Over $700 per sq ft??? What's the story?

Its got that old school Billyburg feel to it. That's supposed to be its selling point. Way overpriced though. Personally I like the place but I'd only consider it at about 500/sq ft though.

A deadly combination of a delusional seller and an agent who doesn't want to be fired by confronting the seller immediately. These unrealistic listings are everywhere, which makes me wonder if those sellers actually read newspapers/watch the news...

Unfortunately, they probably do read/watch the news. The media is currently pumping up the notion of economic green shoots and that will just prolong these unrealistic prices.