Apartment Watch: A Single Tick Up

In these alliterative economic times, with the "credit crunch" and the "mortgage mess" blanketing the news, prices in Manhattan are finally coming down. Slowly. Very slowly.

It took an "economic earthquake" and a "bank bust" to make it happen. Yet in these "terrible times," there is a little "buyer's bright spot."

The Little Studio That Could increased its asking price from $275K to $300K. That little studio is in 96 Schermerhorn in Downtown Brooklyn, a building that I have a soft spot for.

Bravo, seller, bravo! As the only price increase in any of the apartments I have been watching, I must applaud the move. I mentioned the apartment was underpriced in my post a few weeks ago.

If it were any other apartment, I would be shocked at the gall, my perpetual state since 2005. Since Brooklyn has more gall than Manhattan, the ride down might be even slower on the other side of the bridge.

Pundits are calling this a buyer's market, but I don't know too many people buying. And what is going to happen to the New York market when there ain't no money to be borrowed?

96 Schermerhorn Studio Cheap

Gene and I sold our apartment in 96 Schermerhorn in May 2005. So naturally, we remain fascinated by what goes on in the building.

How much are the apartments going for now, we wonder? Translate: how far off the peak did we sell? We had a one bedroom, so studio apartment price wars are less relevant, but interesting nonetheless.

This penthouse studio is newly listed on Corcoran for $275k. The price caught me by surprise as our former neighbors sold their beautiful studio in 2005 for around $265k.

A studio on a lower floor with a $100 lower monthly maintenance and a $375k price tag is in contract. Is the difference between apartments worth $100,000? From our visits, the penthouses are not as glamorous as one would expect. But $100K is a steep drop, my friend.

Another studio in the building listed by a different broker is priced at $369k. Broker #2 tries to position her studio as having .5 bedrooms, but a click on the floor plan will show you that it is no larger than the others. Square footage for all three apartments unknown, but the floor plans indicate they are all about the same.

Hmmm, is our $275K requester just a motivated seller? Is there a real difference in the condition of the apartments?

Let's watch this one.