Open House Reports 7/14/08

Thanks, West81st! I missed you!

175 WEST 73RD STREET 2+/2 1.2 million/Needs cosmetic work
http://www.halstead.com/detail.aspx?id=1611800

Not listed on StreetEasy, this first showing open house was very busy. 60 sign ins.
2 other open houses for older listings, 104 west 76th and 140 west 80th were vacant.

We live on the street and I saw the 314 West 100 apartments a few months ago when they came on the market at the lower prices ($2.050, $1.985, and $1.12 respectively) At those prices, I thought they were pretty good deals for the neighborhood. I thought the listing for $1.121 was a great deal when compared to other condos of the same size on the block that sold this year. The two bigger units are very large and in good condition, while the cheaper one is fully renovated and in excellent condition. One problem I saw was as amazing lack of closet space. Even the closets they have probably do not fit suits comfortably. So, I think the the original prices were pertty good, but the new prices are a little crazy.

"Traffic: None"

Oof.

I went to the open house at 175 West 73rd St # 10EF. Good turn out but not too many people sticking around and asking questions. The apt is a combo of 2 units and has a very odd layout, long and narrow. You enter through the kitchen which is very small and narrow. The stove is in front of the fridge but you can't open the fridge door and stand in front of the stove! The sink and prep area is 5 feet from the stove which would make cooking awkward. The living room and master bedroom are a good size. The 2nd bedroom is a decent size but the "3rd bedroom" has a very awkward layout. Nice views from the master bedroom. The broker provides 2 alternate layouts for the apartment. Too bad neither floor plan improves the overall flow of the apt.

On the showing side, I had terrible traffic this Sunday -- two people, and neither of them The Buyer. It isn't atypical, however, for Sunday OH traffic in July and August to be awful. Many people are at the beach, and "serious" shoppers come in during the week --

so to an agent, a late summer Sunday open house is something you do to show your seller you're working.

We will move to a schedule of one evening open house during the week -- probably on a Monday or a Tuesday -- to accommodate the Wall Street clientele, and I wouldn't be surprised to see other listings in the $2-$5 million range doing the same.

As far as things I visited for buyer/renter clients, I saw some cheaper things at the Slate and the traffic seemed decent.

ali r.
{downtown broker}

"One problem I saw was an amazing lack of closet space."

-- Pre-war buildings tend to have this problem. And the reason is that people use to have furniture (wardrobes) those days.

I have lived in and looked at many pre-war buildings in the city and these units take the cake for lack of closet space. Why would you take issue with that statement anyway? If you have seen these apartments and disagree, that's one thing - just say so. But not sure what the value of your post is otherwise.

Good call, Starfish. Three shallow closets in a 1700-sq.ft. apartment is a real problem.

It was explained to me once by a Harlem broker that homeowners used to pay taxes on their closet space, which is why uptown apartments never seem to have much of it.

But it does vary building to building. I live in a Midtown prewar condo that was built as apartments in 1930, and the storage is more than ample.

ali r.
{downtown broker}

What is this - a substantive post on Manhattan real estate? Not a DCO or Steve in sight!
Thanks West81st.

Agree ibwest- stove/fridge very awkward. Still, a surprising turn-out.
Also, interesting that as a Halstead listing it's not on this sight.

Here's another, also from the Monday evening circuit:

5 Riverside Drive (73rd St.) #3C
↓ $1,545,000
Coop, 4 Rooms 2BR/2BA
Traffic: None

This split-layout 2BR was delusionally priced at $1.795MM in April. It's a cluttered mess, smells dank and needs everything. If they're serious about selling, BHS should bring in a cleaner and a stager before the next open house. The good news is a nice view of Riverside Park from the sunken living room and the second bedroom. The third floor is a bit too low to see much of the river, except in the winter. The master is pretty big, and has interesting corner windows overlooking a small setback on the 73rd Street side of the building. There is a decent master bath, and room to expand it if the buyer wants to go for the spa effect. Merging the kitchen with the dining gallery and the adjacent closet might improve the flow. Overall, I think the price is still too high for an apartment this size that needs so much work. It should be nice when it's done, though.

On our way up in the elevator, I asked the agent how traffic was. She said "Excellent". Then I signed in and noticed that my name was the second on the sheet. I didn't see any other pages, and the OH was almost over.

5 Riverside is appt only though, isn't it, so it probably weeds out the tourists. Not to say it wouldn't be dead anyway. Seems to my buying has ground to a halt.

kgg: No, the showing yesterday was an actual open house. You're right that the building does not permit unescorted visitors. The broker was sitting in the lobby.

i keep reading about empty open houses but most of the large apartments 4 br under 3M seem in contract
i would love to know at what price the contracts are. any ideas on 473 west end classic 7? or mayfair combination?

I hit the pavement last Sunday to start looking again for a 2 bedroom on UWS. I had given up the hunt last winter. This is my first time to post a report, I can't come close to Wes81st terrific observations, but here goes:
175 West 73rd $1,200,000 - combined space
others have already posted on this one, they had a good turnout, although I did not see anyone who seemed interested. Needs everything and even after spending a ton to remodel it, you cannot add a washer/dryer per bldg. rules.
310 WEA - Apt. 2A - $1,495,000 Ugh!! Dark, grim, total re-do. Probably has potential as floorplan is o.k., but IMO extremely overpriced. A group of 3 people came in after me, but no other names on sign-in sheet and broker looked depressed.
375 WEA 4B - $1,450,000 I was the first one at OH, broker was happy to see me . Nice 11' ceilings, remodelled kitchen already looking a bit dated IMO. Kitchen felt like a hole to me and had no real connection to the rest of the apt. Nice size foyer that would fit a narrow desk or dining table. A view of rooftops on W. 78 St. from M/B where windows were floor to ceiling, but none from rest of apt. Fair amount of light when I was there. Overall, decent space. The price seems high for 1,225 sq. ft. as shown on sheet.
171 West 79 #144 - $1,225,000 A broker entered the OH with me, otherwise 3 names on sheet. I really liked this one, but there was no room for a 2nd bath. I heard the broker tell the other broker that they had 2 offers that were close. The kitchen was remodelled beautifully, high floor facing North, nice views. Half bath at end of kitchen was turned into space for W/D. No closet in 2nd bedroom, and room was too small to add closets inside room. The 7' wide kitchen was cramped, and there would be no way to open it to the living room as the only bath lined up with it. My guess it was approx. 1,100 sq. ft., so price makes it still over $1,000 per sq. ft.
101 West 81 Apt. 410 $995,000 - Several people looking, and at least 12 names on sheet. I was really disappointed in the condition of the bldg. L/R had wb fireplace, ugly brick, but 3 nice windows. The rest was depressing. The broker called me Monday to ask if I had interest. First time that's happened to me.
203 W. 81 Apt. 4A - $1,695,000 Condo the Barrington -Lots of traffic at this OH - Nice bldg. Over my price range, but always wanted to see one in this bldg. Front 2 rooms are wonderful 10ft. ceilings and beautiful wood paneling. You could combine the kitchen and maids room and still have room for W/D. Only 1 and 1/2 bath, might be able to make the half a full, it would be a tight if you add the W/D. If the wall came down between Foyer, kitchen and L/R, you'd have a nice open space. It has potential, but at what price, I don't know. Broker was handing out sheets showing similar apt. sold for $2,050,000 7/07 re-done.
309 W. 86 Apt. 2A - $985,000 By Owner 2B/R with 1 and a half baths - $985,000 - Not a great bldg., but low maint. of $1,114. They called it 1,200 sq. ft. which I think is a bit inflated. The renovated kitchen open to L/R was very nice, although I hated the black marble squares they but down for flooring instead of matching the wood. The L/R was a great size looking out to 86th, some trees in front. Half bath was re-done nicely and was larger than most, full bath was horrible, a total re-do and no window.
Bedrooms felt small. Definately not as nice as 171 W. 79, but a lot cheaper.

Since I was on the street, I dropped into 2 at 325 West 86 which are over my price range. Bldg. is not impressive when you enter, with a doorman who acted like he didn't work there. Apt. 4A at $1,649,000 was scary it was so bad. One other person looking, and when our eyes met, she started laughing, and so did I. Everything about it was horrible.
At the extreme opposite, #11C was beautiful ($1,795,000). The entire renovation was beautiful, right down to the closet doors made to look like the wall. The 2nd bedroom looked small due to an over abundance of built-ins and paneling, but that could be removed. The bathrooms had some wear, but were definately way above average. The kitchen was over the top. Beautiful solid thick wood light cabinets, wonderful high end appliances, and an A/C unit high in the wall that was non-venting, and all you saw was a metal grill flush with the cabinets. The bedrooms and L/R faced 86 St.. Big dining room, but closet space for M/B was insufficient. Overall, it was the best I saw Sunday, and the most expensive. Sorry this was so long.
Thank you West81st for the report on 5 RSD. I have been wanting to see that one. Was curious how you felt about the bldg. itself, hallways, etc.?

Margategirl, I think you did a great job and I really appreciate your post. Thanks!

Margategirl: Great report. Re. 5 RSD, the lobby is below street level on the 73rd Street side. It's pretty nice, and seems quite secure. The steps might be an issue for wheelchairs, strollers, etc. (I didn't notice a ramp, but I wasn't looking.) The RSD entrance is closed off. The hallways upstairs are pretty drab.

I love the broker at the Barrington tossing a July 2007 comp around to justify the price on 4A. I bet he didn't mention the 2008 comps (including two foreclosure sales), which suggest 4A is still substantially overpriced.

Those two units at 325 West 86th make quite a contrast, don't they? The one thing I liked about the wreck is the peaceful rear view of the 87th St. townhouses. Even that wouldn't be a plus for everyone. And the price still needs to come down a loooooooong way. The other apartment is for a childless couple. Anyone who needs two real bedrooms would end up ripping out a lot of expensive built-ins.

Final review from my Monday rounds:

52 Riverside Drive #6A
$3,375,000
Coop, 7 Rooms 3BR/3BA, Maint $3714
Traffic: None

With a few minutes to spare before the 7pm OH cut-off, I ventured into the unattainable region north of $3MM. This was also the first time I had ever set foot in 52 RSD. The building didn't make a great first impression. The lobby is insanely ornate, and for maintenance close to $2/sq.ft., the amenities are spartan: no doorman, though there is an elevator operator who covers the door, and no facilities to speak of.

Once you get to 6A, the view is great from the living room, the master BR and the BR/library in between. Six stories might be the perfect elevation for RSD: high enough to clear the trees, low enough to enjoy the park. The apartment is in good condition. Most of the important stuff seems to have been done in the 90s, except for the musty maid's room. In a way, the good condition (and a price that reflects it) is unfortunate, because I think the place would benefit from drastic reconfiguring. It would be easier to budget that kind of work if the listing were priced like a wreck.

The floorplan has already been jiggered, and I don't think it worked very well. You enter through a narrow hallway, and you're looking through a central gallery into the second bedroom, with a bathroom on your immediate right. Granted, that bedroom is used as a library (perhaps it was the original living room?), the doorway to it is big, and the view of New Jersey through the room is scenic; but it's still a graceless entrance for an apartment in this price range. The other two bedrooms are in a wing to the right, raising the question of whether this is really a seven or a six. It seems to work best as a 2BR, at least in the current configuration.

The maid's room and kitchen are to the left of the entry. Once you pass them, the dining room and living room are to the left, lined up in a row and sharing the living room windows, as often happens in apartments where the original dining room has been converted to a third bedroom. I don't think that's what happened here. I couldn't really figure out what the original layout might have been. Anyway, the dining room is effectively windowless. I say "effectively" because there's a window, but it's covered by a sort of backlit shoji screen. That's a nice trick for creating the illusion of a window where there isn't one, but it seems an odd treatment for a window that actually exists. All it really does is strengthen the impression that the dining room was carved out of dead space.

Lots of potential here, and there aren't many sevens available on RSD. The price just seems a bit high for potential. When I told the junior agent who was covering the OH that I didn't like the layout, she got pretty snippy. I guess sitting for two hours and only having three names on the sign-in sheet would take a toll on anyone's attitude.

As always, thanks for the reports.
52 RSD looks priced near reality in the light of where 9A seems to have traded..

http://www.brownharrisstevens.com/detail.aspx?id=791240

walterh7: Yes, #9A is a great comp, although it's in better condition and we don't know the actual selling price. If it actually traded around $3.7MM, there are two ways to look at the price on #6A: either it's fairly priced against a solid comp (the conclusion if it sells for ~$3.3MM); or the market has frozen up so badly that being fairly priced against a solid comp doesn't even matter (the conclusion if it drops much).

West81st - Thanks for your comment on my OH report and reminding me about the foreclosures at The Barrington. I looked back at the previous reports concerning that situation, and appreciated your humor regarding the players.
Also, thanks for the info. regarding 5 RSD, as well as all your reports and observations. We are all learning alot from them.

At 52 RSD there is an operator who drives and parks the elevator (and works the door too). Are there many buildings with manually operated elevators? It was the only building I went into during my 1BR search that had one.

West81st you are so professional at this! I just enjoy reading your overviews so much. Really, you are good!!! Thanks!

A number of the coops on W67th also have combination doorman/elevator operator. You have to buzz him to come pick you up. It is a little archaic for me to see an elevator operator in this day and age don't you think?

Love West81's colorful style. Margate with a nice new contribution. Very valuable - thank you both!

Most of the units at 314 West 100th have been repriced again - basically back to where they were before those bizarre increases:
http://www.streeteasy.com/nyc/building/314-west-100-street-new_york

Meanwhile, the competitive Elliman listing on the same block is back on the market after a brief absence, with a new price that substantially undercuts 314:
http://www.prudentialelliman.com/Listings.aspx?ListingID=969089&rentalperiod=&SearchType=newestproperties&Region=NYC