Current price per square foot in LIC (Vernon/Jackson Area)?

I see things as down 10-20% in that area - could drop more if all of NYC values continue to drop (which seems to make sense based on how we got to whee we are in home values and the economy.

Current fair price is probably closer to $550psf. Real estate prices across the city are down about 25% from last year. LIC is no exception.

There are some buyers at Hunter's View, One Hunter's Point and Powerhouse talking to no-condo.com attempting to get their deposits back. A few have even walked away from their deposits.

LIC real estate prices won't recover until prices in the city recover. It could be many years away.

"Ten 63's average price in contract is $787 and 10-50 Jackson is $724 - both have closed about 1/3 of the units (give or take). What do people think these are valued at today?"

Under $500.

You can get Manhattan in the 600's already.

"LIC is no exception" hahaha. LIC should be hit harder, same as all up-and-coming neighborhood that didn't really go up much. According to Josh Barbanel in the NYT RE section (not exactly RE bears mouthpiece, to put it mildly) NY co-ops are already 28% down recorded. I would say the price is 500 sq ft today and 450 in three months.

I'm glad that a couple of renters who know nothing about LIC have decided to chime in.

Manhattan in the 600s - like anyone believes that one.

> Manhattan in the 600s - like anyone believes that one.

Don't need anyone to believe... check the comps thread. We're already there.

> I'm glad that a couple of renters who know nothing about LIC have decided to chime in.

As opposed to the people who bought at bubble prices and then said the market would be going up? Not sure why those who didn't see the bubble pop are suddenly fashioning themselves as experts on when it will end.

> According to Josh Barbanel in the NYT RE section (not exactly RE bears mouthpiece, to put it mildly)
> NY co-ops are already 28% down recorded.

Trompiloco , do you have a link to this...?

nyc10022 thanks for making up bad facts and throwing out sources that don't support your statement. List 5 apartments in high quality buildings in prime Manhattan areas that are currently priced in the 600s.

Who bought at bubble prices and then said the market would be going up?

> List 5 apartments in high quality buildings in prime Manhattan areas that are currently priced in
> the 600s.

Again, check the UES comps thread.

> nyc10022 thanks for making up bad facts and throwing out sources that don't support your statement.

If you don't read it doesn't mean its not there.

> Who bought at bubble prices and then said the market would be going up?

There seem to be some great quotes on record for you...

I took a quick look at the UES comps thread and did not see any Manhattan condos in the $600's PSF. I admit, I didn't go through the whole thing, though things still look in the $800/ square foot for a co-op. I agree things will continue to drop and LIC will drop more than Manhattan. So, what's the LIC near term bottom - looks like some say $450, some seem to think values will hold better, though seems like we're in the $500's now, with more to go over the next period of time.

LIC is holding up relatively well so far. Like most places, some buildings are better than others. From what I hear, the popular buildings are seeing activity in the mid-600s psf range.

"I took a quick look at the UES comps thread and did not see any Manhattan condos in the $600's PSF. I admit, I didn't go through the whole thing, though things still look in the $800/ square foot for a co-op."

Go to the end then.... remember, that thread is months old. The newer examples are the lower examples. I posted at least one in the 600s.... and I wasn't the only one.

"I agree things will continue to drop and LIC will drop more than Manhattan"

I agree with you there. Williamsburg, too. You're talking about the places whose inventory just exploded.

"Go to the end then.... remember, that thread is months old. The newer examples are the lower examples. I posted at least one in the 600s.... and I wasn't the only one."

Nonsense. There was maybe that one example of a small unit on 60th that was asking ~$600/sqft, though the maintenance was quite high. Prices are relatively lower on the less desirable parts of the UES (east of Lex, in general); any of the prime buildings on Park, Madison, and 5th will command much more than 600 at this point. More than twice that in some cases.

Wow, somebody is extra sensitive here.

Wait, now you're trying to compare it to Park and 5th? Why so touchy here, bjw?

And you're calling it "nonsense"? I said I posted an example and there are others. What exactly is nonsense about that?

Oh, I forgot... your agenda.

It is nonsense. Anyone can find an extreme outlier. You are trying to generalize the Manhattan real estate market at $600psf based on some rare UES oddball listings.

I don't know how you're reading "touchy" or "sensitive" in what I wrote (maybe you're looking at a reflection?); I'm calling it as I see it. We're talking about the UES here, and you want to discount Park and 5th? Please. I also don't see "other examples." You have a very clear agenda: antagonize and post from an obstinately one-sided viewpoint. My goal is to get at what's actually happening, while cutting through bs like yours and people like petrfitz'. I imagine most people see through it, thankfully.

> It is nonsense. Anyone can find an extreme outlier.

Doesn't make the outlier "nonsense", now does it?

> You are trying to generalize the Manhattan real estate market at $600psf based on some rare UES
> oddball listings.

No, I'm not. And you can call it "oddball" or whatever you want, but it won't make it go away. Whatever makes you feel better...

> We're talking about the UES here, and you want to discount Park and 5th?

I'm saying "you can get" in Manhattan, and you are picking the most expensive examples out there?

If I say you can get a haircut for $10, and you go "NO YOU CAN'T, BUMBLE AND BUMBLE CHARGES $100"... then you are being a moron.

I did not say thats where everything is.

Well, what can I say... yet another strawman argument from bjw! well done!

> My goal is to get at what's actually happening

All evidence to the contrary. When you scream "nonsense" at things you don't like, claiming that YOU are open minded just makes me laugh.

"We're talking about the UES here, and you want to discount Park and 5th? Please."

Again, this is just too funny.

Talk about strawman....

seriouly, bjw, look it up. You are the king, and you don't even know it.

Yeah, like LIC is going to command 100 per sqft less than Park Ave. Nobody is saying that. If Park Ave ever reverts to 600 sqft, LIC would be lucky to get 250. But the point is, in terms of closed sales, there are plenty in let's say Yorkville for 600 sqft.

I say LIC is around 650 per sq ft

"All evidence to the contrary. When you scream "nonsense" at things you don't like, claiming that YOU are open minded just makes me laugh."

Yelling "strawman" over and over may be amusing to you, but doesn't mean it applies. If anything, you're guilty of it, as I never tried to "compare" with 5th and Park - I merely raised the point. You did the same with the UWS thread. Foam at the mouth about this, but the irony and hypocrisy borders on legendary here. Moving on...

I have no specific info on ppsf in LIC, but anyone considering a purchase there should be aware of the many businesses shutting down along Vernon/Jackson:

http://www.liqcity.com/real-estate/long-island-citys-vernonjackson-experiencing-major-retail-downturn

"Well, well, well. How things can change so dramatically from one season to the next. 2008 saw more business openings in Long Island City than we could keep up with, and now in 2009 we’re seeing more retail vacancies than ever in Vernon/Jackson, including multiple businesses which seem to have gone under."

> Yelling "strawman" over and over may be amusing to you, but doesn't mean it applies.

It also doesn't mean it does not apply.

But you are repetitively guilty. At least you are consistent!

> as I never tried to "compare" with 5th and Park - I merely raised the point.

Wow, now THAT is grasping at straws. You even gave the ratio (2 to 1). If that isn't comparing, you need a dictionary!

> Foam at the mouth about this, but the irony and hypocrisy borders on legendary here.

Yes, absolutely, you are probably the king, and this thread is a new "high" for you.

Is it really that hard to have civil discourse? Being so damn combative and nasty all the time must be draining. Someone simply asked you to post at least 5 examples of prime Manhattan apartments with asking or closing prices under $600/sf, and you flip out when someone calls you on the cop-out answer of "check the thread."

44-27 purvis street has some listings in the low 500's per square foot. The building along jacvkson are just starting to close at their inflated prices of the 700's range. Time will tell where the price per square foot goes...

an example listing on purvis street
http://www.streeteasy.com/nyc/sale/172993-condo-44-27-purves-street-long-island-city-long-island-city

The Purves building is not one of the more popular ones in the area. The more popular buildings are by the waterfront - Powerhouse, One Hunters Point, 5SL, maybe the Foundry. 10-63 and 10-50 are a few blocks back, then you have the buildings down Jackson Avenue. Star Tower is probably the most popular building by that area.

> Is it really that hard to have civil discourse?

Either it is hard, or you have social problems. Your first post starts with "nonsense".

Always the biggest complainer, and usually the biggest offender. Nice work, bjw.

Powerhouse is so popular, they've had to resort to renting apparently...

http://curbed.com/archives/2009/03/20/long_island_citys_powerhouse_now_yours_to_rent.php

I'm glad we have LICComment's coments tabled here because he always ends up eating his words. He's the douchebag defender of LIC along with the Arris Holes of 2007. Arris isn't moving at 500 psf now and the waterfront isn't selling for more than 700 psf these days.

Typically, and please be specific, what does "going rental" do to proerty values in the building if:
1) some/half goes rental?
2) most go rental?

Are there other scenarios that may be interesting to discuss, as well?

Interesting to see how easy it is to get under some people's skin, especially when all you have to do is point out reality that is inconsistent with their views.

pls post more examples of $600/sqft in manhattan. Condo only pls. Couldnt find any good ones. Thanks!

Back to LIC psf: just saw this http://www.streeteasy.com/nyc/sale/28715-condo-purves-street-long-island-city-long-island-city - granted, this building was already priced below the Vernon/Jackson area buildings, though still an interesting data point at $484/square foot.

"Interesting to see how easy it is to get under some people's skin, especially when all you have to do is point out reality that is inconsistent with their views."

Self-referential statement of the week...