Not only do many sellers of- co–ops, condos and townhouses frequently fail to understand market dynamics, but their lapse means they won’t get the price of their dreams.
A perfect case in point is a 975-sf two-bedroom, one bath co-op in the low 80s that is within sight of Central Park on Manhattan’s Upper West Side. Its asking price is now $810,000 with maintenance per month of $1,133.
So far, so good. There are in the unit Brazilian flooring, high-end washer/dryer, two exposures (with fair views), oversize windows, plenty of closets, a large foyer with built-in bookcases, and additional storage.
Now for the bad news. What this place doesn’t have is a second bath, impressively updated kitchen and bath, or high ceilings. Moreover, both the kitchen (55.5 square feet) and the second bedroom (84 square feet) are depressingly small. And that lone bath, conveniently situated next to the kitchen, is so tiny that its dimensions aren’t even given.
The building itself is unexceptional, and its architecture leaves much to be desired among the charming pre-war buildings that surround it. Constructed in 1947, it has a full-time doorman and a bicycle room. Pets are permitted only with board approval.
Any hope that the owners might have of selling for $810,000 will prove to be empty. That’s because they bought the place in June of 2007 for $829,000 in an overheated market, and prices certainly haven’t gone up in the interim.
Wouldn’t you know $810,000 was the original offering price when the sellers put the unit on the market last November with visions of almost breaking even dancing in their heads.
Proving their reluctance to accept the reality of today’s market, they cut the price all the way down to the current sum a month later.
They are the running behind the market with such a small reduction, chasing it down. In fact, they are not even in the same race as every other property available for purchase.
You’ll find my critiques of properties like this and others I see in the free bi-weekly e-newsletter that I write every two weeks. In that publication, which I issue generally around noon every other Friday, you’ll also find a range of information on the U.S. and New York housing markets, mortgages, household tips, research, the transactions by select celebrities, and the prognostications of soothsayers both grim and glad.
Have a gander!
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022