If you're reading the New Construction Manhattan blog, there's a decent chance you're looking for a condo or apartment in Manhattan. Which means that there's a decent chance that you've probably noticed at least two things while searching for a condo or apartment for sale in New York City. The first is that everyone out there is quick to tell you that the market for NYC condos and apartments is currently tilted in the buyer's favor; the second is that the asking prices for those Manhattan condominiums and apartments don't really seem to have come down all that much. The operative word there is "seem" -- as we discussed in an earlier post to the New Construction Manhattan blog, the asking prices for NYC condos at the moment are notably different than the amounts that people are actually paying for NYC condos. In a post at Curbed, Sara Polsky uses Upper East Side luxury condominium 300 East 79 (no points for guessing that 300 East 79 is indeed located at 300 East 79th Street) as a lesson in the difference between the asking price for a Manhattan apartment and the actual price of said Manhattan apartment.In the case of 300 East 79, Polsky reports, that difference is a whopping 20 percent. While this sort of discounting isn't unique to Upper East Side condominiums, the fact that it's happening on the UES -- and happening with buildings as luxurious and impressive as 300 East 79 -- is another indication of just how much leverage buyers still have in the recovering Manhattan real estate market. In the case of a fairly luxurious (and still pretty pricey) condo building such as 300 East 79, this sort of discounting can lead to some pretty eye-popping price cuts. "Prior to September '08, units sold with only slight deviations (chops and increases) from asking prices," Polsky writes. "But since September '08, all of the closings have come with price cuts, including, most recently, a 22.1 percent chop on #5A, a 2BR, 2BA that sold for $1,242,265. Ouch!" Of course, that's still an expensive condominium -- 300 East 79 is a luxury condo building, remember. (This would be why New Construction Manhattan lets you search NYC condos by price, if you were wondering) But that condo is a whole lot less expensive than it would've been a year or so ago. Buyer's market illustrated, part 213.
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Curbed: Buyer's Market for Condos Illustrated By Discounts at Upper East Side Luxury Condo Building 300 East 79
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