$400,000 cash for an alcove or better in 10003 or 10009

why would you want to pay $400k for a studio...if you still want to there are plenty of alcove studios in the streeteasy listings.

alcove, not straight. notice the location too. I should have mentioned - over 500 sf.

You and I are in the same boat, we should compare notes sometime Julia.

yes..i would have paid $400k before this economic mess started...now I'm looking to pay under $350k..The location you want to live in is great and will probably keep their prices high.

julia,

If your price range keeps going down like that, you are never going to buy. WHen I first started posting on SE, I could have sworn that your max was $450,000.

500 square feet?

Thats $800 psf. We've already seen apartments lower than that.... so shouldn't your goal be lower?

$600-650 should be doable in this market...

Running search results -- more than doable; a bit overpaying:)

"We found 104 listings for between $300,000 and $400,000 with monthly maintenance of no more than $1,500 with at least 1 bedroom. Median price: $375,000, Median size: 549 ft², Median price per ft²: $691"

I bet if you really wanna -- you can move in tomorrow :) Best of luck!

alpine...yes when I sold my studio (straight) I wanted to buy a one bedroom for $450k..no luck, nothing. I am renting a small one bedroom for $2495 (no doorman) and I also closed my business here and in Florida. So, I decided I'm downsizing in my apartment search to a alcove studio and I will then convert it to a small one bedroom...wow you know more about me than my friends do.

nyc1022...i agree I'm finally seeing some light at the end of the tunnel regarding prices on alcove studios.

Julia, can i get a "told you so!"

;-)

OVER 500 sf. I'm already seeing comps of $700-750 sf as the only things that are selling. THe problem is that a lot of owners are still being unrealistic and/or taking it off the market or trying to rent when they don't get their price after 150-200 days. Pretty annoying. Also, not many new listings in the zips I'm looking at. Stupid brokers are out of touch too, saying crap like "We think this is priced appropriately considering sales in the past year" and "the Spring buying season is just around the corner!" C'mon.

Julia, you can get a very nice alcove or even 1BR in 520 E. 72nd st., if that's not too far east for you.

I have a place on the UES betw Park and Lex - $425K. It is a studio and charming and gorgeous. I would stay but I have to leave for school :-(

nyc10028 why are you asking $425...when you say charming I think small..is it an alcove studio? I wouldn't pay more than $350k in this market. I just came from an open house downtown and they said the seller was flexible.

Julia. You can get a nice 1BR (650 sf) with East River views apt 12D in 520 E. 72nd st. for $425K. It's asking $450K now. I know the apt. It's doesn't need any work either. I think they're having an open house.

Prices are down to $706/sf in 10003's latest sales and keep dropping. Fingers crossed!!

Can I get a $600?

$600.

It'll get there by the end of the spring.

actually, I was just checking out 2004/2003 prices. It could very well go down to $450/sf for downtown co-ops.

I am not a veteran on here, so excuse me if I am missing something. I read discussions like this which create the impression that left and right prices are dropping like 25% but when I look at actual buildings I am familiar ith in NYC (i want to move back, after years away), I see very very modest declines or sometimes no declines. See my post about The Chelsea Grande where I lived 8 years ago, where prices have exactly doubled for a very modest 640sf one bedroom (from 380 to about 750), while rent is almost same I paid 8 years ago.

I'd love to see huge declines..but is it really happening?

I think it's certainly happening. Apts that would not have asked less than 550K a year and a half ago are now asking $450K. But these are the people who are pricing realistically.

pricing realistically...$450 for an alcove studio. I know the zip code is more expensive but still the pricing needs to come down for your statement to hold.

"where prices have exactly doubled for a very modest 640sf one bedroom (from 380 to about 750), while rent is almost same I paid 8 years ago."

Which is all the more evidence that the Manhattan bubble was not grounded in reality. There are two options here:
a) Price is set to fall
b) Rent is set to rise

Which of those is more likely...

Julia, I agree, no matter the zip code, $450K is too much to pay now for a co-op alcove (unless it's like 1000 sf! ;-)

I was just saying that percentage wise, we are indeed about 20 percent off the peak asks. But this is only with the realistic sellers. Many are still deluding themselves into believing they can get $1000/sf for a gussied up, studio - like this "Two bedroom" that is only 515/sf and is a fourth floor walkup. http://www.streeteasy.com/nyc/sale/369476-coop-210-east-17th-street-gramercy-park-new-york

I saw this yesterday. If merely putting up walls can make a small studio a two bedroom, then buy me some stock in the wall business! This apt is in good condition, (with a weird bathroom) and a good location, but it's asking more than some larger apts in the same location, in doorman buildings.