Wall of Shame: 50% over 2006 price.

plenty of those out there:

http://www.streeteasy.com/nyc/sale/392142-condo-15-central-park-west-lincoln-square-new-york

04/17/2008
Previous Sale recorded for $2,050,000.
03/16/2009
Listed in StreetEasy by Sumitomo Real Estate Sales at $3,750,000.
04/29/2009
Price increased by 5% to $3,950,000.

Do they really think that anyone is stupid enough to pay these prices? Especially in THIS market wtf

15 CPW may be an exception.

this one is only 15% over 2006 now (original ask was 24% over), but at $1417/sq ft, i thought it was worthy of the wall of shame...

http://www.streeteasy.com/nyc/sale/360607-condo-220-east-65th-street-lenox-hill-new-york

12/19/2006
Previous Sale recorded for $985,000.
10/29/2008
Listed in StreetEasy by Lyons Den Properties at $1,350,000.
11/29/2008
Price decreased by 4% to $1,290,000.
03/13/2009
Price decreased by 7% to $1,195,000.

Dude! You have no idea the level of greed we're dealing with. Most of the 2 stories dwellings on the east side of the Brooklyn Botanical garden on Eastern parkway and a few block north were bought between $370K and $425K between 2005/2006 and are now on the market for $725K and up.

With all the resources to know an apartment's story, shame on the buyer who falls for this. For example this one: http://www.streeteasy.com/nyc/sale/429623-condo-203-west-112th-street-central-harlem-new-york.
It was sold in 2003 for $775 and now they are reselling for %550K more. Also the unscrupulous broker is lying about square footage. It's listed at 1,807 when in reality it is a little over 1,400. All ya got to do is check Property Shark or elsewhere for the facts.

me likey the thread!

bxboy - how can that be over priced after it was "painstakingly restored"????

yeah I was just about to ask, how much a "painstakingly renovated and transformed into a one-of-a-kind piece of art" gets priced into the ask price? I guess if they spent $1.2 million on renovation.. it would warrant this price increase?

Village; curious, why is 15 CPW an exception?

this "triple mint renovation" is now asking 51% higher than 2006 price (down from original ask of 57% higher).

http://www.streeteasy.com/nyc/sale/417702-condo-117-east-57th-street-midtown-new-york

08/04/2006
Previous Sale recorded for $725,000.
03/31/2008
Previously Listed in StreetEasy by Prudential Elliman at $1,700,000.
05/07/2008
Delisted temporarily by Prudential Elliman.
05/05/2009
Previously Listed in StreetEasy by Prudential Elliman at $1,500,000.
05/15/2009
Prudential Elliman Listing is no longer available.
06/03/2009
Listed in StreetEasy by Brown Harris Stevens at $1,495,000.

although i really like crappy overpriced apartments, i might go with 37H - larger, higher floor, better views, less expensive...but it would be a toss up.

15 CPW is (in my opinion) the only genuine new trophy building. It is probably about as recession proof as one can get (which is not to say completely recession proof!) The listing above is a dime/dozen loft.

Ha, ha. Yes, the painstaking renovation also mysteriously added over 400 square feet, but took away a full time doorman and private outdoor space. Sure, that's worth $1.3 on a crappy block in Harlem.

I saw the east 11th apt last weekend. Beautiful condition but worth nowhere that much. I'd say it's $1mm overpriced.

15 CPW is a beautiful building. The views of Central Park from the top floors are remarkable. And the prestige, baby. All the hedge fund guys living right next door to .......all the other hedge fund guys. Still, I think it is really beautiful inside and out. I can't even think about how expensive it is cause you can only consider it if you are on the FORBES FOUR list -- not the 400 just the top 4.

So, let me get this straight...

You are offering a 1st floor 1 br/1.5 ba apartment for $1,395,000 ($1154/sq foot) with monthly carrying charges of $3,316 that sold 5 months ago for $998,000 ($826/sq foot).

Am I missing something????

http://www.streeteasy.com/nyc/sale/465526-condo-246-west-17th-street-chelsea-new-york

02/14/2008 Previously Listed in StreetEasy, already in contract, by Core Group Marketing at $1,450,000.
06/09/2009 Core Group Marketing Listing sold. Last priced at $1,295,000.
06/09/2009 Previous Sale recorded for $998,000.
09/23/2009 Listed in StreetEasy by Prudential Elliman at $1,395,000.

maybe a major reno?

Ilovemuaythai

Yeah I posted that one on falco's "RE that defies all thinking" thread.

"truthskr10
about 6 weeks ago

Ok here's a beauty, 246 west 17th who's lower floors un tax abated are a nightmare in costs is ready to flip for a quick profit. ;)

You have 1B which has $3318 per month in costs sold;
06/09/2009 #1B $998,000 -22.9% $1,295,000 ↓ Sold 1 bed 1.5 baths 1,208 ft²

StreetEasy History
02/14/2008Listed in StreetEasy, already in contract, by Core Group Marketing at $1,450,000.
08/07/2008Re-listed by Core Group Marketing.
01/23/2009Price decreased by 11% to $1,295,000.
04/02/2009Listing entered contract.
06/09/2009Listing sold.(998,000)

http://www.streeteasy.com/nyc/sale/182289-condo-246-west-17th-street-chelsea-new-york

Has grown 100 sq feet (my those green shoots sprout fast)but prefers discretion and has no apt# listed;

http://www.streeteasy.com/nyc/sale/465526-condo-246-west-17th-street-chelsea-new-york

StreetEasy History
09/23/2009Listed in StreetEasy by Prudential Elliman at $1,395,000.

Good to see capitalism alive and well."

And just imagine, all the upper floors(tax abated) in @ 5 years time will be in the same high monthly cost mess. This building may end up in a serious fire sale in the near future.

somewhereelse

No, not by the current seller. this is a straight flip attempt or remorse.
They added floors and the first 3 floors were existing but complelely renovated. And the apts are nice I've seen 1a and 1c.
But floors 1 to 3 don't qualify for the tax abatement and the tax rate is downright criminal.
But it just shows what is in store for the higher floors 5 years down the pike.

truthskr - sorry hadn't seen your earlier post.

just seems like if it is remorse they would at least put it on the market for a somewhat reasonable price.

looks to me like someone is smoking crack and thinks that because they bought under ask that they have turned a profit. and they are probably sick of paying over $3gs a month for about 1K sq feet.