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

The Brompton. Prime new Robert Stern designed development. Seller started at 43K above theiriginal purchase price; after two years now asking 7K less (a 50K reversal)

10/24/2008Previously Listed in StreetEasy, already in contract, by Related Sales at $690,000.
06/08/2009Related Sales Listing sold.
06/08/2009Previous Sale recorded for $706,076.
02/23/2010Previously Listed by Corcoran at $749,000.
08/21/2010Corcoran Listing is no longer available. Last priced at $730,000.
06/11/2011 Listed by Corcoran at $710,000.
03/10/2012 Price decreased by 2% to $699,000.

"If I was non gray I'd start a new thread 'better off renting'. "

W67,
can't you start a thread? I'd like a 'better off renting' thread.
You may be gray to some, but me, yer black!

brooks: address?

Careful Brooks, I wouldn't invite apt23 over.

http://streeteasy.com/nyc/sale/677428-coop-310-east-70th-street-lenox-hill-new-york

careful Brooks, apt23's last husband didn't end up in an envious position

http://streeteasy.com/nyc/sale/651359-coop-785-park-avenue-upper-east-side-new-york

11/16/2004 Previous Sale recorded for $1,450,000.
07/28/2008 Previously Listed by Corcoran at $2,950,000.
05/28/2009 Corcoran Listing sold. Last priced at $2,000,000.
07/08/2009 Previous Sale recorded for $1,975,000.
12/29/2011 Listed by Brown Harris Stevens at $2,400,000.
02/13/2012 Listing entered contract.
05/10/2012 Sale recorded for $2,300,000.

The 2004 buyers did the reno, then sold at the worst possible time.

3A sold for 1.1mm 5/08 on the market 5/12 @ $975k and ready to be chopped

01/24/2006
Previously Listed by Corcoran at $975,000.
02/07/2006
Corcoran Listing sold.
04/06/2006
Previous Sale recorded for $(insiders only)
01/08/2008
Previously Listed by Corcoran at $1,225,000.
04/24/2008
Corcoran Listing sold. Last priced at $1,165,000.
04/24/2008
Previous Sale recorded for $(insiders only)
05/29/2012
Listed by CORE at $975,000.
http://streeteasy.com/nyc/sale/686551-coop-205-east-77th-street-upper-east-side-new-york

45 East 85th Street #5E. Classic 6 sold for $1.581 in a 2010 estate sale and just sold for $2.425 after what appears to be a gut renovation

http://streeteasy.com/nyc/sale/496001-coop-45-east-85th-street-upper-east-side-new-york

Holy smackers!
45 East 85th Street #5E
The balls on that flipper.
Bravo!

Revisiting 205 East 77th, #3A. Closed at a 1% discount to the last sale, which was immediately pre-financial crisis. 12% above ask. The 2008 listing describes the apartment as renovated, while the 2012 listing looks like a more flowery description of the same thing. If this is incorrect (i.e., there was a further reno between sales), then the 2008 buyer ate any reno costs.

01/24/2006 Previously Listed by Corcoran at $975,000.
02/07/2006 Corcoran Listing sold.
04/06/2006 Previous Sale recorded for $999,000.
01/08/2008 Previously Listed by Corcoran at $1,225,000.
04/24/2008 Corcoran Listing sold. Last priced at $1,165,000.
04/24/2008 Previous Sale recorded for $1,100,000.
05/29/2012 Listed by CORE at $975,000.
06/15/2012 Listing entered contract.
08/01/2012 Listing sold.
08/01/2012 Sale recorded for $1,090,000.
http://streeteasy.com/nyc/sale/686551-coop-205-east-77th-street-upper-east-side-new-york

45 East 85th is an amazing unit. I saw it pre-renovation and it was definitely in estate condition. The flippers did a great job. Also, this is one of the smallest/least expensive apartments in the building, so it was a smart move.

I'd say some dam good brokering to get 3a sold above asked in this economy

More on 45 East 85th street:

Unit 5C, a classic 7 sold for 3.6million in August 2012 (note that the price was agreed in October 2011 when it went into contract).

unit 8B, a classic 8, sold for 3.225 million in December 2010;

unit 5A, also a classic 8, sold for 3.25 million in July of 2011.

All units were in move in condition. The premium paid for the classic 7 seems steep relative to the classic 8 prices.

pinball wizard, falco--at risk of tilting the machine, played to a nice bonus

am I dating us?

116 East 66th Street #10B
05/07/2007 Previous Sale recorded for $1,450,000.
06/24/2011 Listed by Brown Harris Stevens at $1,495,000.
09/19/2011 Price decreased by 7% to $1,395,000.
12/19/2011 Listing is no longer available.
01/04/2012 Re-listed by Brown Harris Stevens.
01/04/2012 Price decreased by 3% to $1,350,000.
03/27/2012 Price decreased by 4% to $1,295,000.
05/08/2012 Listing entered contract.
07/07/2012 Listing sold.
08/13/2012 Sale recorded for $1,170,000.
http://streeteasy.com/nyc/sale/618365-coop-116-east-66th-street-lenox-hill-new-york

It speaks for itself

$400k loss over 5 yrs even with IO rates going from 7% to 3%, and sprint doubling in 4months.

W67 during this same period.
Avoided $1mm loss in my 3 bdrm mkt
$1mm gain in sprint in 4 months.

$2mm net worth gain in 5 yrs. increase said $2mm by 5% per year for 25 more years. W67 ain't ever gonna need to sell his body to live at ritz carlton old are home. But I will need someone to clean my bed pan..... So in conclusion => w67 needs broke azzed bubblers that'll ride the re bubble to $500psf. Someone gotta serve my kids happy meals, why knot you or your kids?

W/o Bernie magic, that POS trades at $600k.

why would someone buy that ? they must want to be close to mom or something.

marco, the instruments you trade?...info pls?...or did you bet the farm on your upper yorkvile studio?

If outdoor space is more to your taste you can have this place one floor up.
116 East 66th Street #11B
http://streeteasy.com/nyc/sale/734897-coop-116-east-66th-street-lenox-hill-new-york?email=true
09/13/2012 Listed by Douglas Elliman at $1,595,000
Outdoor space will cost you an additional $425,000 above the cost of the larger 10B
Outdoor space priced at $1062 per square foot.
Furure price chopper!

Agreed... chop, chop...

yikes..i work in fixed income.

Fixed income? U collect social security?

Big fan of SE kabuki math, as demonstrated by W67. $1,450-$1,170 = $400? Ooooor maybe $280...only 30% off.

Someone forgot to add the opportunity cost of not being in sprint. My bad. The douche is out $800k plus 6% stoopid tax.

Kabuki

30% down or 150% of down payment. And that with io rates that went from 7% to 3%. Flmaozz

Meh wonders what a 'normal' mkt for manhattan be with 7% mortgages?

Can someone kabuki me.

Shave and a haircut by Sweeny Todd
50 Sutton Place South #3GM
http://streeteasy.com/nyc/sale/615603-coop-50-sutton-pl-south-sutton-place-new-york
01/15/2010 Previously Listed by Brown Harris Stevens at $2,495,000.
10/04/2010 Brown Harris Stevens Listing sold. Last priced at $2,235,000.
10/04/2010 Previous Sale recorded for $2,138,750.
01/05/2011 Previously Listed by Stribling at $2,375,000.
06/12/2011 Stribling Listing is no longer available.
06/14/2011 Listed by Douglas Elliman at $2,275,000.
07/26/2011 Price decreased by 9% to $2,075,000.
09/30/2011 Price decreased by 6% to $1,950,000.
11/09/2011 Price decreased by 8% to $1,795,000.
01/04/2012 Price decreased by 6% to $1,685,000.
05/16/2012 Listing is no longer available.
05/24/2012 Listing entered contract.
09/05/2012 Listing sold.
09/05/2012 Sale recorded for $1,500,000.

That my friends is a $638,750 loss from last sale to this sale in less than 2 years.
Don't even get me started when it comes to transaction costs.
Tip from your good friend falco: stay away from the meat pies

Wow Falco. And they must have really hated the place. Put it back on the market after only 3 months. Somethin smelly about this one and it ain't just blowin in from the river.

A lot for sale there. What's going on in that building?

And they thought they were getting a deal when they bot it ~ $360 below asked. Just because you bid > 20% below asked doesn't mean you are getting a deal even if there is a Whole Foods 8 blocks away

Don't tase me Bro!
Not in the Beek man!
575 Park Avenue #1602
http://streeteasy.com/nyc/sale/347721-coop-575-park-avenue-lenox-hill-new-york
01/16/2008 Previous Sale recorded for $2,050,000.
01/18/2008 Previously Listed by Douglas Elliman at $3,400,000.
07/22/2008 Douglas Elliman Listing is no longer available.
09/09/2008 Listed by Corcoran at $2,980,000.
11/11/2008 Price decreased by 6% to $2,800,000.
03/19/2009 Price decreased by 11% to $2,500,000.
02/03/2010 Price decreased by 20% to $1,995,000.
06/14/2011 Listing is no longer available.
10/05/2011 Re-listed by Corcoran.
11/28/2011 Price decreased by 10% to $1,800,000.
02/06/2012 Price decreased by 6% to $1,700,000.
05/15/2012 Listing entered contract.
07/31/2012 Sale recorded for $1,350,000.
08/09/2012 Listing is no longer available.

Check it out!
The real estate equivalent of David Caruso's acting career.

Who wants to live next to a guy that can only afford $1.35mm?

It's all down hill from here. Wont be long bf whore houses start sprouting up on park and a korean grocery store on every corner. Maybe just a few bodegas.

$1.35mm. Chuckle. Chuckle. Now just picture where it will trade when interest rates go to 8% in 3 short years. Flmaozzz

If they kept it at 2mm in Jan of 08', who knows may be they would have dild it 4 yrs ago. Sucka hit greedy.. That's what happens in a bubble

Sold it 4 Yrs ago

>when interest rates go to 8% in 3 short years.

Based on what?

I had a boner and it magically went left. I always bend slight right. So I know rates will rise in 3 yrs. that' and Bernie said so. But the left leaning boner confirms it.

$2.05mm to $1.2mm in 24 months. Chuckle chuckle. I'm gonna open a bottle of wine from Florence. Chuckle. Chuckle.

$1mm to $2mm in 4 months. Chuckle. Chuckle.

10 East End Avenue #9AMN: 3/4 BR combination coop with river views from LR and DR. Resold 9.8% below 2005 acquisition price, after a year on the market. Timing of renovations not clear.
05/17/2005 Previous Sale recorded for $2,825,000.
09/06/2011 Listed by Douglas Elliman at $3,195,000.
01/17/2012 Price decreased by 6% to $2,995,000.
06/25/2012 Price decreased by 13% to $2,595,000.
10/08/2012 Listing entered contract.
12/10/2012 Sale recorded for $2,548,500.
http://streeteasy.com/nyc/sale/632228-coop-10-east-end-avenue-yorkville-new-york

1192 Park Avenue #14C: Quick resale of a north-facing Carnegie Hill seven, less than a year after purchase, 9.6% above acquisition price. The 2012 transaction was an estate sale. Although intervening renovations appear limited basic work on walls and floors, the apartment probably showed better in 2013, with the old carpeting, wallpaper and furniture removed.
08/15/2011 Listed by Brown Harris Stevens at $2,950,000.
08/16/2011 Listing is no longer available.
09/06/2011 Re-listed by Brown Harris Stevens.
01/27/2012 Listing entered contract.
04/30/2012 Previous Sale recorded for $2,850,000.
11/08/2012 Listed by Sotheby's International Realty, Inc. at $3,249,000.
12/13/2012 Listing entered contract.
03/20/2013 Sale recorded for $3,125,000.
Basically break-even after expenses, which isn't bad under the circumstances. Granted, the same $3MM invested in Sprint stock last April would have grown to about $7MM.
http://streeteasy.com/nyc/sale/761449-coop-1192-park-avenue-carnegie-hill-new-york

125 East 93rd Street 9AB: This apartment's been on and off the market for the past two years and chopped 20%. I think that they were originally looking to the comp of 2AB of $3.1mm sold already combined at the height of the market. Given the condition of the apartment (estate) and the fact that it would have to be combined, there are at least $500k in costs to modernize. Then, it's difficult to find someone willing to spend that amount of money to live in UES without a doorman. It's a great space with low maintenance and has potential, but it's a tough sell, and should have been better priced from the outset. How much lower will it go? $1.75?

08/04/2011 Listed by CORE at $2,450,000.
11/23/2011 Price decreased by 8% to $2,250,000.
01/26/2012 Listing entered contract.
05/16/2012 Re-listed by CORE.
09/04/2012 Off market temporarily.
09/12/2012 Listed by Brown Harris Stevens at $2,100,000.
11/26/2012 Listing entered contract.
01/31/2013 Re-listed by Brown Harris Stevens.
05/15/2013 Price decreased by 5% to $1,990,000.

http://streeteasy.com/nyc/sale/734294-coop-125-east-93rd-street-carnegie-hill-new-york

Sorry--that was meant for the price chopper thread.

134 E93rd Street

Failed to find a seller in 2012 at $1.595mn. Roll forward a year and raise the price by 16% to $1.85mn and it sells. I'll be interested to see what it closes for.

http://streeteasy.com/nyc/sale/839547-condo-134-east-93rd-street-carnegie-hill-new-york

Same building. Failed to find a seller in 2009 at $1.85mn. Roll forward to 2013 and it closes 6% above ask at $1.96mn. Previously traded in 2004 for $986k. Nice trade.

http://streeteasy.com/nyc/sale/825884-condo-134-east-93rd-street-carnegie-hill-new-york

250 East 87th, 5G. 2 conv 3 / 2.5. Went to contract in 11 days and sold 13% above ask. Purchased in a 2005 estate sale, full reno, sold for 50% gain. Probably decent profit despite reno and transaction costs

http://streeteasy.com/nyc/sale/868855-coop-250-east-87th-street-yorkville-new-york
07/27/2005 Previous Sale recorded for $999,999.
04/24/2013 Listed by Douglas Elliman at $1,325,000.
05/05/2013 Listing entered contract.
07/18/2013 Listing sold.
07/18/2013 Sale recorded for $1,500,000.

Anyone know how much aboutready's apartment appreciated since she bought it with the windfall she received from the lawsuit that caused rents in PCV and StuyTown to increase?

Damn. Should have bought, renoed and flipped instead of my apple position.

On wait? My apple needed $400k in fertilizer, plus my trade cost was $70k. Plus w67 had to pay $2k/month for tree trimming.

Go TeamRE!!!!!! One asset class to rule them all.... (Sorry saw LOTR last nite).

1125 Park Avenue #9D: Renovated six, resold 7.9% below 2006 acquisition cost.
09/12/2006 Previous Sale recorded for $3,150,000.
03/14/2013 Listed by Halstead Property at $2,995,000.
06/28/2013 Listing entered contract.
09/17/2013 Sale recorded for $2,900,000.
http://streeteasy.com/nyc/sale/835159-coop-1125-park-avenue-carnegie-hill-new-york

Hilarious. Go team re!!!!!!!

Here's a good one....

4 years ago an apartment is close to being a pricechooper special closing at $1.775MM. This year, the same line 7 floors below sells for above ask at $2.450MM or 38% higher on a much lower floor. The more recent sale is more updated but by no means "mint".

179 East 70th Street #7B
http://streeteasy.com/nyc/sale/853398-coop-179-east-70th-street-lenox-hill-new-york

04/12/2013Listed by Corcoran at $2,395,000.
07/09/2013Listing entered contract.
10/18/2013Listing sold.
10/18/2013Sale recorded for $2,450,000.

179 East 70th Street #14B
http://streeteasy.com/nyc/sale/344824-coop-179-east-70th-street-lenox-hill-new-york

08/27/2008Listed by Corcoran at $3,150,000.
10/17/2008Price decreased by 11% to $2,800,000.
12/04/2008Price decreased by 8% to $2,575,000.
03/04/2009Listing is no longer available.
03/12/2009Re-listed by Corcoran.
03/12/2009Price decreased by 13% to $2,250,000.
04/16/2009Price decreased by 13% to $1,950,000.
05/19/2009Listing entered contract.
07/09/2009Listing sold.
07/09/2009Sale recorded for $1,775,000.

Not sure comparing today's pricing to a deal bought at the low of the lows is relevant. We all know that RE has come back a long way so that isn't particularly news.

If w67 showed u a stock that went up 37% in 4 years.... Team RE would accuse me of cherry picking and even worse team RE would point out the stock w67 pointed out would be so illiquid, that two SE(ers) bidding on it would negate all the 37% increase.

Go Fking Team RE!!!!! May your offsprings follow in your path. Where does w67 need to send the blackberry, key holder and a good pair of walking shoes for the baby shower?

avUWS - the thread is talking about comparables in the UES. It seems pretty on topic to me. I also understand that there has been a bounce since 2009 but there is also much debate on how much. I am picking an example of a datapoint of identical floorplans on a lower floor in the same building to demonstrate a 38% lift from the floor. I think the SE condo index has +22% over the same period. That's a big delta. I'm sure the bears can provide some good datapoints of comparables trading completely flat or up only 5% over the same period to provide some symmetry around the SE 22% figure.

doye

one "needs TLC" ie a gut job, the other seems to have had a tasteful complete buff-job renovation

such a renovation in a classic 6 is worth at least 600K

next "comp"

>doye

There's creepy yikes again talking like a teenage girl.