Skip Navigation
StreetEasy

Sale at 370 Central Park West #106

Started by Pirot
over 17 years ago
Posts: 52
Member since: Jul 2008
Discussion about 370 Central Park West #106
This is a basement apartment (or according to the broker, "garden level"). There is a tiny entrance at the ground floor, having a full bath (!) and a staircase taking down to the apartment level. The owners bought for $490K in 2007 and renovated the unit. Now asking $1.295M, down from previous asking price of $1.35M. So, $490K in 2007, is about $400K now, in an optimistic valuation. Gut renovation, $200/sqft, brings the value up $650K, assuming the best. How can someone justify a $1.3M ask?
Response by familyguy
over 17 years ago
Posts: 167
Member since: Apr 2009

$490K was ridiculously cheap for 2007. It seems it was an estate sale, but even so..The unit seems to have been combined with another, if I'm reading the floorplan right, so maybe the buyers already owned the upstairs unit? I don't think it's outrageous to attempt to make a profit on a bargain purchase. I suppose they don't have to justify the markup on moral grounds. It's just a question of what the market will bear.

Ignored comment. Unhide

Add Your Comment

Most popular

  1. Mamdani heading towards raising property taxes
    36 Comments
  2. Can anyone recommend a good and reliable exterminator
    1 Comments
  3. Compass vs Zillow
    8 Comments
  4. Attorney for Seller
    3 Comments
  5. Advice for Changing Co-op Management Cos?
    2 Comments