nyc10023, I wish the OCD could kick in on demand. It's more like, "hmmm, here's a pointless project by which I can delay going in to work this morning...."

back to 300 WEA...

If 12B sold for $2,100,000 in 2005....Seems like Minny got off a couple of nice sales in the mid 3's for 5A and 5B. Now, was the building greatly undervalued in the early years? Even if 12B was a piece of dog doo doo, the spread seems odd. So what does that mean for 13B?

Patient - check out the 12B listing - it is only the front half of the 5B/13B footprint. So the spread goes strongly the other way...

I incorrectly attributed the 300 WEA scoop to Curbed. The original April report on those sales appeared in the Times. Curbed just ref'd it.
http://www.nytimes.com/2009/04/09/realestate/manhattan/09real.html
http://curbed.com/archives/2009/04/09/rip_harry_belafontes_upper_west_side_floorplan_porn.php

Context offers a strong hint about the source of the leak. Note the quote from the listing agent about the state of the luxury market, three paragraphs up in the Times article.

Not only is 12B only about half the size of 13B, it was also a complete wreck. On top of that, it is a bizarre apartment: 2000 square feet but only four rooms. It's not a family apartment. 12B is also on the market right now, asking over $2.5, which seems unlikely.

13B is a great apartment, far superior to the low floor sales earlier this year. Moreover, while it needs work, it is in much better shape than the three previous sales. OTOH those comps are going to make it difficult.

thanks guys

13B is reportedly in contract.

Astute sellers. Probably got the one buyer who was willing to pay up for a 10-room on WEA.

322 West 72nd, C line. 3C was a post Lehman contract on a low floor a bit above 2 trades from earlier in 2008 and at nearly full ask. You have to wonder what the buyer was thinking. The 9C price really looks like quite a good outcome for the seller, down only 10% from the average of the 3 2008 sales. It a little harder to draw conclusions compared to the 2007 and 2006 estate sales.

http://www.streeteasy.com/nyc/sale/400260-coop-322-west-72nd-street-lincoln-square-new-york
10/30/2009 #9C $989,000
12/11/2008 #3C $1,130,000
08/27/2008 #5C $1,110,000
01/14/2008 #11C $1,062,500
02/27/2007 #13C $976,000
06/28/2006 #7C $795,000

A line of 499 ft² studios at http://www.streeteasy.com/nyc/building/201-west-72-street-manhattan:

09/2009 #04I $450,000
12/2008 #10I $520,000
01/2008 #05I $550,000
12/2005 #12I $525,000
05/2005 #06I $505,000
05/2005 #05I $255,000
08/2004 #08I $345,000
01/2001 #08I $275,000
11/1999 #09I $230,000
01/1999 #07I $185,000
01/1999 #06I $195,000
12/1992 #08I $162,500
03/1991 #10I $189,000
12/1990 #12I $191,000
12/1990 #04I $179,500
11/1990 #11I $190,000
11/1990 #09I $188,000
11/1990 #07I $186,000
10/1990 #06I $182,000
10/1990 #05I $180,500

245 West 99th Street (Ariel West) #9C: Same-unit resale of a 2BR/2BA condo in an amenity-rich new building.
01/18/2008 Previous Sale recorded for $1,585,000.
06/06/2009 Previously Listed in StreetEasy by Citi-Habitats at $1,650,000.
07/02/2009 Listed in StreetEasy by Prudential Elliman at $1,675,000.
07/07/2009 Citi-Habitats Listing is no longer available.
07/21/2009 Price decreased by 4% to $1,600,000.
09/02/2009 Price decreased by 2% to $1,575,000.
10/02/2009 Price decreased by 2% to $1,550,000.
11/06/2009 Price decreased by 3% to $1,500,000.
11/18/2009 Price decreased by 10% to $1,350,000.
Wells Fargo lent $1.393MM on this unit, so the new asking price is underwater. The latest cut also suggests that the repricing signalled by the resale of #7C has probably held. That's not surprising, since it's hard to imagine #9C appraising for more than $1.25MM after #7C sold for #1.2MM. Here's the history:
--------- Recorded Sales --------- | --------- Previous Listings -----------
** ACTIVE ** # 9C ............................... |↓ $1,350,000 2 beds 2 baths 1,320 ft²
01/09/2009 # 7C $1,200,000 -17.2% |↓ $1,450,000 Sold 2 beds 2 baths 1,320 ft²
07/17/2008 #14C $1,580,000 - 3.1% |↓ $1,630,000 Sold 2 beds 2 baths 1,320 ft²
05/07/2008 #12C $1,620,000 + 0.0% | $1,620,000 Sold 2 beds 2 baths 1,320 ft²
01/28/2008 #16C $1,690,000 .......... |
01/18/2008 # 9C $1,585,000 .......... |
01/16/2008 #10C $1,455,000 - 8.8% | $1,595,000 Sold 2 beds 2 baths 1,320 ft²
01/10/2008 # 7C $1,558,000 .......... |
01/10/2008 # 6C $1,526,840 - 2.0% | $1,558,000 Sold 2 beds 2 baths 1,320 ft²
01/08/2008 # 5C $1,495,000 - 4.0% | $1,558,000 Sold 2 beds 2 baths 1,320 ft²
01/08/2008 # 8C $1,595,000 + 0.0% | $1,595,000 Sold 2 beds 2 baths 1,320 ft²

Another example of a newbuild condo in search of a price floor, while the A line marches on in defiance. Although with Whole Foods now open....

Looks like they may have added a percentage of the billiard parlor and tiki bar footprint to the 1320.

Spin: I'm not sure the "A" line is exactly marching on. Wasn't the most recent sale (#18A) off close to 20%? But you may be right that the bigger apartments at Ariel West are faring better. That would make sense, because AW is very family-friendly.

I was pointing sarcastically (more or less) to the price hikes on the A line, now around 40% since 07/08. There seems to be a detachment with reality there.

on Ariel West....you can anticipate that when the closing px of 6A is published there could be some serious chaos unleashed among those A line offers.

The price history for 6A is crazy. If the final price is below the original ask on 8/2007, as walterh7's post would suggest, it will look like very poor marketing on corcoran's part. and another reason why it is difficult to fathom this market.

STREETEASY HISTORY
08/24/2007
Listed in StreetEasy by Corcoran at $2,815,000.
11/30/2007
Price increased by 5% to $2,950,000.
07/11/2008
Price increased by 5% to $3,100,000.
10/21/2008
Price decreased by 8% to $2,850,000.
04/30/2009
Price decreased by 7% to $2,650,000.
05/23/2009
Price increased by 19% to $3,150,000.
10/19/2009
Listing entered contract.

There has been some suspicious solidarity on the A line price movement. Maybe Hasselbeck has gone rogue.

In my unbiased view her colleague did a little better with her move to Astor Court.

Spin: Are the Hasselbecks selling too? I believe they're in #16A. The man played his cards right: a retired, weak-armed backup QB gets a condo with a view (and a wife with The View).

I think Behar moved within Astor Court, no to it. Nice stealth plug for the building, though.

Must be more careful... thought I was being smart but ctrl f highlights every 6A -even 16A. Its OK now Tim, go back to sleep.

Also meant to say, "In my complete and utterly biased view..." Is that dyslexia?

239 Central Park West, low-floor "C" line: large, viewless classic six in an A- building:
--------- Recorded Sales --------- | --------- Previous Listings -----------
** ACTIVE ** # 5C ............................... |↓ $1,850,000 2 beds 2 baths 1,825 ft²
11/16/2009 #3C $1,525,000 -10.0% | . $1,695,000 Sold 2 beds 2 baths
07/01/2009 #4C $1,700,000 - 5.6% |↓ $1,800,000 Sold 3 beds 2.5 baths 1,900 ft²
01/24/2005 #6C $1,625,000 - 5.6% |. $1,595,000 Sold 3 beds 2 baths 1,800 ft²

#3C needed the most work, and #6C needed the least. So the sale of #3C isn't quite as dire as it looks.

Correction: variance from ask on #6C should be +1.9%, not -5.6%.

334 West 87th Street #6A : Same unit resale of a two-bedroom, 1.5-bath coop, 8.7% below 2005 basis. Not clear whether renovation was done by the sellers or the previous owners.
09/15/2005 Previous Sale recorded for $952,500.
06/26/2009 Listed in StreetEasy by Corcoran at $890,000.
07/18/2009 Listing entered contract.
11/13/2009 Listing sold.
11/13/2009 Sale recorded for $870,000.
http://www.streeteasy.com/nyc/sale/432574-coop-334-west-87th-street-upper-west-side-new-york