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
etson, how about a maximum income law – ie since we are talking about marching toward a socialist / communist solution here?
Wasder — I disagree. The city comparison is specious.
#1. Most cities aren’t over 300,000 acres like New York City. In other words, it doesn’t take 1-1/2 hrs to commute to your job WITHIN the city limits. Cuz that’s where the lower priced homes are that bring down the NYC housing cost average.
“For the month (May 2010) the median price for all homes and apartments sold in New York City was $478,500.”
#2. All of the stats are for housing sold… in this market the inventory is very low and there’s not a whole lot of sales volumes. I would have to think the numbers skew toward the more wealthy buying home… especially given the extreme tightening of the lending market. Only the wealthy (and more expensive homes) are qualifying for loans… more cash down, higher equity, etc.
Oh yeah… and sale prices are only 1 aspect. This doesn’t speak about rental costs. Energy. Food. etc. etc.
quote:
if we’re done with real estate, can we go and bitch about the high prices at art auctions? 20M, 50M, 100M,… for a painting? is that sustainable?
actually it is. because people dont live in a canvas or have to feed it to their babies. housing and groceries on the other hand are necessities of life.
*rob*
quote:
Because you want to live in million dollar frame house in one of the more popular/expensive areas of NYC?
you completely missed her point, dingbat. she doesnt live in one of the popular and expensive areas of nyc, but it sure IS headed that way. it’s one thing to be priced out gradually over generations, or priced out because of your own financial situation, but the pricing out of neighborhoods these days is SO swift and so sudden, and completely without merit. more and more out of the way areas these days are completely becoming unaffordable, seemining overnight. it’s because of the cancer that is within. that ridiculous mentality that a city center’s core should be the richest and then spread out in concentric circles and shove the poor and working class and now middle and even upper middle class out as far as possible. im sorry but that’s not sustainable. see south america and europe for good examples.
i dont want ALL my neighbors to be hedge fund managers just as i dont want ALL my neighbors to be crackheads on welfare. do you understand the point some people are trying to make with this?
*rob*
Final statement. 11217, I said before, I’m not arguing that the prices are wrong. I don’t know enough about the market to make that declaration. I’m only saying that just because people pay it/can afford it doesn’t automatically mean its right. Nothing more!
Cripes! Now will you agree to meet us for a beer at some point, dammit? I can’t argue like this with you any further without us enjoying some suds!!!
Oops, meant to say, “Having spent a few decades in Canada and over a decade in the US, I really do think the mentality of the citizens is noticeably different. IMO, it’s much more of a “we” mentality there and a “me” mentality HERE.”
“a maximum wage law would resolve of these high prices”
lol, but not true (high earners would find a way to get ‘excess’ wages paid as dividends or similar).
Thought your point above about letting the market set the right price was a good one.
“invest a substantial portion of their income into something that isn’t liquid”—- sounds like you consider buying home as investment like stock or whatever. Vast majority people buy for use and enjoyment and control over own life/style.
Just like they spend way out of whack for some fancy/schmancy restaurant meal, or fantasy vacation.
If they make the payments and enjoy — good for them. They enjoy their lives. When I get older (oops I already am) — I won’t look back and say – boy, I really enjoyed my IBM stocks…what great memories….but I will say that loved living and owning my own home, fixing the way I wanted, had great times there, etc, etc. etc. If raising kids, even more important.
ishtar, good points. That’s why I don’t put all my eggs in one basket and didn’t buy more living space than I need.