Co-op of the Day: 47 Plaza Street West, #11B
This new listing at 47 Plaza Street West isn’t quite as huge or swanky as its 11th-floor neighbor (which appears to have sold very recently) but the two-bedroom, two-bath co-op is impressive nonetheless. The apartment has all the prewar touches that you’d expect from a Candela building. Probably the only nit we can come up…
This new listing at 47 Plaza Street West isn’t quite as huge or swanky as its 11th-floor neighbor (which appears to have sold very recently) but the two-bedroom, two-bath co-op is impressive nonetheless. The apartment has all the prewar touches that you’d expect from a Candela building. Probably the only nit we can come up with is that the second bedroom is on the small side (though you could close off the dining room and solve that problem). At $1,768, the maintenance isn’t low, but then again it’s a full-service building. The asking price is an even $1,000,000. Think it’ll fly? (Note: We’re removing the Pricing Widget until we can get a more sophisticated version built with predictive measures other than the average price, which 99 out of a 100 times dramatically understates the ultimate sales price.)
47 Plaza Street West [Corcoran] GMAP P*Shark
“What’s interesting is that, more and more, folks around the country are realizing that they don’t want to pay the NYC premium on goods and services.”
Really? beause last I saw NYC’s population was increasing.
11217 — again, this same old argument. YES, prices are lower elsewhere in the city. But are they MUCH higher than they ‘should’ be? “Go look around and stop associating all of NYC with its most expensive areas.” You don’t get it do you?
And I’m not talking about the “housing bubble,” I’m talking about the “New York City Feedback Loop Bubble.”
You’re being thick.
Etson —
As my last post just stated, the “intrinsic value” of a property is relative to so many other things. Things that are also disconnected from reality. The usual retort is “but wages are higher in NYC” is a contributing factor to housing costs… and housing costs are a contributing factor to wage inflation. And so much of this marketplace has nothing to do with “intrinsic value,” but rather is concerned with fluff and power trips.
Why does a 1st Year Associate make a VERY HEALTHY 6-figure salary at the big Manhattan law firms? Does it have anything to do with their knowledge and skill set? No, it has to do with prestige and keeping up with the Joneses. Firm X raises the minimum salary from $125k to $150k…. everyone else has to do it. Mr. Green Lawyer just got a $25k raise because of a big boy pissing match and nothing to do with merit. But now the firm has to charge more. That trickles down. But the realtors all heard of this raise and can raise the prices of the housing stock that is attractive to Mr. Green Lawyer… not because the house is better, just because they can. This forces ALL housing to be pushed up… causing wages to… etc.
What’s interesting is that, more and more, folks around the country are realizing that they don’t want to pay the NYC premium on goods and services. Why hire a NYC marketing firm for 60% more, when their services are only 10% better than my local company? Imploding under its own weight.
We are actually no longer in a housing bubble Ty. We are probably (maybe) near the tail end of a housing bust, actually.
So maybe it’s possible that you can’t seem to comprehend that NYC was/is/will be expensive? More expensive than you’d like?
And yes, I’ve said it before and I’ll say it again…get on the train a couple stops past where you usually go and you’ll find a world of 3 bedroom apartments for 200K. There won’t be a Starbucks on every corner, but they are perfectly nice places to live.
You’ve hand picked talking about the market of NYC as some of these very expensive brownstone neighborhoods and neglected to notice that the average home price in NYC is like 400K or something. Look outside the Brownstone Belt and your arguments don’t really hold as much water. There are people all over Queens…immigrants buying property like crazy….2 bedrooms in Jackson Heights for under 200K. Go look around and stop associating all of NYC with its most expensive areas.
11217, I know you get the point, so don’t be thick about it.
Second bedroom was probably built to be a maid’s room.
I am looking around a bit more — this might have been a classic 5, as the BR, LR, DR, Kitchen and maid’s room are all separate well defined rooms. (Or an Edwardian 5, but I never understood how that was supposed to be different.)
No, it’s not reality. These ridiculously high-priced properties in the “prime” areas of Brooklyn exist ONLY BECAUSE OF a weird little bubble that is divorced from reality… from the rest of the world. People pay these amounts because, like you, they have forgotten that a market is a dynamic thing that can be influenced by the buyer. Furthermore, the salaries required to purchase these homes are ALSO contained in the little bubble. Housing costs push salaries which push housing costs which push salaries… and on and on. This puts pressure on everyone else and everything else. The result being your plumber charges $250 an hour instead of $100 because his costs have inflated. And you can see how this chicken-and-egg, Catch 22 problem repeats and repeats…
Meanwhile, this is all in a bubble. It’s not a function of city density or anything else simple like that… it’s a function of an *Unchecked Marketplace* spinning out of control.
But, you’re probably right… Why even question it? A million dollars for a 1-bedroom apartment (that they call a 2-bedroom) is fine. How could it be seen as a symptom of an unhinged economy that has a huge potential of imploding on it’s own weight? Nothing will happen. We’ll just keep increasing everyone’s wages and keep increasing the costs of all goods and services to match. The fact that you need to earn $127,000 to have the same lifestyle as someone making $50,000 in Houston… that CERTAINLY shouldn’t cause any alarm bells or suggest that NYC is operating a bit outside of reality!! Nope. All’s well here.
Mr. B,
Is the widget reconfiguration due to feedback from those wanting to pay to participate in your new marketplace feature? i think you might want to decide whether you want this to be a blog with advertising or advertising with a blog.