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

Ouch... 33% drop from 2008 sale.

http://streeteasy.com/nyc/sale/561875-coop-116-east-68th-street-lenox-hill-new-york

11/06/2007 Previously Listed by Corcoran at $1,895,000.
04/02/2008 Corcoran Listing sold.
04/02/2008 Previous Sale recorded for $2,100,000.
10/14/2010 Listed by Brown Harris Stevens at $1,650,000.
11/17/2010 Price decreased by 12% to $1,450,000.
03/18/2011 Listing entered contract.
05/26/2011 Listing sold.
05/26/2011 Sale recorded for $1,400,000.

The 2008 sale is #2A at 115E67, while the 2011 sale is #2A at 116E68. (Millan House is those two buildings with garden between.)

Same layouts, though, assuming the floorplans weren't confused too.

teddydog: I think those transactions are for two different apartments. The 2008 buyer doesn't match the 2011 seller, and the street addresses in ACRIS are on opposite sides of the building (116 East 68th vs. 115 East 67th)

None of the four parties ever had a UCC1 filed, so can't compare share counts.

Safe to say a very large Edwardian Five goes for a lot less now than in 2008.

not a lot of photos for either apartment, but the most recent sale involves decor that seems highly taste-specific. i doubt $700k worth, but plenty of people have problems imagining rooms stripped of wallpaper.

They are basically twin apartments; one faces south onto 67th; the other faces north onto 68th.

1160 Park Avenue #2A: Unusually rapid resale of a Carnegie Hill estate eight.
06/23/2010 Listed by Fox Residential Group at $3,650,000.
10/20/2010 Listing entered contract.
01/14/2011 Sale recorded for $3,400,000.
04/04/2011 Listed by Stribling at $3,700,000.
04/20/2011 Listing entered contract.
05/26/2011 Sale recorded for $3,700,000.
http://streeteasy.com/nyc/sale/596964-coop-1160-park-avenue-carnegie-hill-new-york

Not a profitable flip by any means, when you factor in commissions, taxes, a 2% transfer fee and sundry closing costs. Still, the price did go up 8.8%, and there's little evidence of work having been done on the apartment between the sales.

Listed as a two bedroom, this one bedroom unit with a formal dining room closed for 17% below its mid-2005 sales price.

http://streeteasy.com/nyc/sale/531639-coop-166-east-92nd-street-carnegie-hill-new-york

06/02/2005 Previous Sale recorded for $655,000.
06/03/2010 Previously Listed by Brown Harris Stevens at $775,000.
06/09/2010 Brown Harris Stevens Listing is no longer available.
06/10/2010 Listed by Brown Harris Stevens at $775,000.
06/29/2010 Price decreased by 12% to $685,000.
10/09/2010 Price decreased by 13% to $595,000.
01/05/2011 Listing is no longer available.
02/02/2011 Re-listed by Brown Harris Stevens.
03/30/2011 Listing entered contract.
05/31/2011 Listing sold.
05/31/2011 Sale recorded for $545,000.

here's some peak condo studio pricing for fsteve. notice the purchaser involved in the 2010 sale. 26% below the 2007 price.

http://streeteasy.com/nyc/sale/572651-condo-350-east-62nd-street-lenox-hill-new-york

12/12/2006 Previously Listed by Prudential Elliman at $499,000.
03/27/2007 Prudential Elliman Listing sold.
03/27/2007 Previous Sale recorded for $440,000.
04/10/2007 Previously Listed by Citi-Habitats at $589,000.
08/10/2007 Citi-Habitats Listing sold. Last priced at $549,000.
08/10/2007 Previous Sale recorded for $530,000.
10/09/2008 Previously Listed by Mark David at $530,000.
05/23/2009 Mark David Listing is no longer available. Last priced at $489,000.
12/02/2009 Previously Listed by Mark David at $425,000.
06/15/2010 Mark David Listing sold. Last priced at $450,000.
08/23/2010 Previous Sale recorded for $406,744.
12/14/2010 Listed by Manhattan Network Inc. at $390,000.

3rd floor brownstone walk-up studio with large-ish kitchen. now 26% below mid-2007 sales price.

http://streeteasy.com/nyc/sale/543865-coop-218-east-82nd-street-yorkville-new-york

11/11/2006 Previously Listed by Prudential Elliman at $298,750.
02/12/2007 Prudential Elliman Listing sold.
03/05/2007 Previously Listed by Citi-Habitats at $299,975.
07/17/2007 Citi-Habitats Listing sold. Last priced at $309,950.
07/17/2007 Previous Sale recorded for $305,000.
08/02/2010 Listed by Corcoran at $295,000.
08/22/2010 Price decreased by 8% to $270,000.
09/01/2010 Listing is no longer available.
10/01/2010 Re-listed by Corcoran.
10/01/2010 Price decreased by 8% to $249,000.
11/12/2010 Price decreased by 6% to $235,000.
11/30/2010 Price decreased by 6% to $220,000.
12/21/2010 Listing entered contract.
01/20/2011 Listing is no longer available.
05/19/2011 Re-listed by Corcoran.
05/19/2011 Price increased by 2% to $225,000.

2/2 with large terrace, now 14% below 2006 sales price and unit is empty.

http://streeteasy.com/nyc/sale/551802-coop-515-east-85th-street-yorkville-new-york

09/08/2006 Previous Sale recorded for $854,087.
09/08/2010 Listed by Corcoran at $825,000.
11/05/2010 Price decreased by 3% to $799,000.
01/04/2011 Price decreased by 4% to $765,000.
04/16/2011 Price decreased by 4% to $735,000.

if this has been discussed on the help my neighbor is undercutting..., my apologies. unit 3B, large 2/2. sadly, 2B has lowered its price from $1.2m to $995k. 3B is in better shape, but not possible to tell if current owners did the renovations.

http://streeteasy.com/nyc/sale/433212-coop-116-east-66th-street-lenox-hill-new-york

07/11/2006 Previous Sale recorded for $1,500,000.
06/30/2009 Listed by Brown Harris Stevens at $1,695,000.
10/02/2009 Price decreased by 9% to $1,545,000.
12/23/2009 Listing entered contract.
01/04/2010 Listing is no longer available.
01/29/2010 Re-listed by Brown Harris Stevens.
04/07/2010 Price decreased by 3% to $1,495,000.
10/14/2010 Price decreased by 3% to $1,450,000.
01/28/2011 Price decreased by 7% to $1,350,000.
02/01/2011 Listing is no longer available.
02/10/2011 Re-listed by Brown Harris Stevens.

3B.... 'honey, let me see that xmas card list..... You can scratch off $&$:&;$!!!!!jidnj!!!!! 2B'

if this jr. 4, unit 7A, closes at current ask it would be a fairly good result. but someone needs to let iman know that five floors up 12A closed on 5/13 for $975k, taking a $165k loss on its 05/07 purchase (not too bad, but not too good for 7A).

http://streeteasy.com/nyc/sale/550941-condo-401-east-60th-street-lenox-hill-new-york

12/01/2000 Previous Sale recorded for $667,000.
05/26/2005 Previous Sale recorded for $1,050,000.
11/08/2007 Previous Sale recorded for $1,190,000.
03/30/2010 Previously Listed by Eric H. Yecies, LREB at $1,190,000.
08/07/2010 Eric H. Yecies, LREB Listing is no longer available. Last priced at $1,190,000.
09/04/2010 Listed by Prudential Elliman at $1,175,000

oops, west81st already covered the 116 east 66th listings.

Good to see more & more closings below bubble prices.

1199 Park Avenue #19A: Sleekly renovated post-war penthouse, now asking 19% below 2007 acquisition price following a failed contract.
10/29/2007 Previous Sale recorded for $3,440,000.
06/15/2010 Listed by Warburg at $3,495,000.
09/29/2010 Price decreased by 10% to $3,145,000.
04/21/2011 Listing entered contract.
06/22/2011 Re-listed by Warburg.
06/22/2011 Price decreased by 11% to $2,795,000.
http://streeteasy.com/nyc/sale/532658-coop-1199-park-avenue-carnegie-hill-new-york
The owner, a highly accomplished yachtswoman (hence the "stem to stern" reference in the listing), has an impressive history as a price-chopper too.
http://streeteasy.com/nyc/sale/360667-condo-65-east-96th-street-carnegie-hill-new-york

Lost $200K on the first one bought $1.75M, and now looking at another $650K minimum (or $800K if it goes 5% below current ask) on the second one bought at $3.44M. I don't know the details, but it seems that although she is a highly accomplished yacthswoman, she only inherited the money but not the skills of a highly accomplished value-driven RE investor.

http://findarticles.com/p/articles/mi_m3601/is_35_51/ai_n13665728/

Kids can be so disappointing, reverting to the mean as they do.... Still, serial renovation is less pricey than, say, boat-owning or any number of other hobbies.

Maybe inheritance-money driven RE purchases should be considered a diff. segment of the market together.

300 East 77th Street (Seville) #20B: 1600+ SF condo with flexible layout. Sold 12% below 2005 acquisition price, and just 10.4% below original sponsor sale that closed in early 2003.
03/17/2003 Previous Sale recorded for $1,834,285.
08/19/2005 Previous Sale recorded for $2,300,000.
03/23/2011 Listed by Mercedes Berk at $2,300,000.
04/07/2011 Price decreased by 9% to $2,100,000.
06/13/2011 Listing entered contract.
06/28/2011 Sale recorded for $2,025,000.
http://streeteasy.com/nyc/sale/592968-condo-300-east-77th-street-upper-east-side-new-york

Chartwell House condo, 1/1 with w/d, rather standard. sold for 7% below mid-2005 closing.

http://streeteasy.com/nyc/sale/552678-condo-1760-second-avenue-yorkville-new-york

12/21/2001 Previous Sale recorded for $402,500.
07/21/2005 Previous Sale recorded for $660,000.
09/11/2010 Listed by Corcoran at $665,000.
03/02/2011 Price decreased by 2% to $649,000.
05/17/2011 Listing entered contract.
06/27/2011 Sale recorded for $614,000.
06/29/2011 Listing is no longer available.

w81 - re: 300 East 77th, the expiration of the tax abatement is presumably one factor weighing on prices. We looked (half-heartedly) at this building in mid-2003 when it was new. The developer was selling the hell out of the low monthlies in their marketing pitch. SE listings show taxes going from $215/month for #18B (2006 sale) to $1,266 for #24B (2009) and now $1,426 for #20B. The common charges for #18B suggest that it might be a bit smaller than the higher floor line (either that or the building had major common charge increases between 2006 and 2009), but a difference in taxes of 6x or more will be mostly the abatement abating, rather than square footage. Assuming it's a 10 year abatement, the last 20% of the step-up to full taxes should still be in their future.

Welcome back aboutready.

2007, 2006, 2005,2004,2003..... Can someone finish the last three?

Pv of prepaid rent expense, decreases with more expenses and higher interest rate? Hmmmmmmm.

I'm sure maintenance/taxes and IR can only go down from here and Hence => buy now or be homeless

300 E 77th again - #20B may also have lost some view since the previous sales. The B line faces north and west, and the Isis now sits on the north side of 77th just the width of the street and sidewalk from the living and MBR windows of the low and middle floors of the Seville B line. The Isis is 17 or 18 floor, so #20B may (or may not) be above the fray, depending on ceiling height, building mechanicals sitting on the Isis roof, etc.

hi w67.

continuing the discussion of the effect of rising condo taxes, here's a slightly older building (1998, but appears to have gone condo in 2006) that is having some difficulties due to rising taxes. i found a similarly sized unit that sold in 2006 where the taxes were around $360. this unit, currently on the market, has taxes of $940 and cc's of $586 for a studio of 620 sf. $1526 for a studio.

http://streeteasy.com/nyc/sale/587657-condo-350-east-82nd-street-yorkville-new-york

11/16/2006 Previous Sale recorded for $496,860.
12/05/2009 Previously Listed by Century 21 NY Metro at $535,000.
03/04/2010 Century 21 NY Metro Listing is no longer available. Last priced at $519,000.
06/02/2010 Previously Listed by Corcoran at $529,000.
06/08/2010 Corcoran Listing is no longer available. Last priced at $499,000.
06/09/2010 Previously Listed by Corcoran at $529,000.
01/26/2011 Corcoran Listing is no longer available. Last priced at $499,000.
03/03/2011 Listed by Prudential Elliman at $475,000.
05/13/2011 Price decreased by 9% to $430,000.
06/11/2011 Price decreased by 5% to $410,000.

goog morning sunshine!

when it was first listed in 12/09 at $535k, about 24% higher than current ask, the taxes were $690. hindsight's a bitch.

965 Fifth Avenue #2C: After a failed contract, the asking price for this big, rear-facing estate six is now 26% below the 2007 sponsor sale.
06/22/2007 Previous Sale recorded for $2,138,116.
08/17/2010 Listed by Corcoran at $2,100,000.
09/30/2010 Price decreased by 7% to $1,950,000.
02/03/2011 Listing entered contract.
06/02/2011 Listing is no longer available.
06/24/2011 Re-listed by Corcoran.
07/22/2011 Price decreased by 5% to $1,850,000.
08/04/2011 Price decreased by 15% to $1,575,000.
http://streeteasy.com/nyc/sale/546991-coop-965-fifth-avenue-upper-east-side-new-york

There was no public listing in 2007, so there might have been extenuating circumstances to that sale. At a minimum, #2C is a notable price-chopper.

That building only allows 45% financing. I've noticed, just anecdotally, that apartments in such 50%+ down buildings that aren't grand enough to attract the truly wealthy have suffered disproportionately since the downturn.

The 2007 sale was interesting, one of those that almost get me down to Surrogate's Court to look at wills and piece together more of the story.

The buyer was 97 years old, and lived in a rental on E 88th. Her husband had died a few years before, leaving her three buildings on E 60th that she'd sold for $9,000,000+. She died in 2009. One of the deeds suggests the husband had lived at 965 Fifth. Maybe they were related to the sponsor, but the ownership structure of their own property wasn't at all sponsor-like. Maybe she just wanted the place for what had to be her final years, bubble or no.

i dont see anything amiss with this place--it's offered down 25% from peak

2nd floor estate 6 in the back bowels of bldg, with a plump maintenance

and miette, your points re this apt/bldg are well-taken, but these circumstances are not new or unique to now

What I find interesting is the significant 15% price drop rather than the slow 5% drop every few months. Of course, the heirs might have personal reasons to be rid of this property asap, but since these are powerhouse brokers, I wonder if the recent global turmoil caused a real slow down in sales the past few weeks and this new apt price might be among the first to reflect some price compression.

i have a feeling the fall "season" will be very disappointing

funny the brokers who advocate holding off on listing til after Labor Day, so as not to miss the bidding wars

Flamoz. After today -> $500psf. Flmaozzzzz wtf doubted me?,heh? Who who ? Fking Borker retard community. Completely missed this. Typing this on the shitter in the louvre.

Equity market capitulates. Nyc c7 to follow next month. Flmaozzzzz.

Eight rooms in estate condition. Check out the acoustic-tile ceilings in hall and DR. http://streeteasy.com/nyc/sale/591069-coop-1185-park-avenue-carnegie-hill-new-york

03/16/2011 Listed by Prudential Elliman at $3,750,000.
05/06/2011 Listing entered contract.
07/21/2011 Sale recorded for $3,750,000.

The renovated version one floor up, #3G, sold a few months ago:

12/06/2010 Listed by Prudential Elliman at $4,995,000.
02/08/2011 Listing entered contract.
04/28/2011 Sale recorded for $4,995,000.

At pretty much the opposite end of the UES market from NWT's post, 321 E 71st, #2G. Same unit resale of a small 1br down 4% vs. 2006 after a year and a half on the market

04/21/2006 Previous Sale recorded for $397,000.
02/17/2010 Listed by Corcoran at $425,000.
03/26/2010 Price decreased by 2% to $415,000.
05/13/2010 Price decreased by 4% to $399,000.
08/02/2010 Listing is no longer available.
09/15/2010 Re-listed by Corcoran.
09/15/2010 Price increased by 2% to $405,000.
01/20/2011 Price decreased by 4% to $389,000.
05/19/2011 Listing entered contract.
07/26/2011 Listing sold.
07/26/2011 Sale recorded for $380,000.
http://streeteasy.com/nyc/sale/496487-coop-321-east-71st-street-lenox-hill-new-york

250 East 87th Street (Newbury) #9G: Converted 3BR/2.5BA. Closed 15.6% below 2008 acquisition price.
05/15/2008 Previous Sale recorded for $1,450,000.
03/02/2010 Previously Listed by Bellmarc at $1,325,000.
06/14/2010 Bellmarc Listing is no longer available.
10/01/2010 Listed by Halstead Property at $1,299,000.
04/06/2011 Listing entered contract.
05/02/2011 Re-listed by Halstead Property.
05/19/2011 Listing entered contract.
07/15/2011 Sale recorded for $1,224,315.
http://streeteasy.com/nyc/sale/558505-coop-250-east-87th-street-yorkville-new-york

1060 Park Avenue, #6G: This tiny rear-facing and dark classic six came on the market at $2.5mm and the ask fell 30% before the owners pulled the listing after a year on the market. The pictures make this place look like a disaster. It looks like a combination of bad pricing and poor marketing.

08/18/2010 Currently Listed by MLBKaye International Realty at $2,500,000.
09/23/2010 Listed by MLBKaye International Realty at $2,150,000.
01/12/2011 Listing entered contract.
01/27/2011 Re-listed by MLBKaye International Realty.
02/01/2011 Price decreased by 7% to $1,999,999.
02/10/2011 Listing is no longer available.
02/18/2011 Re-listed by MLBKaye International Realty.
03/07/2011 Price decreased by 0% to $1,999,000.
04/29/2011 Price decreased by 7% to $1,850,000.
05/02/2011 Price decreased by 5% to $1,750,000.
07/31/2011 Listing is no longer available.

http://streeteasy.com/nyc/sale/556459-coop-1060-park-avenue-carnegie-hill-new-york

Wow. Atrocious photos. And where's the floor plan? Or am I just missing it for some reason? Either way, MLBKay should be ashamed for such a shoddy listing. No wonder the place won't sell.

One quick shot of the fireplace and increased 400K since May. I have a feeling the problem is the seller who I might add does not look like they are in any hurry to go. Brokers can only do what they can with what they have to work with. That's right bramstar, a floorplan would have been helpful in the least.

1160 Park Avenue "C line: This pair of classic-six estate sales, on consecutive floors, suggests a decline from peak of about 20%. Condition of #15C might have been slightly better, but probably not enough to invalidate the comp.
---------Recorded Sales---------|---------Previous Listings---------
10/07/2011 #14C $2,440,000 -9.0% | $2,680,000 Sold 2 beds 3 baths 2,200 ft²
03/05/2008 #15C $3,100,000 +5.1% | $2,950,000 Sold 2 beds 2 baths
http://streeteasy.com/nyc/building/1160-park-avenue-manhattan

Of course these kinds of declines wouldn't happen if this was prime Manhattan.

3 East 71st - 11/12C hasn't closed yet, but went to contract very quickly at over the 2008 price.

01/25/2006 Previously Listed by Warburg at $2,995,000.
02/22/2008 Warburg Listing sold. Last priced at $2,795,000.
10/04/2011 Listed by Prudential Elliman at $3,495,000.
10/17/2011 Listing entered contract.

ph41: I think the current owners did a fairly extensive reno.

1160 Park, 14C, was an estate sale, probably no reno in very long time. Buyers were from within the building and possibly combining.

Westie pointed out that both apartments were estate sales, that was why he posted them as comps. If anything, 14c has an extra bathroom.

Fairway: Although the heirs ultimately sold to the next-door neighbors, they did list the apartment with Elliman for over a month before going to contract. They tried to get the best price. Maybe they got a lower commission rate or expedited board approval by selling to the neighbors, but it's still a valid comp.

And as AvUWS noted, 15C was an estate too. So that's a non-factor.

http://streeteasy.com/nyc/sale/601221-condo-408-east-79th-street-upper-east-side-new-york

I believe the word comes from 8TH grade earth science...

erosion

12/15/2005 Previous Sale recorded for $899,421.
12/16/2010 Previously Listed by Prudential Elliman at $975,000.
04/17/2011 Prudential Elliman Listing is no longer available. Last priced at $925,000.
04/19/2011 Listed by Corcoran at $925,000.
05/11/2011 Price decreased by 4% to $889,000.
07/17/2011 Price decreased by 4% to $849,000.
09/01/2011 Listing sold.
11/01/2011 Sale recorded for $800,000.

The great deflate continues...

still seems overpriced at $800k, $987 per ft².

Howz about some of that best of 2009? Hmmmmm... hmmmm .... Why does that cake smell like day old shit?

So Falco.... looks like 2003 prices if you consider 6% transaction... on real dollar basis... the seller got chloroformed...

DATE RAPE ME NOW!!!!!

Bf it wears off.....

901 Lexington Avenue "N" line: nine rooms, typically converted to eight. #6N is already asking 5.5% below the owners' 2005 acquisition price. The estate sale one floor up continues to apply pressure, most recently with a 12% price cut yesterday. #7N has been reduced more than 35% in nine months on the market.
---------Recorded Sales---------|---------Previous Listings---------
* CURRENT * # 6N ........................... |↓ $3,120,000 4 beds 3.5 baths
* CURRENT * # 7N ........................... |↓ $2,100,000 4 beds 3.5 baths
06/15/2010 # 9N $3,250,000 -5.8% | .. $3,450,000 Sold 4 beds 3.5 baths 2,600 ft²
07/10/2007 #10N $3,500,000 +0.0% |↓ $3,500,000 4 beds 3.5 baths
09/23/2005 # 6N $3,300,000 +0.0% |↓ $3,300,000 4 beds 3.5 baths
11/24/2004 #11N $2,648,000 -7.1% |↓ $2,850,000 4 beds 3.5 baths
http://streeteasy.com/nyc/building/901-lexington-avenue-new_york

That's a tough sell for 6N, asking essentially a 400 ppsf premium for a renovation.

telling for those who doubt that there are situations, like this, where pricing going back to 2004 AND BEYOND

funny building--busy, dense neighborhood, worsened by proximity to hunter--been in this layout--pretty awful frankly

whatever the case, i wouldn't want to own/need to sell one of these

woops "with" pricing

There are 3 threads like this here and almost no activity for months. I guess prices are not really going down in Manhattan, huh? Perhaps some prices are down to their still atmospheric 2005 prices but that's it? I can see why - there would be almost no distressed properties because everyone is so vetted by the coop process, families are staying in the city, wall street bonuses, international buyers, etc. Buy vs rent ratios are still the worst in the country - 50 or something - but if I want to buy a place there I will have to bite the bullet.

wall street bonuses, international buyers, ??

What do you mean by this?

if you are saying these are positives you are talking to too many RE brokers. There existence is completely ficiton

Yeah, I think they're positives. Don't really talk to any RE brokers but I think that's what's keeping prices up. New York has held it's value better than any place in the country. There are lot's of rich people here - mostly Wall Street but other rich people too.

Lemming.

Def. the belief that your neighbor makes more than you. And therefore the only way to live in a nice place is to overpay for a place early and often wo regard to rents, one's finances or length of stay.

Eg. Omfg. First class tkts to Syracuse a year out is $15k. I don't know if I need to go to Syracuse in 2/15/2013 but I better buy it first before my rich sexy big dick neighbor buys it first!

Don't let me get in your way. Dickbreath. I hear babs fake boobs Corcoran got a huge flyer with bargain apts listed on the POST! Go get em, jimmy.

That was the Meal. Jimmy.

Amazon,
Do you read the papers or watch the news? Wall Street is going through a massive amount of layoffs. The ones that are left are getting capped on bonuses that are paid mostly in company stock if they are getting any at all. The euro in the midst of a collapse and the are hoping the chinese will bail them out. And, the Chinese are having their own issues. Where are the foreign buyer coming from?
other rich people? oh that;s right Carlos Slim over paid for a town house last year that kept the psf numbers up but that's an anomaly. There is little or no activity because they are a bunch of morons out there that are trying to sell their properties at inflated bubble prices!

Inonada--I think that given the extent of renovations that you'd have to do to 7N, that ~$1mm is a good estimate. It would be a great apartment when finished, but would require a tremendous amount of work.

Plus you have the tricky issue of the Master Bath on the hall.

Brooks2 - I wish you were right but there still are plenty of people out there who are willing to pay whatever they have to pay to live in Manhattan. And there are lots of new foreign renters and buyers.

I've seen a few listings where the ask is below the 2004/05 closing price.

"there still are plenty of people out there who are willing to pay whatever they have to pay to live in Manhattan. And there are lots of new foreign renters and buyers."

yeah, right. dat's a borker!

"there still are plenty of people out there who are willing to pay whatever they have to pay to live in Manhattan. And there are lots of new foreign renters and buyers."

Isn't this the definition of a market? When there are fewer of these people than there were, or more willing to sell, then "whatever they have to" (ie, THE PRICE) will go down. When there are more who want it and fewer who are selling (and of course many other factors) the "whatever they have to" will go up.

Love it, AvUWS! Plain n' simple.

175 East 62nd Street #5C
http://streeteasy.com/nyc/sale/566082-coop-175-east-62nd-street-lenox-hill-new-york?email=true
06/21/2004
Previous Sale recorded for $1,105,000.
11/03/2010
Listed by Prudential Elliman at $1,550,000.
12/20/2010
Price decreased by 6% to $1,450,000.
01/10/2011
Price decreased by 4% to $1,395,000.
02/25/2011
Price decreased by 3% to $1,350,000.
03/23/2011
Price decreased by 4% to $1,295,000.
04/12/2011
Price decreased by 7% to $1,199,000.
05/09/2011
Price decreased by 5% to $1,139,000.
06/09/2011
Price decreased by 8% to $1,050,000.
08/30/2011
Listing entered contract.
10/13/2011
Re-listed by Prudential Elliman.
12/10/2011
Price decreased by 6% to $990,000.
01/12/2012
Price decreased by 2% to $975,000.
02/16/2012
Price decreased by 3% to $949,000.
We passed 2005 price so fast I heard it whistle past my ear.

Land Lease building. Ouch.

aw falco, there you go, cherry-pickin again

62 and 63rd are disasters..what happens to these places ??

true...it is low hanging fruit.

1349 Lexington Avenue #4G: Same-unit resale of an unconventional five, down 9.8% from peak.
01/11/2008 Previous Sale recorded for $1,200,000.
05/18/2011 Listed by Halstead Property at $1,175,000.
09/14/2011 Price decreased by 4% to $1,125,000.
10/26/2011 Listing entered contract.
02/13/2012 Sale recorded for $1,082,500.
http://streeteasy.com/nyc/sale/609324-coop-1349-lexington-avenue-carnegie-hill-new-york
The sellers traded up to their broker's six on the tenth floor:
http://streeteasy.com/nyc/sale/596079-coop-1349-lexington-avenue-carnegie-hill-new-york

That jives with what Ive been telling clients where the market is today from peak, for 1-2m properties. Down aprox 8-12% from peak. It also jives with the SE condo index from signings in late 2007 to todays #. Brokers should stop focusing on recency only when doing comps analysis now that we have this SE Condo Index to do time adjustments. Not only is market stable and has been for 2 years now, something that appraisers would argue that its OK to go farther back for comps, brokers should learn to look for RELEVANCY to target unit, not RECENCY that changes the apt's view, layout, size, bldg, amenities, etc.

West 81,
Looks like they paid full retail for their trade up while their own sale whiffs of market reality. Then again, I don't know the the realities of 1349 Lex but it appears to be kinder to some then others. Had they scored one flight down it would have been a beautiful thing.

What' the mark up for "full retail" these days FG?

i considered the whole thing suspect when i saw they'd traded up to their broker's 6 rm

doubtful the transaction suited anyone (in a real economic sense) other than the broker

Brooks, in this case I present the evidence:
02/13/2012 #4G $1,082,500
02/13/2012 #10E $1,493,000
11/03/2011 #9E $1,250,000
12/16/2010 #4E $1,225,000
07/13/2009 #6E $999,000
01/11/2008 #4G $1,200,000
The conditions of these properties are unknown to me But it's clear that while the E line was in a steep recovery the G line was heading to Hades. That my brother is paying full retail.

yea, got it. One floor down, 9E, and ~@250k less for an apartment that looks in pretty decent shape. 9E even seems high comp'd to 6E. I would agree your brother did pay FULL price..

so this was bot in 2010" at 1.1mm back on the market in 2011' ???-- and offered 100k higher than the apartment 2 floors above... ???

http://streeteasy.com/nyc/sale/613334-coop-301-east-64th-street-lenox-hill-new-york

05/11/2010
Previously Listed by Brown Harris Stevens at $1,200,000.
09/16/2010
Brown Harris Stevens Listing sold. Last priced at $1,100,000.
09/16/2010
Previous Sale recorded for $(insiders only)
06/03/2011
Listed by Maxwell Jacobs at $1,299,000.
07/08/2011
Price decreased by 5% to $1,235,000.
08/18/2011
Price decreased by 3% to $1,199,000.
11/25/2011
Listing is no longer available.
01/06/2012
Re-listed by Maxwell Jacobs.
01/06/2012
Price decreased by 2% to $1,175,000.
03/02/2012
Price decreased by 6% to $1,099,000.

Brooks,
11G, that's got to hurt.
plus this is the Hitchcock Building, remember the movie "The Birds"?

Ok, this is pretty straight forward. Sold 4/2010' at $1.850mm. Listed 2 yrs later-- same price, after chopping it 7%.. tell me which way is the market headed?

http://streeteasy.com/nyc/talk/discussion/7617-if-you-can-demonstrate-market-movement-with-comps-upper-east-side-edition?page=13

Brooks, try again on the link -- you got the wrong one.

Brooks2/inonada: I think it's this one:
http://streeteasy.com/nyc/sale/652896-coop-150-east-69th-street-lenox-hill-new-york

If I was non gray I'd start a new thread 'better off renting'. Hilarious. 2yrs $400k azz kicking.

great ability to read minds too. thanks w81

Imperial House must be a nice building to command these asks.
Considering it's 50% down, post war beauty.

bot in 2010' for 1.27mm back on the market.. 1.5 yrs later, 148 days on the market, 2 price cuts.. will it sell lower that 2010'?

http://streeteasy.com/nyc/sale/642104-coop-144-east-84th-street-upper-east-side-new-york

07/13/2004
Previous Sale recorded for $(insiders only)
07/28/2009
Previously Listed by Warburg at $1,395,000.
07/29/2009
Previously Listed by Warburg at $1,395,000.
09/02/2009
Warburg Listing sold.
05/21/2010
Warburg Listing sold. Last priced at $1,325,000.
05/21/2010
Previous Sale recorded for $(insiders only)
10/21/2011
Listed by Corcoran at $1,395,000.
01/31/2012
Price decreased by 3% to $1,349,500.
03/17/2012
Price decreased by 3% to $1,310,000.

the sale price for the above is:05/21/2010 Previous Sale recorded for $1,270,000.
Come on Brooks...$10.98...small price to pay considering the joy it brings you.
The above will trade at a loss. Even if it trades at ask(which i doubt) it's a fat loss.

BY THE WAY,
small but nice apartment.

falco.. thought i said bot in 2010' for 1.27mm. you are right though, I did save the $10.98.. plenty of free info out there..

http://realestate.nytimes.com/sales/detail/44-2252782/144-East-84th-Street-NEW-YORK-NY-10028

also traded 7/13/04 for 1.010mm nice sale in 2010'..

@144 east 84 listing. Fking hilarious. 'private showing'. It's so fking private it's on a newspaper. But you do have to be able to pay for a phone call. No phone NO apt for you! The 'apt nazi'.

301 East 69th St, #5E. 1br/1ba in a building at the epicenter of 2nd Ave Subway construction nastiness. Same unit re-resale down 14% from the 2007 previous close and up 4% from a 2005 sale. The latest listing description claims a high-end kitchen and "updated" bath, both of which seem to predate the 2007 sale (2005 sale has no listing)

http://streeteasy.com/nyc/sale/619804-coop-301-east-69th-street-lenox-hill-new-york
05/03/2005 Previous Sale recorded for $615,000.
05/03/2007 Previously Listed by Douglas Elliman at $749,000.
11/16/2007 Previous Sale recorded for $745,000.
08/12/2008 Douglas Elliman Listing sold.
07/01/2011 Listed by Halstead Property at $675,000.
11/17/2011 Listing entered contract.
01/03/2012 Listing sold.
02/01/2012 Sale recorded for $640,000.

Sold in 06' at $925k
Newly renovated mint, spacious 2 bedroom/2 bath home with FULL SIZE WASHER/DRYER, recessed lighting, built-ins and custom closets
no offered $869k at getting chopped.
that;s offered 6% lower than 06'
http://streeteasy.com/nyc/sale/667353-coop-233-east-69th-street-lenox-hill-new-york
03/23/2006
Previously Listed by Corcoran at $899,000.
08/22/2006
Corcoran Listing sold.
08/22/2006
Previous Sale recorded for $(insiders only)
04/01/2010
Previously Listed by Corcoran at $975,000.
04/06/2010
Corcoran Listing is no longer available.
09/28/2010
Previously Listed in StreetEasy, but no longer available, by Corcoran at $975,000.
04/06/2011
Corcoran Listing is no longer available. Last priced at $995,000.
04/07/2011
Previously Listed by Corcoran at $895,000.
06/21/2011
Delisted by Corcoran.
03/04/2012
Listed by Corcoran at $869,000.

sold for 1.25mm in 07'. I wonder if selling new york will advertise that prices in Manhattan are down 25% since 07?

Soon to be featured on HGTV’s smash hit “Selling New York”,
http://streeteasy.com/nyc/sale/619462-coop-301-east-78th-street-upper-east-side-new-york
0/10/2007
Previous Sale recorded for $(insiders only)
06/30/2011
Listed by Warburg at $1,175,000.
11/08/2011
Price decreased by 8% to $1,085,000.
02/29/2012
Price decreased by 8% to $995,000.
03/19/2012
Listing entered contract.

offered lower that 09'
sold in 09' @ $950k offered $935k

Previously Listed by Corcoran at $1,225,000.
08/12/2008
Off market temporarily. Last priced at $1,100,000.
08/14/2008
Previously Listed by Brown Harris Stevens at $1,190,000.
10/08/2008
Previously Listed by Corcoran at $995,000.
10/30/2008
Brown Harris Stevens Listing is no longer available. Last priced at $1,050,000.
01/30/2009
Corcoran Listing sold.
01/30/2009
Previous Sale recorded for $(insiders only)
04/18/2012
Listed by Halstead Property at $935,000.