The best NYC real estate blog you're probably not reading is UrbanDigs, written by Citi-Habitats broker Noah Rosenblatt and cronies. Posts are relatively rare and there's a smattering of brokerbabble ("sure to set the bar for future luxury new developments"), but the analysis tends to be juicy. Consider UrbanDigs's recent look at PriceChopping in the upper echelons of the Upper East Side at 1016 Park Avenue. Analyzing four listings on the market in the building, it observes:
How low will it go? No one knows for sure but I can tell you that the units that have not been reduced yet are sure to be feeling the pressure from the ones that have reduced their asking prices closer to market value already. Those in the market to buy a high end 2-4 bedroom apartment with a high priority on proximity to Central Park should keep their eyes on these units for further price cuts. In the end, you might be able to squeeze out a substantial discount for this very high quality product.The cited listings run from just under $3 million up to $7.8 million. (Above: interiors from apartment 5A, recently reduced from an asking of $8.3 million to $7.3 million after a year on the market.) Queries UrbanDigs, in a classic bit of post-bubble marketing, "Will you be the lucky buyer of a property reduced too much?"
· How Low Can You Go? High-End Blues [UrbanDigs]
· Listing: 1016 Fifth Avenue [Brown Harris Stevens]