What seems like the same apartment went into contract for $685K about 3 weeks ago. For this one, the broker is asking $800K. Whom do you think is driving the unrealistic expectations? Brokers or sellers? Or have UES prices just really appreciated a lot in the last few months?

The link to the new apartment is in the subject line. Here's a link to the one in contract. http://www.streeteasy.com/nyc/sale/82524-coop-229-east-79th-street-yorkville-new-york

It's a coop.

We don't know enough about the condition of the two apartments or the value of the renovations, but the much higher maintenance on the currently available apartment implies that when originally assessed, it was deemed more valuable. That value would reflect both square footage and share of taxation. So an otherwise identical apartment with a great view would be responsible for more of the value of the whole building, and thus its taxes.

And besides that, maybe the one in contract had a seller who just needed out fast.

#2, what did you mean by your comment, "it's a coop?" what difference does that make?

If you look at previous sales in the bldg. the one bedrooms all sold in the 600k range. Look there is a sucker born every day. If the broker wants to ask for $800 than why not.

#4, that sounds right. Have to wonder if the sellers know how overpriced the apartment is. As a seller, I'd probably not want to wait around for months and go through all the price reductions. Easier just to price it right the first time.