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
But Snappy, none of the people arguing that the market price is not the right price has explained even vaguely how to determine what is the ‘right’ price.
I agree that the two can be different.
To give him some credit, only BHO ever comes close to trying lately. I think his method makes a lot of sense but his 10x rent should be more like 14x unless one believes that interest rates revert to their 1980’s-1990’s levels.
“And I’m laughing now over this effed up notion that prices should not be questioned because 11217’s friends can afford to pay it.”
Snappy, I NEVER said that. My comment was in direct response to Rob’s stupid comment….
“the only people really moving into nyc are 22 year old college graduates with useless degrees who will work for peanuts and fauxrban oldbies who are moving back to the city”
It had NOTHING to do with the state of the housing market as a whole. Come on now.
ishtar, can’t put a roof over your head with stock market. I much rather invest in real estate than stocks. Much more solid investment in my opinion and I can always rent, live in a house/apt. WTF would I do with worthless stocks?
Snappy, I didn’t buy because I was “playing” the market. I bought to live. But it’s good to know that I’ll be done paying for it in the next 10-15 years (if I don’t decided to upgrade) and that so far, the value of my property grew so I can actually sell and make some money on top to buy something nicer. It’s a chain and I can sit down and work the economics of buying vs renter with you anytime but it’s been discussed here WAY too many times. Again, same old song.
“they simply decide if they want it and willing to pay for it.”
WRONG AGAIN! They decide if they want it, if they are willing to pay for it, AND if they can afford it.
“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.”
Just to back up a sec, a genuine question: what is the evidence, even anecdotal, that this is the case? I have not seen evidence of it in the industries I’m exposed to, so curious about that statement.
I do think that 11217’s city comparison is pretty valid factual information. Brownstone Brooklyn is arguably overpriced, but the city as a whole is relatively in line with other cities. so where is the out of whack-edness?
This conversation has gotten downright painful. And the point is still being missed.
When I was GC for a telecom co., I had attorneys for another company call me to go over a contract we were negotiating. I was refusing sign the contract as it was due to some truly ridiculous terms included therein. Counsel for the other company actually said to me, “Well, Ms. Snappy, other companies have signed it the way it is so you should too.” I hung up on him. But not before I laughed at his ass. And I’m laughing now over this effed up notion that prices should not be questioned because 11217’s friends can afford to pay it.
“Resource rich country with a free economy and a small population = bound to be a winner!”
Sounds like Australia as well…
“Gee, that’s like saying East New York/Brooklyn Heights/Bay Ridge median home price. A completely useless number.”
I didn’t make up the combination…this is a national “metro area”…
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The nationally used statistical definition of metropolitan areas by the U.S. Census Bureau is the metropolitan statistical area (MSA) and uses counties as building blocks. The MSA associated with Bridgeport is the Bridgeport-Stamford-Norwalk MSA.