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In today's seller's market, swarmed open houses and bidding wars are common, but not every apartment is finding a buyer—stat! In Wallflowers, we take a look at a place that's been on the market for at least three months and, judging from the info available via the listing description, delve into what might be holding buyers back.
This two-bedroom, one-bath co-op at 181 East 93rd Street, between Lexington and Third, was listed back in March, or more than four months ago. The owners (full disclosure: they are friends of this writer) have dropped the price to $675,000 from $750,000. It's still a relative steal for the neighborhood, where two-bedroom co-ops have a median sale price of $1.985 million, according to StreetEasy. In fact, there's only one apartment out of 30 two-bedrooms for sale in Carnegie Hill that's less expensive (and that one has a rent-controlled tenant in place).
The building's a non-doorman but well-kept co-op with storage units, a party room and a communal laundry room downstairs. From where we're sitting, here are the pros and cons:
- A recent renovation means the kitchen appliances are less than five years old, and the design is modern
- The ceilings are 10 feet high
- There's a party room with a kitchenette downstairs that's available for residents to use for gatherings they'd rather not have in their own apartment, a storage unit in the basement and a communal laundry room
- It's a true two-bedroom, with the living and sleeping areas separate. Each room would fit a queen-sized bed.
- Since it's on the first floor, it might not get much light
- There's no doorman, which may be a turnoff for some buyers, especially since a lot of the co-op buildings nearby have doormen
- The building doesn't have the bells and whistles -- things like gyms and pools -- that some neighboring buildings have, except, of course, for the aforementioned party room.
So what do you think? Why has this apartment been on the market for four months? Would you buy it? Let us know in the comments.