517 West 46th No. 502: 517 WEST 46 STREET, 502 Manhattan 3/6/2008 $1,025,000 Now listed at $895,000: http://www.streeteasy.com/nyc/sale/62724-condo-517-west-46th-st-clinton-new-york StreetEasy History 01/18/2007 Listed in StreetEasy by Prudential Elliman at $1,165,000. 01/20/2007 Listing entered contract. 11/30/2007 Re-listed by Prudential Elliman. 11/30/2007 Price decreased by 3% to $1,135,000.... [more]
517 West 46th No. 502:
517 WEST 46 STREET, 502 Manhattan 3/6/2008 $1,025,000
Now listed at $895,000:
http://www.streeteasy.com/nyc/sale/62724-condo-517-west-46th-st-clinton-new-york
StreetEasy History
01/18/2007 Listed in StreetEasy by Prudential Elliman at $1,165,000.
01/20/2007 Listing entered contract.
11/30/2007 Re-listed by Prudential Elliman.
11/30/2007 Price decreased by 3% to $1,135,000.
12/22/2007 Listing entered contract.
03/06/2008 Sale recorded for $(insiders only)
03/14/2008 Re-listed by Prudential Elliman.
03/14/2008 Price decreased by 1% to $1,125,000.
09/17/2008 Price decreased by 4% to $1,085,000.
10/15/2008 Price decreased by 8% to $995,000.
01/01/2009 Listing is no longer available.
01/09/2009 Re-listed by Prudential Elliman.
03/04/2009 Price decreased by 10% to $895,000.
All they need to do now is drop it another 50%, and it will sell.
[less]
Response by stevejhx
over 16 years ago
Posts: 12656
Member since: Feb 2008
Oh look, here's another one, below 2007 prices:
162 WEST 56 STREET, 1505 Manhattan 8/8/2007 $1,295,000
05/18/2007 Previously Listed in StreetEasy by Corcoran at $1,295,000.
08/08/2007 Corcoran Listing sold.
08/08/2007 Previous Sale recorded for $(insiders only)
03/11/2009 Listed in StreetEasy by Corcoran at $975,000.
Who was it those months ago who wanted proof that listings were below purchase prices?
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Response by West81st
over 16 years ago
Posts: 5564
Member since: Jan 2008
The 2008 sale at 517 W46th doesn't look like an arm's length transaction. Check the buyer and seller.
I'm not disputing your thesis that prices are way down; no argument there. But I think your data point is open to challenge.
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Response by waverly
over 16 years ago
Posts: 1638
Member since: Jul 2008
I think most people agreed that overpriced condos purchased in the last couple of years were going to be hit the hardest.
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Response by tenemental
over 16 years ago
Posts: 1282
Member since: Sep 2007
2008? Numerous examples of sub-2005 pricing on the Comps threads.
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Response by bjw2103
over 16 years ago
Posts: 6236
Member since: Jul 2007
steve, you're way late to this party - there's been many many examples of places selling or listing below 2005 prices, some even attaining 2004 prices. That's not the norm around the city, but posting examples of below 2008 or 2007 prices at this point is a bit silly.
i think steve is looking specifically at resales-that is, units selling below their own recent sale price. but yes, there are lots of examples in the comp threads.
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Response by nyc10022
over 16 years ago
Posts: 9868
Member since: Aug 2008
"steve, you're way late to this party - there's been many many examples of places selling or listing below 2005 prices, some even attaining 2004 prices. That's not the norm around the city, but posting examples of below 2008 or 2007 prices at this point is a bit silly. "
I think it is the norm... I just saw 10 brokers price properties sold in 2005, and all but 1 suggested lower prices than the current.
Of course, you're looking at data from before the crash so you wouldn't know this.
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Response by bjw2103
over 16 years ago
Posts: 6236
Member since: Jul 2007
"I think it is the norm... I just saw 10 brokers price properties sold in 2005, and all but 1 suggested lower prices than the current.
Of course, you're looking at data from before the crash so you wouldn't know this."
10 properties does not equal a norm. I think we'll get there though. As for the data, you're looking at fudgy, preliminary, and shady data, but that's your choice!
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Response by nyc10022
over 16 years ago
Posts: 9868
Member since: Aug 2008
I'll certainly take where 10 brokers say they are pricing things as an indication of where... well, PRICING is..
Over the guy still pulling out data from 2006.
Nice try, though!
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Response by nyc10022
over 16 years ago
Posts: 9868
Member since: Aug 2008
(i guess ignoring the truth is your choice)
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Response by stevejhx
over 16 years ago
Posts: 12656
Member since: Feb 2008
The other threads focus not only on the same unit, but different, albeit sometimes comparable, units. This is just to show asking prices a) slashed; and b) to what year.
bjw, nyc, happy - I'm not late to this party. I was one of the earliest to arrive, over a year ago.
Ask spunky.
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Response by bjw2103
over 16 years ago
Posts: 6236
Member since: Jul 2007
It's an indication, but not nearly enough to call a "norm" which is all I'm saying.
"data from 2006"
Hey, don't you call that a "strawman"? The irony!
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Response by nyc10022
over 16 years ago
Posts: 9868
Member since: Aug 2008
Seriously, look it up.
You've now misused the term several times.
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Response by bjw2103
over 16 years ago
Posts: 6236
Member since: Jul 2007
Yes, you've misrepresented my position several times. Moving on...
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Response by stevejhx
over 16 years ago
Posts: 12656
Member since: Feb 2008
Boys, boys, boys! Save your ammo for steveF: you'll need it!
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Response by petrfitz
over 16 years ago
Posts: 2533
Member since: Mar 2008
bjw - NYC10022 is just panicking he realizes that the market is starting to recover and because he has been renting he has no money saved for a down payment. He thought that the RE was going to be crushed for 10 years now he knows he is wrong and will soon be priced out forever again. He knows that he will never be able to make it out of the renter class. Serf.
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Response by nyc10022
over 16 years ago
Posts: 9868
Member since: Aug 2008
> Yes, you've misrepresented my position several times.
Pot, kettle black.
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Response by nyc10022
over 16 years ago
Posts: 9868
Member since: Aug 2008
> bjw - NYC10022 is just panicking he realizes that the market is starting to recover
Wait, perfitz is now claiming the market is recovering!?!?!
This is the same ass who thought it wasn't declining!!!
So, putz, what is it "recovering" from? You said it hadn't decline?!?!?
ROFTL.
Why is it the putzes who didn't see the crash coming are suddenly the experts on when it ends???
Its STILL declining.
Sorry, but you lost!
> and because he has been renting he has no money saved for a down payment.
Oh perfitz, if only your anger and lies would get you your money back!
> He thought that the RE was going to be crushed for 10 years now he knows he is wrong
How would i know I'm wrong? Because prices declined AGAIN this month? Because you are even more bitter?
> He knows that he will never be able to make it out of the renter class.
If the alternative is the underwater owners class, I'll take that one!
Sorry you're losing yet another 10% this month (leveraged, so 20-30% I guess), but don't say I didn't warn you!
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Response by stevejhx
over 16 years ago
Posts: 12656
Member since: Feb 2008
This is funny: "because he has been renting he has no money saved for a down payment."
Based on that logic, when would anyone ever have money saved for a down payment?
It would be impossible.
LMAO ROTFL.
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Response by nyc10022
over 16 years ago
Posts: 9868
Member since: Aug 2008
The flip side being taking the money you somehow magically saved by not renting, putting it down on a manhattan apartment, and losing 100% (or more) of it.
With a 28 decline, that wipes out all the equity from folks putting 20% down...
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Response by nyc10022
over 16 years ago
Posts: 9868
Member since: Aug 2008
> will soon be priced out forever again
Is perfitz really still using this line?
You'd think a 28% drop after he called UP would have shut him up already... but some morons never learn.
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Oh look, here's another one, below 2007 prices:
162 WEST 56 STREET, 1505 Manhattan 8/8/2007 $1,295,000
http://www.streeteasy.com/nyc/sale/391125-condo-162-west-56th-street-times-square-new-york
StreetEasy History
05/18/2007 Previously Listed in StreetEasy by Corcoran at $1,295,000.
08/08/2007 Corcoran Listing sold.
08/08/2007 Previous Sale recorded for $(insiders only)
03/11/2009 Listed in StreetEasy by Corcoran at $975,000.
Who was it those months ago who wanted proof that listings were below purchase prices?
The 2008 sale at 517 W46th doesn't look like an arm's length transaction. Check the buyer and seller.
I'm not disputing your thesis that prices are way down; no argument there. But I think your data point is open to challenge.
I think most people agreed that overpriced condos purchased in the last couple of years were going to be hit the hardest.
2008? Numerous examples of sub-2005 pricing on the Comps threads.
steve, you're way late to this party - there's been many many examples of places selling or listing below 2005 prices, some even attaining 2004 prices. That's not the norm around the city, but posting examples of below 2008 or 2007 prices at this point is a bit silly.
This might be a good place to add examples:
http://www.streeteasy.com/nyc/talk/discussion/7618-if-you-can-demonstrate-market-movement-with-comps-midtown-edition
Midtown hasn't received much attention so far.
i think steve is looking specifically at resales-that is, units selling below their own recent sale price. but yes, there are lots of examples in the comp threads.
"steve, you're way late to this party - there's been many many examples of places selling or listing below 2005 prices, some even attaining 2004 prices. That's not the norm around the city, but posting examples of below 2008 or 2007 prices at this point is a bit silly. "
I think it is the norm... I just saw 10 brokers price properties sold in 2005, and all but 1 suggested lower prices than the current.
Of course, you're looking at data from before the crash so you wouldn't know this.
"I think it is the norm... I just saw 10 brokers price properties sold in 2005, and all but 1 suggested lower prices than the current.
Of course, you're looking at data from before the crash so you wouldn't know this."
10 properties does not equal a norm. I think we'll get there though. As for the data, you're looking at fudgy, preliminary, and shady data, but that's your choice!
I'll certainly take where 10 brokers say they are pricing things as an indication of where... well, PRICING is..
Over the guy still pulling out data from 2006.
Nice try, though!
(i guess ignoring the truth is your choice)
The other threads focus not only on the same unit, but different, albeit sometimes comparable, units. This is just to show asking prices a) slashed; and b) to what year.
bjw, nyc, happy - I'm not late to this party. I was one of the earliest to arrive, over a year ago.
Ask spunky.
It's an indication, but not nearly enough to call a "norm" which is all I'm saying.
"data from 2006"
Hey, don't you call that a "strawman"? The irony!
Seriously, look it up.
You've now misused the term several times.
Yes, you've misrepresented my position several times. Moving on...
Boys, boys, boys! Save your ammo for steveF: you'll need it!
bjw - NYC10022 is just panicking he realizes that the market is starting to recover and because he has been renting he has no money saved for a down payment. He thought that the RE was going to be crushed for 10 years now he knows he is wrong and will soon be priced out forever again. He knows that he will never be able to make it out of the renter class. Serf.
> Yes, you've misrepresented my position several times.
Pot, kettle black.
> bjw - NYC10022 is just panicking he realizes that the market is starting to recover
Wait, perfitz is now claiming the market is recovering!?!?!
This is the same ass who thought it wasn't declining!!!
So, putz, what is it "recovering" from? You said it hadn't decline?!?!?
ROFTL.
Why is it the putzes who didn't see the crash coming are suddenly the experts on when it ends???
Its STILL declining.
Sorry, but you lost!
> and because he has been renting he has no money saved for a down payment.
Oh perfitz, if only your anger and lies would get you your money back!
> He thought that the RE was going to be crushed for 10 years now he knows he is wrong
How would i know I'm wrong? Because prices declined AGAIN this month? Because you are even more bitter?
> He knows that he will never be able to make it out of the renter class.
If the alternative is the underwater owners class, I'll take that one!
Sorry you're losing yet another 10% this month (leveraged, so 20-30% I guess), but don't say I didn't warn you!
This is funny: "because he has been renting he has no money saved for a down payment."
Based on that logic, when would anyone ever have money saved for a down payment?
It would be impossible.
LMAO ROTFL.
The flip side being taking the money you somehow magically saved by not renting, putting it down on a manhattan apartment, and losing 100% (or more) of it.
With a 28 decline, that wipes out all the equity from folks putting 20% down...
> will soon be priced out forever again
Is perfitz really still using this line?
You'd think a 28% drop after he called UP would have shut him up already... but some morons never learn.