What do you think this one can sell for (UES)

I think the square footage (and therefore comps psf) is misleading, because of the limitations of what you could do with it. I don't think you can make a 4th bedroom or even a formal windowed dining room. I think those limitations severely reduce the pool of buyers and therefore drive down price. It looks to be in pretty good condition and the maintenance is reasonable, so I think their 2004 purchase price is as good a guess as any.

I agree with newbuyer. Frankly, I don't see how people can expect massive gains (over $1M!!) on apartments they bought 3 years ago. I think an offer at the 2004 sales price is reasonable.

UrbanDigs provides an interested article this morning on some new comps from 4Q 2008. He provides an example of a seller that priced an apartment $250,000 above the original level only 4 months after the deal closed, and which now closed at a 16% decline from original level after a number of aggressive price chops.

I think at this point you can be aggressive in your offer.

Did they renovate? That would add to their basis of $1.9mm.

Looks like they did from the pictures. And they also had closing costs. But no one is entitled to automatically recover all costs and expenses plus a profit. I think you make an offer at a price you think reasonable. In this case, I think making an offer at 2004 prices is reasonable in a declining market. If you really want the apartment, then sure, take those factors into account and make a strong offer at 2M or a little more.

But your offer is not 2004 since this was the price for a unrenovated apartment...

Just mean I don't think you need to pay for all of their renovations.

"The true value of a thing is what someone else will pay for it".

Offer what its worth to you. If they say no, great... time is on your side.

Thanks to all
I haven't visited the apartment yet but will do so this week and will get back to comment on it.