New & Notable: Prices Staying High
A: Here is this week's new and notable listings based on the past 7 days of fresh inventory hitting the New York City open market. I have to sift through about 300 listings when doing these reports so I try my best to pickout the value property's to pass on to you. As always, the data is only as good as the agent that enters it and I don't always check floorplans to verify total size so please do your own calculations and I apologize in advance if the PPSF is off because of an agent's false reporting of property size.
NOTE: I'm noticing that pricing for new units are towards the very high end, just like last week. It's still too early to call it a trend, but certainly something to keep an eye out as time goes on.
First Came on Market: 1/16/2007
Asking Price: $735,000
maintenance: $732 (under $1/sft is rare)
Size:950 SFT
PPSF: $774
Marketed By: Daniela Sassoun of Corcoran
First Came on Market: 1/18/2007
Asking Price: $385,000
maintenance: $760 (A bit high keeps price down)
Size: 500 SFT
PPSF: $770
Marketed By: David Drake of City Connections
370 Central Park West; Apt: 410
First Came on Market: 1/17/2007
Asking Price: $875,000
maintenance: $1,138 (good for size)
Size: 1,000 SFT
PPSF: $875
Marketed By: Susan Fishman & Elle Komura of Elliman
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Comments (2)
"Sunny 2 bedroom (originally 1 bedroom + dining room but has easily converted into a 2BR) with a gracious and spacious layout features loads of prewar details and charm."
When I was a buyer and living in SF, I hated the words "easily converts"...Does the second bedroom have a closet or a built-in china cabinet? lol
Posted by Larry Nusbaum | January 22, 2007 11:00 AM
Hey Larry - Doesn't look like there is a closet from floorplan. However, this practice is not uncommon here in NYC, where a separate dining room is a rarity not the norm.
Nothing wrong with converting a alcove dining/office space into a 2nd BR as long as it:
1. Has a Window
2. Is over 100 sft as a bedroom should be at the very minimum
3. Like you say, has a closet
4. Has its own HVAC unit
This dining room, now 2nd BR, is actually a nice size for 2nd BR, has windows on 2 walls, Im sure has its own HVAC, and is certainly big enough to add a closet if non is there now. The Eat In Kitchen makes up for loss of dining area a bit too. All in all, not a bad value when compared to rest of new inventory. This wont last long; maybe 2 months max on the open market until they find a buyer for this.
Posted by Noah | January 22, 2007 11:33 AM