200 West 86th Street, Apt. 16M, Manhattan
June 2009 – sold $1.2M+
September 2014 – listed $2.2M
Welcome to my weekly blog post on wild market movers. This week’s Digs Watch takes a look at 200 West 86th Street, Apt. 16M, a high-floor five with large rooms, good closets and decent light (but no views), located on the south side of 86th Street directly across from the famous Belnord.
In June 2009, as the real estate market was in decline due to the financial crisis and onset of the Great Recession, the sponsor unloaded this apartment for $1,229,371. Unfortunately, no pictures are up from the prior listing, but we can safely assume this was not in the best shape, as it was being sold in “as is condition” and needed “some TLC” according to the listing. Just five years later, cut to September 2014, with inventory on the Upper West Side at historically tight levels, and the market significantly eclipsing its pre-recession highs, 16M returns to the market with a price tag of $2,200,000. The pictures in this listing reveal an apartment in mediocre condition. In fact, although no pictures were included in the 2009 listing, the current pictures provide no evidence of any renovations performed during the course of ownership. Instead, we have a dated (albeit well-maintained) kitchen, floors that do not appear to have been recently sanded and stained, and lots of carpeting and wallpaper – not exactly a million-dollar renovation. So will these owners achieve a million dollar payday due to their fortuitous market timing and nothing more? Stay tuned…
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