25/2010 Sale recorded for $1,600,000.
08/26/2010 Price decreased by 9% to $1,600,000.

2109 Broadway #8-75
12/23/2002 Previous Sale recorded for $835,000.
02/22/2006 Previous Sale recorded for $1,740,000.
04/14/2010 Listed by Corcoran at $1,799,000.
05/01/2010 Listing entered contract.
08/16/2010 Listing sold.
08/16/2010 Sale recorded for $1,849,000.
09/11/2010 Currently Listed by Warburg at $1,849,000.

205 West 89th 7H
04/27/2010 Listed by Halstead Property at $2,100,000.
05/17/2010 Listing entered contract.
08/04/2010 Listing sold.
08/11/2010 Sale recorded for $2,350,000.

220 West 93rd 11A
03/06/2010 Listed by Halstead Property at $1,925,000.
07/01/2010 Listing entered contract.
08/11/2010 Listing sold.
08/11/2010 Sale recorded for $1,866,339.
08/19/2010 Price decreased by 4% to $1,849,463.

370 Riverside Drive 14D
05/03/2010 Listed by Corcoran at $1,775,000.
06/01/2010 Listing entered contract.
08/06/2010 Listing sold.
08/06/2010 Sale recorded for $1,715,000.

2109 Broadway #694
04/27/2010 Listed by Halstead Property at $2,495,000.
06/04/2010 Listing is no longer available.
06/04/2010 Later Listed by Corcoran at $2,495,000.
08/06/2010 Corcoran Listing sold.

180 Riverside Drive 6S
09/14/2008 Previously Listed by Corcoran at $2,595,000.
11/20/2008 Delisted temporarily by Corcoran.
04/27/2010 Listed by Sotheby's International Realty, Inc. at $2,200,000.
05/15/2010 Listing entered contract.
08/05/2010 Listing sold.
08/05/2010 Sale recorded for $2,330,000.

These closings were pulled only from the FIRST 3 PAGES of SE's UWS $1.5-2.5M closings in chronological order from most recent back

walterh7
about 19 months ago
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Now down to 2007 levels...with plenty of room to get to 2006....and perhaps beyond.

They tried to do a "blind bid" auction (for lack of a better term) a few weeks ago. Gotta love the message posted on the Warburg website "Buyer. We hear you".. Coulda fooled me.

http://www.streeteasy.com/nyc/sale/356054-coop-20-west-77th-street-upper-west-side-new-york

20 W 77 #4A
10/08/2008 Listed in StreetEasy by Warburg at $3,850,000
11/07/2008 Price decreased to $3,750,000
02/17/2009 Price decreased to $3,200,000
03/10/2009 Price decreased to $2,950,000

04/23/2008 #10A $3,500,000 $3,500,000 Sold 3 beds 2.5 baths
08/13/2007 #8-A $3,200,000 -4.5% $3,350,000 ↓ 3 beds 3 baths
05/11/2006 #6A $2,412,500 -9.0% $2,650,000 ↓ 3 beds 2 baths
----------------------------

STREETEASY HISTORY
10/08/2008
Listed by Warburg at $3,850,000.
11/07/2008
Price decreased by 3% to $3,750,000.
02/17/2009
Price decreased by 15% to $3,200,000.
03/10/2009
Price decreased by 8% to $2,950,000.
06/17/2009
Price decreased by 2% to $2,895,000.
01/07/2010
Price decreased by 5% to $2,750,000.
03/01/2010
Price decreased by 9% to $2,495,000.
03/22/2010
Listing entered contract.
06/29/2010
Listing sold.

06/29/2010 #4A $2,475,000 -

"ph41: Check the last names of the buyer and the sellers on that 2005 transaction at the Century. Just might be a sub-market family transafer. Still a nice resale."

This is accurate. It was a family transfer.

205 West 89th (Astor Court) 4F

02/05/2010 Listed by Corcoran at $1,295,000.
03/16/2010 Listing entered contract.
05/10/2010 Listing sold.
05/10/2010 Sale recorded for $1,350,000.

Astor Court has been registering some over asks of late. The following is in the same line as Joy Behar's estate buy pre Lehman, except with a "design magazine" reno. This is how you sell an apartment -20 days on the market, pristine, 250K over ask, and a layout that some would consider close to perfection.

Also, a red finch told me there is something new and exciting coming in Astor Court in the coming weeks, so keep your eyes peeled...

http://streeteasy.com/nyc/sale/517474-coop-205-west-89th-street-upper-west-side-new-york

04/27/2010 Listed by Halstead Property at $2,100,000.
05/17/2010 Listing entered contract.
08/04/2010 Listing sold.
08/11/2010 Sale recorded for $2,350,000.

Spin - I posted that one above 3 days ago (in the list). I'm noticing that properties put on market in mid 2010 (say from 2/10 or 3/10 and later) seem to have definitely caught buyer interest (even properties that may have been listed in 2008 and were then pulled until 2010), and have been going to contract pretty quickly. Move in condition also helps.

I think the "bargains" are now in properties (whatever location) that have been languishing for quite some time on the market, getting "stale" in the process. Low ball bids could definitely work for those.

To add some easy comping on the 205 W 89th transaction:

9H, referenced by Spinny. "Untouched for over 45 years" and hence wreck condition, went $350K above ask.
http://streeteasy.com/nyc/sale/178041-coop-205-west-89th-street-upper-west-side-new-york
01/31/2008 Listed by Halstead Property at $2,195,000.
02/27/2008 Listing entered contract.
05/07/2008 Listing sold.
05/07/2008 Sale recorded for $(insiders only)
05/08/2008 Price increased by 16% to $2,550,000

7H: "design magazine reno".
http://streeteasy.com/nyc/sale/517474-coop-205-west-89th-street-upper-west-side-new-york
04/27/2010 Listed by Halstead Property at $2,100,000.
05/17/2010 Listing entered contract.
08/04/2010 Listing sold.
08/11/2010 Sale recorded for $2,350,000.

For 9H, maybe $200K for the reno and $100K in time value of money for unused apt, so all-in price of $2.85M vs. $2.35M. Pretty close to the market-standard 20% drop.

"down to 2007 levels." what does that mean? i thought 2007 was the peak.

last fall we were at 2004 prices for most apartments. clearly, the market has strengthened significantly since that time. whether this strengthening is temporary or the early part of a long-term trend remains to be seen. but if you think the market is still trending down you are crazy.

Wait,didn't we all figure out that "happy renter" is AR, returned?

Happyrenter: "down to 2007 levels" was part of an excerpt from a 19-month-old post by walterh7. That apartment at 20 West 77th wound up selling much lower, which I think was se10024's point. As for whether the market has strengthened significantly, some segments have bounced nicely; others haven't.

Nice to see you, by the way.

Inonada: You beat me to it. #7H was exceptionally well-priced. Whether $2.1MM was an intentional teaser price to generate multiple bids, I don't know; it certainly worked out that way. Yet as you noted, the drop from peak values still appears quite severe.

To play devil's advocate: the market dropped roughly 20-25% and then bought back 5 percent of that or a little more with a bounce. But the UWS never got hit like some other neighborhoods did.

So a"perfect layout" "design magazine reno" with low maintenance going for "the standard" 20% off peak means that one of those two comps is off. Either 7H was overpaid for or 9H was a bit of a steal.

The other way to make this work is to take nads's $100K time value of money out of the equation. A renovator, after all, gets to enjoy a customization level which balances out the time it takes to achieve it.

ali r.
DG Neary Realty

Let's play devil's advocate.

Every day I wake up! I know I'm a day closer to my death!

$100k that's at least a week of not doing open houses, unless of course you'd rather do nothing else in the world..... Then by all means do the 0% brokerage model.

"...the market dropped roughly 20-25% and then bought back 5 percent of that or a little more with a bounce. But the UWS never got hit like some other neighborhoods did."

Actually Ali, in that price range, a lot of 2009 trades were demonstrably 20-25% off peak. See 201 W.89th, 250 W.94th, 333 CPW, 565 WEA, 522 WEA, 300 WEA (!), 470 WEA, 490 WEA, 755 WEA, 771 WEA, etc., not to mention the condo conversions that hit a wall when financing dried up.

"The other way to make this work is to take nads's $100K time value of money out of the equation. A renovator, after all, gets to enjoy a customization level which balances out the time it takes to achieve it."

Well crap, I had never thought of that. I'll tell that to the next friend whose renovation ends up taking 18 months rather than 9: "Yeah, now you gotta pay another $100K to carry that empty apartment for another 9 months, but no worries, the added joy is earning you another $100K. Hell, the second 9 months may be worth $200K in joy, booking you an extra $100K in profit on your place when you sell it."

215 West 78th Street #1A: High first-floor 2BR 1.5BA with odd layout and shared outdoor space. Closed 14% below 2007 basis.
03/22/2007 Previously Listed by Corcoran at $1,299,000.
07/31/2007 Corcoran Listing sold. Last priced at $1,199,000.
07/31/2007 Previous Sale recorded for $1,160,000.
04/18/2010 Listed by Bellmarc at $1,100,000.
05/24/2010 Listing entered contract.
10/01/2010 Sale recorded for $995,000.
http://streeteasy.com/nyc/sale/514928-coop-215-west-78th-street-upper-west-side-new-york

and at the higher end on the upper west side there were plenty of sales way worse than 20-25% off. remember the tina fey purchase?

additionally, classic sixes on upper west end were one of the worst-hit segments of the market, if my memory serves--some sold for not much more than a million bucks.

as for the bounce back, it's variable too: some a lot more than 5%, some not much at all. the mid/high end range downtown is totally devoid of decent inventory and some things are moving at prices i'd say 20% higher than the trough.

Spinnaker1's "red finch" delivered this morning:
http://realestate.nytimes.com/sales/detail/185-1895571/210-West-90th-Street-New-York-NY-10024
It will be interesting to see how this one fares.

West 81 - given PH4 sale in 2009, what do you think is a fair price for this one??

W81 - PH4 looked like it was in pretty bad condtion - unrenovated. Also, judging by the difference in maintenance it seems as if PH5 is larger than PH4. Not much "pre-war charm" in PH5, but the terrace looks wonderful, and it's coming to market at a time when buyers seem starved fro fresh inventory. I think this could go for $1.5-1.6.

W81 - maybe you know the answer to this question - is access to the apartment from an elevator opening onto the roof? Meaning that you have to go outside on the terrace to get to the entrance door?

Also, one other negative on this apartment is the severe shortage of closets.

Simple answer: Outdoor shed. :)

238 West 106th Street "D" line: Old-fashioned five in a modest building with a fair amount of charm but limited curb appeal. The owner of #6D tried a FSBO offering, but could not match #3D's success and is now with Corcoran at a 2005-ish price.
--------- Recorded Sales ---------|--------- Previous Listings ---------
** ACTIVE ** #6D ...................... | . $825,000 2 beds 1.5 baths 1,250 ft²
09/16/2010 #6D ...................... |↑ $915,000 Off-Market 2 beds 1.5 baths 1,250 ft²
04/30/2010 #3D $960,000 -1.5% | . $975,000 Sold 4 beds 2 baths 1,250 ft²
04/06/2006 #3D $850,000 -5.5% | . $899,000 Sold 2 beds 1.5 baths 1,250 ft²
06/09/2005 #2D $780,000 ............ |
http://streeteasy.com/nyc/building/238-west-106-street-manhattan

I'm actually pretty amazed by this one. I would have figured that this apartment would have traded at a much higher price. Demonstrates how little I understand the way this market works... anyway...

320 West 86th St. Apt 11A
2500 square feet. Just down the street from the newly minted 535 WEA. High floor.

07/17/2006 Previous Sale recorded for $3,800,000.
05/11/2010 Listed by Corcoran at $3,900,000.
07/22/2010 Listing entered contract.
10/08/2010 Listing sold.
10/08/2010 Sale recorded for $3,625,000.

http://streeteasy.com/nyc/sale/521161-coop-320-west-86th-street-upper-west-side-new-york

535WEA is not having that large a knock-on effect on the generic prewar buildings in the area. Not surprising, as the prices are in a diff. category altogether. As far as price goes, I think 3.6 is pretty darn good for a large, but not well-laid out 7 (I think originally 8), no views but some light, in the area. In general, w/o something special, 7s have a hard time cracking the 3m bar.

336 CPW, #8D. 800 sf 1/1.5. Sold flat to spring 2005 previous sale after a year and a half on (and off) the market. Finally sold at a notable 13% discount to last ask.

http://streeteasy.com/nyc/sale/463670-coop-336-central-park-west-upper-west-side-new-york
05/25/2005 Previous Sale recorded for $515,000.
04/22/2009 Previously Listed by Warburg at $725,000.
09/17/2009 Listed by Warburg at $725,000.
09/23/2009 Listing is no longer available.
01/07/2010 Re-listed by Warburg.
01/07/2010 Price decreased by 4% to $695,000.
01/07/2010 Warburg Listing is no longer available. Last priced at $695,000.
01/29/2010 Listing is no longer available.
04/23/2010 Re-listed by Warburg.
04/23/2010 Price decreased by 7% to $645,000.
06/05/2010 Price decreased by 8% to $595,000.
08/18/2010 Listing sold.
10/14/2010 Sale recorded for $515,000.

So a real 1BR for $515? Maybe Julia will find her studio soon?

05/25/2005 Previous Sale recorded for $515,000.
10/14/2010 Sale recorded for $515,000.

The exact same price 5 1/2 years later? That's weird.

why so weird. Seller gets to say they didn't lose money.

but for annoying little details like 6% key turning fee, and flip tax

120 West 70th, Apt. 6B, a classic 7, just closed for $1,950,000. The last B line sold was 5B back in 9/2006 for $2,100,000. 5B is currently on the market again for $2,150,000 (via a recent $100,000 price cut). I saw 6B but have not seen 5B. 6B's condition was decent but I assume that the purchasers will want to make improvements. Based on the pics, 5B seems to be in a bit better condition, but I don't know whether the improvements were done before or after the 2006 sale. The 1 floor difference is unlikely to make much of a difference in view (maybe some additional light given that the other side of the street has brownstones. Actually, the 6th floor may just clear the brownstones across the street to the west-I forget). In addition to this appearing to be a drop from the 2006 price, I think this is interesting because there do not seem to be many classic 7's in this (high 60's, low 70's) part of the UWS (or at least many that go on the market). I know that there are a few people on this board that follow the UWS 3 bedroom market. Any thoughts on where 5B is headed? Given that the sellers bought for $2,100,000, I would imagine that selling for 6B's price will be psychologically difficult.

09/29/2010 #6B $1,950,000 -6.0% $2,075,000
09/19/2006 #5B $2,100,000 -2.3% $2,150,000

"Seller gets to say they didn't lose money."

Really? That's assuming they had no transactional costs and put zero dollars into the place, which is impossible (for the first part, highly unlikely for the latter).

So, if he sold it for $516K, he could have said he made money? That's ridiculous.

789 WEA #3D classic 7 re-sale closed for $2,350,000, up 12% on 2006 before counting transaction costs or any work that might have been done.

Also up 24% on #9D that closed one year ago at $1,900,000.

I guess someone's going to all those open houses...

http://streeteasy.com/nyc/sale/517773-coop-789-west-end-avenue-upper-west-side-new-york

http://streeteasy.com/nyc/sale/413826-coop-789-west-end-avenue-upper-west-side-new-york

Broad - never underestimate the power of self-delusion. I didn't say the seller didn't lose money, only that they get to say it. Heck, even if they had broken even on a $ for $ basis after transaction costs they would still have lost through inflation. But they do still get to say to themselves they got out whole. This can be a powerful factor in human psychology. More to the point, they lived in the place almost for free (barring the problems of trying to sell your place for months after first having searched for a place for months, etc.).

I think it says a lot about how upper WEA has changed in the last 10 years. It would have been unthinkable 10 yrs ago that a C7 on 70th in the heart of UWS (albeit a small 7 sans doorman) would sell for the same as a C7 at 789WEA.

IMO, 6B could have held out for a little more but at whatever price they paid, an extra 100k was probably not worth waiting out holiday season uncertainty + competition from 5B.

How did we miss the '10 closings at Turin? Down from '06.

02/23/2010 #61 $2,480,000 $2,595,000 Sold 3 beds 2 baths
10/14/2009 #56 $2,350,000 $2,495,000 ↓ Sold 4 beds 3 baths
03/04/2009 #33 $2,490,000 $3,595,000 ↓ 3 beds 2 baths
02/13/2008 #36 $4,650,000 $4,900,000 ↓ Sold 4 beds 3 baths
08/02/2007 #76 $3,800,000 $3,875,000 Sold 4 beds 2.5 baths
11/20/2006 #115 $1,850,000
10/27/2006 #101 $6,495,000 $6,495,000
04/07/2006 #105 $4,400,00 $1,595,000 2 beds 2 baths
09/11/2007 #106 combo $3,395,000 4 beds 3 baths

Look at the trajecting of north-facing 9-room "6" line.

Harrison: 205W76th.

Some resales not doing well:

1) 602, asking 1.495m, bought for 1,513,664.26
2) 603, asking 1.069m, bought for 958,848.35

Related has stepped up the advertising on the last few sponsor units but it looks like a slow move. Related knows more inventory -- the Laureate and to a much, much lesser extent, the Linden -- is hitting the market all within 1 block.

The smart resale brokers know it too. One of them commented to me about it that they warned their client to lower their price and sell now as it won't get better.

You've got to love the cycles. No new inventory for years then a sudden rush and when the music stops, someone isn't getting a chair. Linden sponsors went bust. Laureate sponsors are out of their mind with pricing. And Related, who made a nice profit and has sold almost all their inventory, has but a few units left to sell and is even finding that to be difficult.

Next year is going to be a Sponsor awakening on the UWS. You can include 535 WEA and Apthorp -- which is already a sh** show -- to the list of reality checks.

The Harrison resales are a good indication of market demand. It's a well built building with a solid sponsor that is almost sold out and has a good vibe. Buyers in contract early obviously paid over market and those who can't or won't stay and are selling are seeing just how over market they were.

decent sized pre-war 1/1 condo, about 12% below mid-2006 sale

http://streeteasy.com/nyc/sale/507565-condo-41-west-72nd-street-upper-west-side-new-york

06/14/2006Previous Sale recorded for $836,050.
04/05/2010Listed by Halstead Property at $889,000.
05/10/2010Price decreased by 4% to $849,000.
06/06/2010Price decreased by 6% to $799,000.
08/31/2010Listing entered contract.
10/04/2010Listing sold.
10/04/2010Sale recorded for $735,000.
10/05/2010Price decreased by 8% to $735,000.

200WEA resales:

PHAS - ask, 3.495m, bought 2.8m (the sales price strikes me as not bad for a 3b3b with outdoor space, early contract date?)
23C - ruh-roh ask, 2.595m, bought 2.525m (with transfer taxes + mtge tax + broker fees, ouch)
10J - ask 1.199m, bought 1.0ishm, ruh-roh

145 West 86th St. Once again I'm puzzled (starting to be a pattern) by the two deals recently closed. I didn't see 10B first hand, but am sorta stunned by the discount taken by 10B. The elevation of 14B may have allowed for the east-facing windows to clear the next building and that certainly adds more light, but I'm having trouble with the 18.9% discount of 10B to 14B. Either way, we are down vs the much lower floor 3B deal struck in 2006.

10/27/2010 #10B $1,500,000 -6.0% $1,595,000 Sold 3 beds 2 baths
06/15/2010 #14B $1,850,000 +3.1% $1,795,000 Sold 3 beds 2.5 baths 1,800 ft
07/13/2006 #3B $1,850,000

http://streeteasy.com/nyc/building/145-west-86-street-new_york

walterh7: I agree; that sequence is surprising. By itself, $1.5MM for #10B makes sense. The apartment is a wreck, and I think there were some difficulties with staging it. (The Corcoran team who had the listing are excellent in this department, when given a chance.) $1.85MM for #14B wasn't too surprising either, although I thought the buyers overvalued a renovation that was already showing considerable age - especially in the kitchen. What's notable, as you say, is the juxtaposition of the two sales. Timing may have been a small factor: #14B got to market a month earlier, and caught the spring uptick; #10B may have just missed it.

The big thing, I think, is that the size, light, flexibility and location of the "B" line at 145W86 were enough to attract several buyers who were willing to live with dated finishes, and who bid up the price of #14B. Unfortunately for #10B, those same buyers didn't have the stomach to do a major reno themselves, even if it ultimately meant a nicer, fresher apartment, built out precisely to their specs, for about the same all-in cost.

Just to complete the picture at 145 West 86th, #3B had a renovated kitchen, and lightly updated original baths. So, better condition than #14B and much better than #10B, but on a much lower floor with two of the three bedrooms facing a very busy street.

215 West 88th Street (Merrion) #6C
07/15/2010 Listed by Corcoran at $1,395,000.
08/24/2010 Listing entered contract.
10/28/2010 Listing sold.
10/28/2010 Sale recorded for $1,260,000.
#10C, with the same footprint, sold three years ago for $1,807,393. Although the renovation appears to have been the same sponsor package, I think the light in the "C" line is significantly better on higher floors.
http://streeteasy.com/nyc/sale/540248-condo-215-west-88th-street-upper-west-side-new-york

895 WEA #10B, call it a 6.5 room with a 3rd bedroom instead of a maid's. Closed at $1,450,000, or 33% down from #5B which sold in April 2007 for $2,150,000.

Is the price decline due to market movement, condition, or a different footprint? Certainly there's market movement and probably there's a condition issue for #10B due to lack of photos. But it's only my speculation about layout/size, lacking a floorplan for #5B. The BHS listing for #5B calls it a full 7-room, instead of 6.5. So I don't know if the footprints are exactly the same.

10/18/2007Previously Listed by Wohlfarth at $2,200,000.
05/16/2009Wohlfarth Listing is no longer available. Last priced at $1,799,000.
11/04/2009Listed by Prudential Elliman at $1,750,000.
11/25/2009Price decreased by 3% to $1,690,000.
05/05/2010Listing is no longer available.
05/12/2010Re-listed by Prudential Elliman.
05/12/2010Price decreased by 4% to $1,620,000.
07/07/2010Price decreased by 4% to $1,550,000.
08/09/2010Listing entered contract.
10/25/2010Listing sold.
10/25/2010Sale recorded for $1,450,000

http://streeteasy.com/nyc/sale/476456-coop-895-west-end-avenue-manhattan-valley-new-york

Seg: All of the above. #10B needed a complete overhaul, and had given up its maid's room to #10C; so condition and footprint were both factors. On the other hand, #10B had better light and will be a very nice apartment after the work is done.

There's definitely market movement there. It's just hard to tell how much.

Re 895 10B vs 5B, beyond everything that's already been stated (which is all true), there's another difference: 5B had French windows and all the original details while 10B did not. While there are lots of comps where one apartment has details and the other doesn't, there truly are VERY FEW buildings that have French windows on the UWS (other than a handful of apartments in 440 RSD, 400 RSD and 895 WEA, most are Ajello buildings owned by Columbia University) and this detail really transforms the feel of an apartment. As a broker I have seen many a buyer fall in love with an apartment simply because of this feature.

Hey fellow westie, you wanna revise the best of 2009 sales? It looks to me we are looking down a deep precipice on pricing this winter if that $1.4mm is any indication. :)

rsm321: True, French windows are lovely. They can also be terrifying with young children around. (Perhaps you've noticed that recently.)

IIRC, for apartments at 895 WEA with non-conforming replacement windows, I think restoration is mandatory after a sale. So #10B might be restored to something like full Francophile glory very soon.

W67: It's fine with me if the best buys of 2011 surpass those of 2009. I just don't think an amputee wreck at 895 WEA for $1.45MM signifies a watershed. I'd put it in the same class as 789 WEA #12A, which closed back in February for $1.32MM.

large one bedroom, lowball too.

http://streeteasy.com/nyc/sale/470827-coop-308-west-103rd-street-upper-west-side-new-york
05/22/2007Previous Sale recorded for $658,000.
10/13/2009Listed by Corcoran at $720,000.
12/07/2009Price decreased by 3% to $699,000.
01/10/2010Price decreased by 3% to $675,000.
03/20/2010Price decreased by 4% to $649,999.
04/29/2010Price decreased by 8% to $599,000.
09/18/2010Listing entered contract.
10/15/2010Listing sold.
10/15/2010Sale recorded for $500,000.

largish straight studio

http://streeteasy.com/nyc/sale/539545-coop-235-w-102nd-street-manhattan-valley-new-york

10/20/2005Previous Sale recorded for $345,000.
07/13/2010Listed by Margaret Bassett Real Estate at $379,000.
07/23/2010Price decreased by 5% to $359,000.
09/08/2010Listing entered contract.
10/18/2010Listing sold.
10/18/2010Sale recorded for $342,500.

2/2.5 high floor view condo resale at the avery. it could have been worse, but this is still ugly.

http://streeteasy.com/nyc/sale/478870-condo-100-riverside-blvd-lincoln-square-new-york
06/20/2006Previously Listed in StreetEasy, already in contract, by Corcoran at $2,130,000.
04/27/2007Corcoran Listing sold.
08/14/2008Previous Sale recorded for $2,168,872.
11/15/2009Listed by Corcoran at $2,395,000.
01/20/2010Price decreased by 8% to $2,195,000.
06/13/2010Price decreased by 9% to $1,995,000.
08/06/2010Price decreased by 5% to $1,895,000.
09/23/2010Listing entered contract.
10/18/2010Listing sold.
10/18/2010Sale recorded for $1,850,000.

unit 6F, renovated 1/1 with high maint. 7F closed last year for $485k with unrenovated kitchen. 8F closed 02/05 for $520k.

http://streeteasy.com/nyc/sale/527809-coop-74-west-68th-street-lincoln-square-new-york

03/16/2009Previously Listed by Warburg at $595,000.
06/09/2009Delisted temporarily by Warburg.
05/25/2010Listed by Corcoran at $525,000.
06/24/2010Listing entered contract.
10/19/2010Listing sold.
10/19/2010Sale recorded for $525,000.

1/1 with challenged bedroom, pre-war, "new" kitchen

http://streeteasy.com/nyc/sale/516310-coop-32-west-82nd-street-upper-west-side-new-york

03/30/2005Previous Sale recorded for $377,000.
04/22/2010Listed by Corcoran at $439,000.
06/09/2010Price decreased by 3% to $425,000.
08/10/2010Listing entered contract.
10/20/2010Listing sold.
10/20/2010Sale recorded for $392,500.

maybe this one went for over asking, it certainly moved quickly enough. 2/2, pre-war. renovations look recent, and not cheap.

http://streeteasy.com/nyc/sale/558373-coop-515-west-end-avenue-upper-west-side-new-york
03/28/2005Previous Sale recorded for $1,300,000.
09/30/2010Listed by Stribling at $1,325,000.
10/18/2010Listing entered contract.

200 West 86th Street #18L: Terraced 3BR, listed 17.5% below 2008 basis.
01/09/2008 Listed by Brown Harris Stevens at $3,750,000.
02/04/2008 Price decreased by 16% to $3,150,000.
04/16/2008 Listing entered contract.
07/01/2008 Sale recorded for $3,150,000.
11/16/2010 Listed by Corcoran at $2,600,000.
http://streeteasy.com/nyc/sale/165084-coop-200-west-86th-street-upper-west-side-new-york
http://streeteasy.com/nyc/sale/568708-coop-200-west-86th-street-upper-west-side-new-york
Entirely possible this one will go above ask. It's a difficult apartment to value, and I think Corcoran priced it to move.

but 200% above 2001 basis..... hahahahahahhahahhahahaaaaaaaaaaaaaa.... someone get me more nutz

Hey westie, you seem impressed with that one. Better than 2009 price? :)

This one seemed to quickly defy the early detractors.

http://streeteasy.com/nyc/sale/561702-coop-210-west-90th-street-upper-west-side-new-york

Westie - Can you grill on that terrace? (Serious question. I think a terrace that you can't grill on is not worth nearly as much. At least to me. In the dreams where I can afford these places.)

Spin - Ok, that one I love. And yes, relative to this market (and not some fantasy 20-30% decline) I think that one IS worth it.

No argument here.

w67thstreet: My point about 200 West 86th #18L was that (even more so than with most resales) we won't have a clue how much the value moved until it sells. It's a unique apartment and it could trade anywhere: 10% over ask, 10% under ask; nothing would really surprise me. Considering the on-market comps - such as they are - e.g. at the Normandy - I think this one is priced pretty well. Would I buy it for $2.6MM? Give me $2.6MM and we'll find out.

AvUWS: I think the terrace is too narrow for legal grilling.

Spinnaker1: I still think that penthouse is goofy, but I see everything through the eyes of a breeder. For somebody who wants a little Fire Island love shack on top of Astor Court, it's perfect.

http://streeteasy.com/nyc/sale/561702-coop-210-west-90th-street-upper-west-side-new-york

That is one of the weirdest places I've seen so far. First of all, it's really small and what is called a "den/bedroom" is no bedroom by any stretch of imagination. Speaking of imagination, the place is done up with a lot of it but it's a modern addition to an existing building ,e.g. an afterthought, and it sure looks and feels like one. On a rainy day, how do you get to the apartment and stay dry? And no views at all!
There's no privacy; it's pretty much a gallery cut up into a few strange small places.

Okay, I'm calling it. 200W86, 18L - goes for 3m.

stakan, West81st - yes that pemthouse was really small,"little Fire Island love shack on top of Astor Court" LOL perfect description. But basically move-in condition, unusual - if it sold near ask - buyers paid too much IMHO.

Ok, I am looking at it without the initial rosey tint to the glasses: First off, I missed the exterior entrance (definitely a negative). 2nd, the bathrooms are pretty tiny for a place where everything else seems extraordinary. The BR's are smallish too.

I have to take it back. As someone who LOVES outdoor space this one has too many functional drawbacks. I think West81 got it right. It could sell, but only to a particular seller.

And why are they not trying to sell this in spring/summer?? The positives would be highlighted as opposed to diminished as they are in cold weather.

-desperation-

I've no unique knowledge on any of these that follow, but here are some sales that I don't believe anyone has covered yet. Maybe someone can chime in to the extent that they're notable.

Starting with 180 RSD "D"-line. #6D sold for $2.33MM and #13D for $2.875MM. Most recent prior D-line sales were #7D at $2.65MM in 2007 and #10D at $2.325MM in 2005.

http://streeteasy.com/nyc/sale/529100-coop-180-riverside-drive-upper-west-side-new-york

http://streeteasy.com/nyc/sale/517414-coop-180-riverside-drive-upper-west-side-new-york

333 WEA #5A. Resale, C6 ino 5. Down 13% from 2007

http://streeteasy.com/nyc/sale/486740-coop-333-west-end-avenue-upper-west-side-new-york

119 W 71 #3B. Resale of smallish 6, sold for +7% above early 2006.

http://streeteasy.com/nyc/sale/541507-coop-119-west-71st-street-lincoln-square-new-york

Feel like I remember this one being written up, but I don't see it.

215 W 98 #10B. 7-room sold for $2.125MM. 6% below same-line peak comp in 2007.

http://streeteasy.com/nyc/sale/499252-coop-215-west-98th-street-upper-west-side-new-york

220 W 93rd "A"-line. Somewhat unusual historical trajectory on the A-line - don't know why. #11A is the latest sale.

http://streeteasy.com/nyc/sale/500739-condo-220-west-93rd-street-upper-west-side-new-york

Last one. 5.5 room with river views at 330 W 72nd Street. #15A sold for $2.15MM, that's down 12% from #10A, the peak same-line comp from late 2008.

http://streeteasy.com/nyc/sale/514506-coop-330-west-72nd-street-lincoln-square-new-york

35 West 90th Street #9D: Very nicely renovated (by previous owner) 2BR/2BA coop, closed 10% below 2007 basis.
04/14/2005 Previous Sale recorded for $995,000.
01/12/2007 Previously Listed by Corcoran at $1,395,000.
05/16/2007 Previous Sale recorded for $1,500,000.
09/28/2007 Corcoran Listing sold.
04/01/2010 Previously Listed by Prudential Elliman at $1,495,000.
07/31/2010 Prudential Elliman Listing is no longer available. Last priced at $1,399,000.
09/09/2010 Listed by Brown Harris Stevens at $1,374,500.
10/12/2010 Listing entered contract.
11/15/2010 Sale recorded for $1,350,000.
11/18/2010 Price decreased by 2% to $1,350,000.
http://streeteasy.com/nyc/sale/552079-coop-35-west-90th-street-upper-west-side-new-york
Surprising switch of brokers there. Looks like the new agent had a buyer already.

West81st - even with the drop vs. 2007, that sale still closed for well over $1,000/sf (baecause it looks as if the apartment is not even 1,100 sf. Since you're active in that market, is that surprising to you?

ph41: Considering the location, the nice light, the efficient use of space and how fully-loaded the apartment is (including central air), it traded about where it figured to. Expensive? Sure, especially with that maintenance. On the other hand, it's pretty great for the target market: young family, two private-school kids of same gender, no appetite for renovation or delay. For that market, the only real negative was the money. The alternative at that price point would be a bigger apartment that needed work, and that's not a trade everyone wants to make.

Back to comps. I find the closed sales at 215W98 (Gramont - large doorman building with 6es & 7es) to be instructive of market sentiment. B&D are large 7s, A is an 8-room, C&F are 6-room. 4F has come on and off the market in the last 3 years, flitting around the 1.5m which after transaction costs would put the seller squarely back in '05 territory. I never saw 11B which closed for 1.450m, needing a lot of work. I don't quite understand why people were so negative about it, considering what a fixed up 10B went for the previous year. Also, note that the '08 buyers of 10B lost a fair chunk because they renovated (new kitchen?) 2.125m minus transaction costs puts them close to half a million loss in 2 years. You do the math.

10/07/2010 #10B $2,125,000 -5.6% $2,250,000
12/22/2009 #1F $400,000 -8.9% $439,000
05/11/2009 #10D $2,100,000 -6.7% $2,250,000
04/07/2009 #11B $1,450,000
07/24/2008 #5C $1,510,000
06/13/2008 #3D $2,400,00
04/02/2008 #10B $2,380,000
12/06/2007 #2B $1,940,000 $1,995,000
11/05/2007 #1A $325,000
08/15/2007 #6B $2,260,000 $2,295,000
05/18/2007 #9A $2,712,000 $2,750,000
12/06/2006 #4C $1,200,000
12/07/2006 #2C $1,128,000 - 07/18/2006 #2D $1,920,000 $1,995,000
06/12/2006 #3F $1,500,000 -
09/01/2005 #12A $2,525,000
07/07/2005 #7F $1,450,000
04/05/2005 #9C $1,260,000 -

For some historical perspective, 4F sold for around 400k in 1998.

nyc10023: You and I have probably heard every lame excuse for a weak comp: condition, timing, the broker, the sellers, etc., etc.... In the case of #11B, all of them are true. The apartment itself shouted "REDRUM!" and the eleventh floor had some additional ghoulish history, IIRC.

Not that it really matters. A comp is a comp. But the comments about that listing from other brokers who had sold in the building were particularly scathing.

467 Central Park West #9A: Five-room pre-war condo, closed 7.9 percent below April 2006 sponsor sale. Sellers initially pursued a big profit in 2008, but wound up settling for 29% less than their original ask.
04/03/2006 Previous Sale recorded for $1,310,996.
08/07/2008 Previously Listed by Brown Harris Stevens at $1,700,000.
12/05/2008 Price decreased by 6% to $1,590,000.
04/17/2009 Delisted temporarily by Brown Harris Stevens. Last priced at $1,590,000.
07/30/2009 Listed by Prudential Elliman at $1,450,000.
01/07/2010 Price decreased by 7% to $1,350,000.
02/23/2010 Price decreased by 4% to $1,290,000.
05/07/2010 Listing entered contract.
08/04/2010 Re-listed by Prudential Elliman.
09/27/2010 Listing entered contract.
11/16/2010 Sale recorded for $1,207,500.

>closed 7.9 percent below April 2006 sponsor sale<
ouch

595 West End Avenue #8CD: Early purchase in a 2006-2007 conversion leads to a likely equity wipeout - not a familiar sight in this section of the Upper West Side. Looks like Chase got out whole on some questionable loans, and the brokers probably got paid, but that's about it.
09/06/2007 Previous Sale recorded for $1,568,105 (as #8C).
04/02/2010 Listed by Halstead Property at $1,575,000.
07/09/2010 Price decreased by 5% to $1,499,000.
09/28/2010 Listing entered contract.
11/22/2010 Sale recorded for $1,475,000 (as #8C).
http://streeteasy.com/nyc/building/595-west-end-avenue-new_york?show_all=true

http://streeteasy.com/nyc/sale/511861-coop-224-riverside-drive-upper-west-side-new-york
Unit 7A, 1BR, 1BA, 700sf:
07/14/2007
Previously Listed by Halstead Property at $849,000.
11/16/2007
Halstead Property Listing sold. Last priced at $794,000.
11/16/2007
Previous Sale recorded for $794,000
04/13/2010
Listed by Prudential Elliman at $699,000.
05/12/2010
Price decreased by 2% to $685,000.
07/07/2010
Price decreased by 1% to $675,000.
07/26/2010
Listing entered contract.
10/06/2010
Listing sold.
10/06/2010
Sale recorded for $660,000

Ouch!

http://streeteasy.com/nyc/sale/547414-condo-45-west-67th-street-lincoln-square-new-york

#26A, 45 West 67th Street
08/21/2003 Previous Sale recorded for $1,300,000.
08/19/2010 Listed by Fenwick Keats Goodstein at $1,895,000.
10/22/2010 Listing is no longer available.
10/25/2010 Listing entered contract.
11/24/2010 Listing sold.
11/24/2010 Sale recorded for $1,895,000.

http://streeteasy.com/nyc/sale/493678-condo-230-riverside-drive-upper-west-side-new-york
7K, 230 riverside dr (and 95th), 1bed/1bath. it took 5 months and a half to sell for only 5.5% less of what they paid on 2007. it says it had been "Superbly renovated", but as this building was converted into a full-service condominium in 2006, i'd assume the buyer didn't put much $ into it himself. there are no sales before 2006.

08/31/2007 Previous Sale recorded for $720,000
02/02/2010 Listed by Flat Iron Real Estate at $715,000.
04/08/2010 Price decreased by 4% to $689,000.
05/12/2010 Listing entered contract.
07/07/2010 Listing sold.
07/21/2010 Sale recorded for $678,000

10K
07/18/2006 Previously Listed by Corcoran at $730,000.
03/10/2007 Corcoran Listing sold.
05/25/2007 Previous Sale recorded for $ 743,323
05/06/2008 Previously Listed by Prudential Elliman at $869,000.
07/24/2008 Prudential Elliman Listing is no longer available.
04/22/2009 Listed by Prudential Elliman at $760,000.
07/01/2009 Price decreased by 4% to $730,000.
07/21/2009 Listing is no longer available.
08/01/2009 Re-listed by Prudential Elliman.
08/01/2009 Price increased by 3% to $749,500.
12/10/2009 Price decreased by 3% to $730,000.
03/01/2010 Listing sold.
06/30/2010 Sale recorded for $715,000

this guy sold for 18% discount from his aspirational price on 2008 and previously bought for a 2% premium over asking price on 2007.