Putnam Hill co-ops have long attracted an older crowd and now that so many of those owners are no longer growing older, the apartments are coming up for sale. I see that a three-bedroom corner unit, priced at $795 last summer, was reduced to $525,000 today. Curious where the original price had come from I looked up recent sales of three bedroom units at the complex and found the answer: that’s what these things were worth just recently.
In May, 2007, another unit, same untouched 1956 vintage, sold for $799 without ever appearing on the MLS. And in May, 2008, a seller reached for $840,000 but soon settled for $735,000. Assuming that we’re truly comparing apples here, I’d say that the price of fruit at the top of Milbank Avenue has fallen 35% in the past two years – that may serve as a cautionary tale for owners who hesitated to sell in 2007 and waited for prices to climb. Sometimes, you don’t always get what you want.