Clients of mine are looking for preferably a four-bedroom apartment on Manhattan’s Upper West Side. I accompanied them this past weekend to look at some 11 candidates.
They would have seen more, but two or three of the ones that interested them became unavailable virtually overnight.
One had a Sunday open house canceled because a contract for it was signed on Friday. The seven-room condo (below) had been on the market for all of three weeks at an asking price of $3.1 million.
Another apartment that they were eager to assess was just listed at $2.35 million and had a two-hour open house scheduled on both Saturday and Sunday by appointment only. A total of 16 prospective buyers were able to sign up for a 15-minute increment almost immediately, and another 35 – 35! – will have to wait until after Feb. 14 to see the place. (The broker assured me no decisions will be made until everyone has had that opportunity.)
Of the apartments we saw yesterday, maybe half were overpriced, some by as much as 20 percent in my estimation. You won’t have to hurry to make an offer for them because they surely will linger on the market.
One we visited in a recently completed condominium was offered at around $3.3 million, and the broker let me know that it might go for as little as $2.7 million. A couple of years ago in our overheated market, big apartments found buyers about as quickly gluttons empty platters of shrimp at a cocktail party–there was hardly anything left to show. Last year, (more…)