Bank Owned in Battery Park

just to respond to your blog post, a single foreclosure does not mean the downturn is not over. Even during good times, there have always been foreclosures. Never has the foreclosure rate been zero. Plus, this is a condo. Except for a land lease building on 23rd St., I have yet to see any co-op foreclosures.

I would be shocked if this place does not go under contract by the end of the month considering that all the comparable 1 bedrooms are listed for over $600k. In fact, I would expect a bidding war and for the place to sell over the asking price.

Still 50% overpriced. Just wait, watch what happened in Miami. It's coming to a borough near you!

Actually, we kind of agree with you steve...not sure on the 50% drop but even at the current listing of $490k, which is much lower than listings in that building, the apartment has many competitors in comparable buildings in the area that are priced even lower than $490k. Granted, this particular building has lower maintenance charges (in part because you have to pay for things like the pool and the gym separately), but we've seen bigger and better maintained (we think) apartments in the $450k range in that area.

http://downtowny.blogspot.com

wow, got claustrophobia just by looking at that pictures. there's going to be entire buildings going REO within the next 2 years. why the hurry to own a little bitty piece of a train wreck?