Sale at 32 8th Avenue #2

Current owner bought this property in 2004 for $515k, and that was before the market inflated and crashed: http://propertyshark.com/mason/nyc/Reports2/showsection.html?propkey=144980 We went to this open house today and there's a reason the kitchen isn't one of the pictures on display -- it will need a complete overhaul to make it worthy to sell for $599k. If this was in mint condition, it would... [more]

Current owner bought this property in 2004 for $515k, and that was before the market inflated and crashed: http://propertyshark.com/mason/nyc/Reports2/showsection.html?propkey=144980 We went to this open house today and there's a reason the kitchen isn't one of the pictures on display -- it will need a complete overhaul to make it worthy to sell for $599k. If this was in mint condition, it would come closer to justifying the asking price, because it is very pretty. But for a one-bedroom, it is about 100k overpriced for comparables in the area. -The kitchen would be at least $15k for renovation - new counters, cabinets and tile. -$5k-10k to replace the windows' glass from single pane (huge loss of energy efficiency + noise reduction), which may not even be possible due to the building's landmark status. - Another $2-4k in wood matching & refinishing & modifications throughout. $599k - $15k - $5k - $4k = this place should go for $575k tops, and that's inflated considering the previous owners' purchase price of 115 in 2004 (and the fact that they haven't put any work into the unit since the previous sale to justify the 85k increase...) [less]