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

Around 15% from peak. That's why I was a little surprised about last post. I would think the apartment is priced under market and should quickly sell but maybe I might be wrong.

congrats UE: only unsolicited advice I would offer. As you approach closing. 1. Send a car service for buyer. 2.brings pens. 3. hire security guards to prevent buyer from leaving the table. congrats, peace.

15% seems pretty good based on all we are hearing out there. nice job.

one more question: did you use a broker?

Yes, used broker.

Kaz,
With respect to that spec of a domicile.
I actually think if you examined comps(which I did not) you might find that $800,000 might seem low.
Bases on my actual examination of apts in the hood...this one is a bow-wow. All dogs must go to heaven.
I'll bet that you are right. Let's watch and see. I'll will remind you in the future of your excellent call.

Not sure what the right price for the apartment on east 90th is, but the maintenance is on the high side too, further driving down price, especially in a falling market, and with falling rents.

1133 Park Avenue "E" line - corner classic 7. Legitimate 1,700 sq.ft. Slightly unusual layout, in that the maid's room does not adjoin the kitchen, at least in #4E. #4E was just reduced $400K, to $2.2MM - 22% below the peak comp one floor down. The listing now mentions relo, and the seller's (re)marriage. She's a compliance officer, so the groom better watch his step.
--------Recorded Sales----------|--------Previous Listings----------
CURRENT ....#4E ............................ |↓ $2,200,000 3 beds 2 baths 1,700 ft²
08/01/2007 . #3E $2,805,000 +8.1% | . $2,595,000 Sold 3 beds 3 baths
02/13/2007 #15E $2,500,000 ....... |
07/13/2004 . #4E $1,725,000 ....... |

#3E may have had an edge in condition, but Elliman's contention that #4E requires only "minor updating" appears credible. No idea what shape #4E was in five years ago, when the seller bought it.

the layout is unusual, only 2 baths (originally an additional half bath i assume) and it's small for a classic 7. i'd say it really competes with largish sixes as it would take a lot of maneuvering to have four bedrooms, and they would be awkward. although it is way down from that peak comp it still might have a ways to fall. there isn't quite as much classic six inventory in carnegie hill as there is in the west 90s right now, so maybe it will go.

HR: The laundry room must have been the maid's bath.

I disagree about the fourth bedroom. Looks dead easy to me at the back (east) end of the apartment. The space is 21' feet long and at least 11' wide, with windows on three sides. That's big enough to make rooms for two of my kids. Or you could carve up the front bedroom and create a master suite in the back, but that's a much bigger project and I don't see the point.

west81st:

so option 1 would be to enter the 4th bedroom through the dining room. that doesn't really work because you'd have to walk through the entire apartment to get to a bathroom. option 2 would be to extend the hallway to the w/d with doors off both sides going to the bedrooms. that's not all that bad. but you do end up with a warren of very small rooms. since they are in the back of the apartment they will also be dark. if you cut up the second bedroom like that you really only have two decent-sized rooms in the whole apartment--living room and the master bedroom--and even those can hardly be called baronial. anyway, it just goes back to my point that this is a pretty small apartment for a classic 7. perhaps i was wrong to say that the layout would be awkward as a 4 bedroom, but it would certainly be poky.

anyone looking for an 8 in the 60s?

http://www.streeteasy.com/nyc/sale/372882-coop-139-east-66th-street-lenox-hill-new-york

139 East 66th 9S
StreetEasy History
01/06/2009 Listed in StreetEasy by Brown Harris Stevens at $3,200,000
02/09/2009 Price decreased to $2,850,000

Recorded Sale
08/15/2007 #3S $3,000,000 -6.1%

here's a park avenue 7 coming on around 6% below its sale price in 2007. it looks like a nice apartment but i think it will have to come down substantially to get a deal.
http://www.streeteasy.com/nyc/sale/381170-coop-1070-park-avenue-carnegie-hill-new-york

1070 Park Avenue 8B

STREETEASY HISTORY
05/21/2007
Previous sale closed for $3,700,000
02/10/2009
Listed in StreetEasy by Elliman at $3,495,000

HR.... what's the sq ft? Completely agree... gotz a wayz to go... if my wife put a gun to my head... I'd do it at $2.6 to $2.75... :)

my oh my:
first 6W goes on the market 10 days ago:
STREETEASY HISTORY
01/31/2009
Listed in StreetEasy by Corcoran at $2,995,000

And then today 8W comes on the market:
STREETEASY HISTORY
02/10/2009
Listed in StreetEasy by Olshan Realty at $2,150,000

Comps:
06/18/2007 #2W $2,550,000
08/03/2005 #10W $3,015,100 -
09/24/2004 #11W $2,150,000

8W is asking 28% less than 6W, and over 30% less than the 2005 comp. yummy

hr... :) delicious....! can i have some more!

HR, what is the address?

oops. 40 East 83rd.

HR: I went to the Open House today for 40 East 83rd.
It's a complete wreck. The current owner has been living there since 1958. Estate condition.
A lot of broker's traffic.
The Master Bedroom has ONLY half bath, to begin with!!
Would have to put a lot of money into it to make it work.
Wouldn't pay more the $1K

983 Park 7A well under 2006 comp:
http://www.streeteasy.com/nyc/sale/346032-coop-983-park-avenue-upper-east-side-new-york

StreetEasy History

09/04/2008
Listed in StreetEasy by Brown Harris Stevens at $7,500,000
10/30/2008
Price decreased to $6,750,000
02/12/2009
Price decreased to $5,995,000

recorded sales:
07/14/2006 #6A $6,500,000

not to mention well below the neighbors:

9A
StreetEasy History

10/02/2007
Previously listed in StreetEasy by SHVO for $9,000,000
10/17/2008
Listed in StreetEasy by Avenue Real Estate at $7,950,000
12/01/2008
Price decreased to $7,495,000

983 Park. That maintinence charge is as serious as a heart attack. Ouch! Why is it that you can never seem to find a white elephant hunter when you need one.

3 months later, asking $50k less. What is that smell? Desperation?

http://www.streeteasy.com/nyc/sale/383838-coop-360-east-72nd-street-lenox-hill-new-york

08/13/2008 Previously listed in StreetEasy by Elliman for $715,000
11/18/2008 Previous sale closed for $695,000
02/11/2009 Listed in StreetEasy by Elliman at $645,000

"Award winning coop" - what awards are there for coops? Is it like the Oscars?

Early days of a Park Ave price war??? 7A vs 9A

http://www.streeteasy.com/nyc/sale/346032-coop-983-park-avenue-upper-east-side-new-york

http://www.streeteasy.com/nyc/sale/358570-coop-983-park-avenue-upper-east-side-new-york

given that one is asking a million more than the other even after yesterday's chop it is hard to see this as much of a war right now. more like a massacre.

maybe its a psychological war. 9A thinks his 2 floors are worth an extra 1.5mm. He's throwing us a bone by keeping it within 1mm.

ha, maybe so. i think both apartments are overpriced, 9A grossly.

more trouble brewing at the plaza--wasn't sure whether i should put this in midtown or upper east but here it is:

STREETEASY HISTORY
06/13/2008
Previously listed in StreetEasy by Warburg for $18,000,000
06/13/2008
Previously listed in StreetEasy by Sotheby's for $18,000,000
02/17/2009
Sotheby's listing unavailable at $14,500,000
02/17/2009
Listed in StreetEasy by Sotheby's at $12,500,000
Previous sale: 05/05/2008 #1709 $14,674,181

And look what else is on the market:
1 Central Park South #1609 3 beds 2,791 ft² $17,000,000
1 Central Park South #1509 3 beds 2,791 ft² ↓ $15,700,000

both of those units previously closed for significantly more than 1709 is now asking. the incredible thing is even at this new asking price, which represents a 15% decline from the previous, same unit sale from earlier this year (which is in line with the other sales in this line) the apartment looks grossly overpriced.

http://www.streeteasy.com/nyc/sale/360623-coop-239-east-79th-street-yorkville-new-york

07/10/2006 Previous sale closed for $1,030,000
10/29/2008 Listed in StreetEasy by Elliman at $1,275,000
11/22/2008 Price decreased to $1,150,000
01/17/2009 Price decreased to $999,000

Not only is this below what they paid in 2006, they did work on the apartment (although not that much).

Do you think these people need to sell, or what? They've cut their asking price by 34% in just 5 weeks and are now asking 32% less than they paid for the unit in 2006.
http://www.streeteasy.com/nyc/sale/372989-coop-301-east-63rd-street-lenox-hill-new-york

301 East 63rd 15C
STREETEASY HISTORY
11/14/2005
Previously listed in StreetEasy by Corcoran for $425,000
05/10/2006
Previous sale closed for $375,000
01/07/2009
Listed in StreetEasy by Elliman at $379,000
01/21/2009
Price decreased to $349,000
02/04/2009
Price decreased to $299,000
02/17/2009
Price decreased to $249,000

the building is problematic with absolutely absurd maintenance so i do not claim that this is a deal. this is NOT, however, an example of market movement. it is an example of market risk--that is, the risk inherent in buying and the reason why historically it has been more expensive to rent than to buy the same unit. the maintenace on this apartment has almost tripled since the time of the previous sale. it looks to me like these owners simply need to get out from under the maintenance payments.

310 E. 63rd @ $249: Paging Julia!!!!

http://www.streeteasy.com/nyc/sale/368275-coop-133-east-80th-street-upper-east-side-new-york

What about this one?
It's a Candela building classic 7. Started at $3,250k and now it's down to $2,950k (after 70 days)

The two previous sales for the A line were;

5/2007 4A $5,700K
5/2005 3A $4,762K

I wonder if the 2nd Floor is different from the rest.

Anybody knows the building or has seen the apartment?

133 e 80 is a gorgeous white glove bld. Don't know the apt

So, I got some crap in another thread for describing a view as magnificent, but I think everyone will agree that this one qualifies:
http://www.streeteasy.com/nyc/sale/226235-coop-936-fifth-avenue-upper-east-side-new-york

936 5th Ave 17A
STREETEASY HISTORY
04/24/2008
Listed in StreetEasy by Brown Harris Stevens at $5,295,000
09/12/2008
Price decreased to $4,950,000
10/22/2008
Price decreased to $4,650,000
02/20/2009
Price decreased to $3,950,000

I wonder if they are putting something in the water, because the A-line is really popular right now:
SALES LISTINGS FOR THIS BUILDING
SAVE Active Listings (4)
↓ $4,500,000
936 Fifth Avenue #12A 2 beds 2,100 ft²
↓ $3,950,000
936 Fifth Avenue #17A 2 beds
↓ $3,395,000
936 Fifth Avenue #6A 2 beds

And the comps:
12/08/2008 #3A $3,350,000 -14.1% $3,900,000 ↓
10/17/2006 #6A $3,500,000 -1.4%
06/23/2005 #2A $2,900,000

these geniuses have been riding the market down since september 07. they have been a step behind the market every step of the way and guess what? after the latest insufficient cut they are still behind the curve, although at least they are putting some distance between this place and the peak comp:

1235 Park 14B
STREETEASY HISTORY
09/05/2007
Previously listed in StreetEasy by Brown Harris Stevens for $2,700,000
02/05/2008
Brown Harris Stevens listing unavailable at $2,495,000
02/05/2008
Previously listed in StreetEasy by Corcoran for $2,495,000
07/15/2008
Corcoran listing temporarily off-market at $2,295,000
09/27/2008
Previously listed in StreetEasy by Brown Harris Stevens for $1,895,000
10/03/2008
Listed in StreetEasy by Brown Harris Stevens at $1,895,000

Just reduced to 1.795

recorded sales:
06/18/2007 #11B $2,100,000

earth to sellers: if it's taking you 17 months to sell your apartment you need a new strategy. this thing is now 33% below their original asking price and 15% below the peak lower floor comp. if they don't get more aggressive they are going to keep this up for another two years and sell it for nothing.

Questions:

By what percentage do you think classic 6s west of 3rd Ave will drop & by when?

Do you see a bottom in 2010 or 2011?

Thanks

and 11B traded just prior as well

01/11/2007 #11B $1,725,000

Painful:
730 Park Avenue 14C
http://www.streeteasy.com/nyc/sale/226561-coop-730-park-avenue-lenox-hill-new-york

STREETEASY HISTORY
04/24/2008
Listed in StreetEasy by Sotheby's at $16,500,000
09/02/2008
Price decreased to $15,300,000
11/14/2008
Price decreased to $13,000,000
02/24/2009
Price decreased to $10,500,000

Recorded Sales:
04/11/2008 #15C $14,300,000 -4.7%

11C and 13C are also on the market, for a lot less $$, but they have a very different footprint. this is a solid 30% off a rock-solid comp in one of the top park avenue buildings on one of the top corners in the city (on the same block as 720 park, across the street from 740 park).

111 East 75th, #9B: 2 bed, 1.5 bath pre-war coop was originally listed in October for $995,000. It was recently cut to $899,000.

http://www.streeteasy.com/nyc/sale/359559-coop-111-east-75th-street-upper-east-side-new-york

#5B closed in late September for $980,000. I think both apts. are in similar condition.

8 East 96th "C" line: Candela classic seven. #6C just closed for $1.6MM. It was an estate sale, and condition and floor were big factors, but the price is still striking.
--------Recorded Sales----------|--------Previous Listings----------
CURRENT ..... #9C ............................ |↓ $2,395,000 3 beds
02/23/2009 . #6C $1,600,000 -8.3% |↓ $1,745,000 Sold 3 beds 3 baths
07/12/2006 #11C $2,700,000 -3.6% |↓ $2,800,000 Sold 3 beds 3 baths
04/03/2006 #16C $2,825,000 -4.2% | . $2,950,000 3 beds 3 baths
01/17/2006 . #8C $2,350,000 ....... |
08/16/2004 #15C $2,452,000 ....... |

maybe, but...not trying to be a bear..honestly, from the heart. I think the seller got a good price. I would have thought 1.35-1.4. This building is a pain the butt. (If I am correct on the building) I have some friends in it. At least 15 floors, one elevator!!!

I saw the apartment. It was a complete gut renovation. New wiring etc. #16C was in great condition. I saw it back then. Plus 16C had a great view, 6C doesn't. So prices are comparable in my view.

but we aren't just talking about 16C. how about 15C--2.45 in 2004? how about 8C (similar floor) at 2.35? i actually agree with patient that this is a good price for the seller, but it also represents movement.

west81st we are doing all the heavy lifting around here!

http://www.streeteasy.com/nyc/sale/387111-coop-19-east-88th-street-carnegie-hill-new-york
19 East 88th 10G
02/27/2009
Listed in StreetEasy by Halstead Property at $2,200,000

recorded sale
07/08/2004 #15G $2,300,000

Ok, I can chip in...

http://www.streeteasy.com/nyc/sale/360623-coop-239-east-79th-street-yorkville-new-york

Purchased on 12/15/2006 for $1,030,000
Add cost of cosmetic renovations
Entered into contract this week for $900,000

for all you Park ave watchers, looks like we have a contract!

983 Park Ave

http://www.streeteasy.com/nyc/sale/346032-coop-983-park-avenue-upper-east-side-new-york?email=true

UES - how do you know that it went into contract for $900K.
listing says $999,000 as last price.

http://www.streeteasy.com/nyc/closing/792059

I'm not sure this is showing quite the kind of movement we've come to expect, but I'll post it nonetheless.

860 Park Ave, #5 just closed for $7,000,000, down from it's initial list price of $10,995,000. The sellers had bought it in August 2004 for $6,876,250.

Looks as if whoever owned it in the '90s paid for the renovation, so these folks aren't out much. Not that that'd be a worry, as they've bought the bottom duplex at 823 Park for $20M.

that 860 park sale looks like pretty good movement to me--completely flat to a 2004 price? that's five years of gains wiped out, nothing to sneeze at. i don't think the initial ask was out of line to the peak either.

kas242: The original ask was $13.4MM. $10.995 was the last price at BHS before the listing moved to Corcoran.
NWT: Their condo at 823 Park has been on the market too until recently.

Public knowledge on these. These are Ramesh Singh's apts ? Big article in local mags in Sept-Nov.

http://www.observer.com/2008/real-estate/take-my-park-avenue-apartments-please-ubs-exec-lists-two-big-discounts

I knew them when they were just a couple of crazy rich kids. Now he's gone and bankrupted Switzerland.

Wow, I missed a lot by googling her instead of him. (Sometimes the OCD kicks off....)

Here's some very interesting movement in the UES classic six market:

125 East 84th Street, apt. 2C has been on the market since May 2008. It was originally listed at $1,900,000 and just had another price cut to $1,475,000. This price isn't showing up on SE yet, so follow the broker link. The owners paid $1,605,000 in May 2006. It is in decent condition and had reasonable maintenance.

http://www.streeteasy.com/nyc/sale/229771-condo-125-east-84th-street-upper-east-side-new-york

Also of note: #5D (same floor plan, just flipped) has been on the market for the same length of time and hasn't lowered from their initial ask of $1,995,000. The owners bought in Feb. 2005 for $1,305,000. They put in a new kitchen and did some additional work.

They are going to have to simply "give away" the second floor unit and the owners of 5D are delusional.

Its a 50% down building.

SNIPER - I was told with someone familiar with deal who lives in the building. Certainly not 100% sure. The sellers were desperate to sell, I think already bought elsewhere quite some time ago.

thx. it is a nice apartment. i have been in it. quite a discount to where they originally listed - about 30% or so.

http://www.streeteasy.com/nyc/sale/343473-coop-116-east-63rd-street-lenox-hill-new-york?email=true

08/20/2008
Listed in StreetEasy by Stribling at $3,125,000
11/20/2008
Price decreased to $2,850,000
01/15/2009
Price decreased to $2,800,000
01/28/2009
Price decreased to $2,600,000
02/19/2009
Price decreased to $2,450,000
02/24/2009
Price decreased to $2,350,000
03/02/2009
Price decreased to $1,995,000

Sanba, especially interesting since the owners of 116 E 63rd bought it for $2,395,000 in Sept. 2004.

kas242: Good catch. A classic seven off Park as a pied-a-terre, perhaps? Looks like they just want to unload it.

someone should bid 1.5 on it and see if they bite. they've reduced this place from 2.6 to 2 in accelerating chops over just two weeks?!?! insane.

I recall that someone was looking for an exact apt that had tumble to '04-'05 pricing

http://www.streeteasy.com/nyc/sale/376412-coop-1040-park-avenue-carnegie-hill-new-york

StreetEasy History
01/05/2005
Previous sale closed for $3,500,000
01/22/2009
Listed in StreetEasy by Brown Harris Stevens at $3,495,000

here's an interesting one:

poor mrs. wilcox. in 2005 she buys out her husband's (i'm guessing ex husband) half-interest in their park avenue coop for $4 million. it looked like a brilliant financial decision for a while. now, not so much.

885 Park Avenue 8A
STREETEASY HISTORY
10/14/2008
Listed in StreetEasy by Sotheby's at $12,500,000
11/25/2008
Price decreased to $10,500,000
02/02/2009
Price decreased to $9,000,000
03/03/2009
Price decreased to $8,250,000

recorded sales
06/06/2007 #3A $10,600,000 +8.7% $9,750,000 4 beds 5 baths
12/28/2005 #8A $4,000,000 (the half-interest she bought from her husband)

I realize many people seem more interested in the $1M+ (or +++) range but this one is great for 2 reasons.
1) Sold for $750 in 2005, now listed at $625 (and not cheap maint. either).
2) Check out the original listing @ $975! Too funny.

http://www.streeteasy.com/nyc/sale/232832-coop-137-east-66th-street-lenox-hill-new-york

03/03/2005
Previous sale closed for $750,000
05/09/2008
Listed in StreetEasy by Edward Lee Cave at $975,000
06/17/2008
Price decreased to $900,000
01/14/2009
Price decreased to $800,000
02/09/2009
Price decreased to $700,000
03/04/2009
Price decreased to $625,000

happyrenter, kind of disgusting that you keep snooping around in personal affairs of others.

snooping around in their affairs? what the hell are you talking about? her apartment is on the market for a certain price, and the price that she paid for half of it a few years ago is publicly available information that is posted for all to see on streeteasy.

how exactly am i snooping in anyone's business?

Why do you need to post name and marital status of this person.

To save the rest of us the trouble of looking it up?

umm, her name is listed in public documents that are available on acris and the information is listed on streeteasy. believe me, if i wanted to snoop around on her i would have, let's see, googled her name (which i didnt). all i did was look up the apartment on streeteasy.

so please get your facts right before you make accusations.

I know but you still don't need to post it, right?

come on uppereast, HR is only talking about a real estate transaction that is on a public registry.

HR is not talking about how many lovers, why the marriage didn't work out, how dumb her kids are and the like. it's a public transaction. get over it. nobody seemed to care about privacy when the transactions looked like great investments, so why hiding them when it doesn't look like a good one? otherwise it's like stock pickers that only talk about the good ones and never about their mistakes.

i watch plenty of cnbc and they NEVER talk about the personal lives of the stock pickers. wish they would. it would make that crap more interesting.

"i think you go long oil here but you might want to use a straddle. that reminds me, last night I was straddling that blonde from the alternative investments desk. what a knock-out!"

i could care less either way but just to play devil's advocate:

"poor mrs. wilcox" is not talking about her good one OR the mistakes. we dragged her into this - she didn't do it of her own accord.

With me, seeing the name out there tends to defuse interest. I didn't do a number on Ms. Wilcox, for instance, I guess because it didn't sound interesting, whereas a more allusive hint of a story, without the name, will pull the chain and I'll be onto them on Google, the paper, ACRIS, eCourts, etc. The whole shebang.

Sniper: Here you go - a renowned stock-picker and the owner of the Minnesota Twins... caught in the act!

http://www.streeteasy.com/nyc/closing/732558

I know it's mean to post her personal business, but I think it serves her right for predicting S&P 1500 by December, just before the crash.
http://www.marketwatch.com/news/story/story.aspx?guid={f6a09f6c-17ec-49b6-994c-d9114213cfb4}

i am currently not on insider status so i could not see the first link

812 Park Avenue "C" line. Natural duplex.
--------Recorded Sales----------|--------Previous Listings----------
CURRENT ..... #5/6C ............................ |↓ $6,500,000 3 beds
05/29/2008 #7/8C $9,000,000 -7.7% |↓ $9,750,000 Sold 3 beds 4 baths

Truly a floorplan to drool over: http://www.sothebyshomes.com/image/floorplanfullsize.rails?asset=91391

#5/6C needs freshening. Looks like #7/8C did too (estate sale with lots of dated design touches). In this price bracket, I think most buyers bring their decorator anyway.

Oops... Real Deal scooped us on 812 Park. http://ny.therealdeal.com/articles/biggest-price-cut-of-the-day--25/print

not this again... ok, let's start posting what we think is going on with the personal lives of random people we find on acris/se.. after all, it's just all in the 'public record' and all we need to do is do a couple of google searches, and then just speculate what's going on in their personal/financial lives..since some people practically live on this board, seem to have a inordinate amount of free time, and absolutelty nothing going on in their lives, I suggest they start a new thread just for this purpose since it will 'save the rest of us the trouble of looking it up'

jsmith9005: It may not be pretty or classy, but these events drive transactions, so they are relevant to the discussion. The IYCDMMWC threads have always walked a fine line in this area, and will likely continue to do so. If this type of discussion/speculation offends you, I suggest that you apply the "ignore this person" feature to Happyrenter and others who regard the Times society and obituary pages as useful tools in tracking high-end Manhattan real estate.

That said, I've stopped mentioning names - and I hope others will do the same - because there's no benefit to creating permanent search links to these discussion threads in Google, et.al.

J.E.R. Carpenter won AIA Award for 812 Park in 1927 -- a year with lots of contenders -- and you can see why. Every line is just about perfectly planned. Grand scale where it counts, yet livable and a domestic feel to them. And all those staircases.... Hate to see one go unwanted, but even the best can be over-priced.

At 812 Park, it's looks like 11/12C sold for $5.2M in late '05/early '06. It's remarkable that 7/8C went for so much more and suggests that there still may be a long way for 5/6C to come down.

seems still a touch overpriced, if you want to use 860 Park as a comp. This one needs a few more chops, don't have time to work the sq ft..but maybe 3,100 or so, If 860 traveled at $1,750 per and was in much better condition, what does 812 trade for ??? $1,550 * 3,100 = $4,805,000. Back to work...peace

JohnDoe: I think the floorplan is different on 11/12.

NWT: I think it's wanted. Overpriced? Yes, by definition, since it hasn't sold. The fundamental problem in this sector is that the traditional sources of supply (mostly the first "D", death) continue to operate on their normal schedule, while the other Ds (especially debt) are becoming bigger factors and the buyers who drove the market are either gone, spooked, or simply biding their time.

812 Park is a good example: The buyers of #7/8C come from industries that were soaring two years ago, but have since been devastated; there was family money too. (Sorry, jsmith9005, but this is pertinent to the discussion). Does that buyer still exist? Probably, but the bonuses are a lot smaller, the trust funds have shrunk, and the rich parents may be tightening their belts. And even if they're sitting on tens of millions, why not let the deflationary spiral play out? This is a small club, and at the moment the ones who can still afford to play may be stagin something akin to an informal buyers' strike.

The only thing wrong with #5/6C, IMO, is that the seller and broker didn't compete aggressively enough for that buyer in 2008. Rather like the buyer today who figures something just as good will come along, the sellers probably figured, "Well, we can ALWAYS sell it for eight million. What's the rush?"

wait a sec. west81st, you're great and i like you a lot, but happyrenter does NOT consider the times obituary section or society page a useful source for real estate information and please don't say that i do. i don't even read the obits or the society page (is there a society page?). i also don't do google searches on people listed in transactions unless it is a transaction regarding an apartment i am interested in buying. my only 'source' of information is the publicly listed government documents that streeteasy itself collates information from.

is streeteasy 'snooping in people's business' because it posts their names from acris files? if streeteasy has information posted on this site and i essentially cut and paste it into a thread there ain't no way you can call that snooping.

happyrenter: Apologies, my young friend. In that case, jsmith9005 only needs to ignore me.

apology accepted. now back to snooping in people's dirty laundry.

175 east 79th street 15A

STREETEASY HISTORY
01/31/2009
Listed in StreetEasy by Brown Harris Stevens at $2,295,000
03/06/2009
Price decreased to $1,925,000

recorded sales
06/17/2005 #8A $2,395,000 -
10/28/2004 #15A $1,750,000

if the listing is accurate and the apartment has been 'gut renovated,' which seems likely given the price differential between 8A and 15A back in 04/05, these folks are already looking at a significant loss on their 2004 purchase.

OMG! thanks West81st, Abby Cohen is such a great contrarian indicator for the stock mkt (just do the opposite she says and you will get it right). i wonder whether at GS they use her the right way.

anyway, i like to read names!!! it brings realism to the drama, which makes things more entertaining than in law and order. sorry for this uppereast, just ignore me if you are not doing that already.

admin: That trade is from the original IYCDMMWC thread. The P****ds were among the first high-end sellers to take a substantial loss as the market started to turn. Their timing was still pretty good. As for the buyer, she still seems to live by her old creed from ten years ago, when she was still allowed to give specific advice: Buy on the dip, and fundamentals be damned. But we digress. Central Park West has no place on this thread.

2004, here we come!
At 444 East 86th, #16A a 2br/2bt was listed yesterday at 765K (needs TLC). Relevant comps:

19A sold Jul 08 for 1'050,000 (ouch!)
17A sold in 05 for 938K
18A sold in 04 for 699K
9A sold in 04 for 642K

So, assuming that bidding at ask is unheard of these days, this will close somewhere at or below 04.

1075 Park Avenue #12C. Corner eight into seven. Just listed with Elliman.
http://www.prudentialelliman.com/Listings.aspx?ListingID=1087019
--------Recorded Sales----------|--------Previous Listings----------
NEW LISTING #12C ............................ |. $3,650,000 3 beds 2.5 baths
01/22/2008 #14C $4,600,000 . -7.9% |↓ $4,995,000 3 beds 2.5 baths
10/29/2007 . #8C $4,100,000 ......... |
02/26/2007 #12C $3,600,000 ..........|
04/26/2006 . #2C $3,100,000 -11.4% | . $3,500,000 3 beds 3 baths
01/07/2005 . #6C $3,400,000 ......... |
07/19/2004 . #5C $3,514,500 ......... |
More evidence that the fallout from Bear is just starting.

NWT/Patient09: According to the Times, the maisonette at 823 Park will return to the market asking $16.75MM: http://www.nytimes.com/2009/03/08/realestate/08deal1.html

An eight-figure loss would not be a surprise here.

wow that story is really a breath of fresh air coming from the NYT that used to give us "what you can get for $10 million". uppereast, consider that this guy was a major RE bubble blower before complaining about his total lack of privacy when it comes to real estate adventures.

look: when you make public transactions that are reported to the government and published for all to see you can't turn around and complain when people discuss your transactions. that's totally illogical.

That 823 apt is a nightmare waiting to happen. For that kind of jake, you should be able to play George and Weezie, not street level.

Happyrenter about 175 East 79th Street, you use Apt 8A as a comp. Has anyone noticed who owns the apt? Caught it by chance when I was researching the comp. It is Christine Fuld. Name ring a bell with anyone in finance, or anyone who reads the paper? It is Richard Fuld's daughter. He is/was head of Lehman and orchestrated its demise into oblivion. She's now 28, and bought this apt when she was 24/25. I guess that's what you do when your dad is raking it in and has more money than they know what to do with.
Am I being mean? Sorry for her misfortune, but I am very angry at the irresponsible behavior of people like Fuld who have said that they had no idea what their underlings were doing. They allowed it to proceed at breakneck pace because they thought that they would be out of the business when it got bad. Little did they know that they would be holding the bag when the music stopped. And don't let them fool anyone; they knew that the music was gonna stop eventually.

re: 1075 Park
Wifey may go to the open house tomorrow for giggles, will report the results.

Skippy, take a look at the listing at 79 East 79th for a a post-Lehman surprise. It makes 175 East 79th #8A look like a little birdie's nest.