8 Manhattan Condo Owners Sell for MORE Than They Paid in 2007
Started by The_President
over 16 years ago
Posts: 2412
Member since: Jun 2009
Discussion about
Crash? What crash? (and in an effort to avoid making long Riversider style posts that are extremely boring, I will just post a tiny excerpt of the article): Big Is Beautiful IN a year of doom and gloom, the granite postmodern towers overlooking Central Park at 15 Central Park West at West 62nd Street have been a beacon of hope for the battered luxury real estate market in Manhattan. So far this... [more]
Crash? What crash? (and in an effort to avoid making long Riversider style posts that are extremely boring, I will just post a tiny excerpt of the article):
Big Is Beautiful
IN a year of doom and gloom, the granite postmodern towers overlooking Central Park at 15 Central Park West at West 62nd Street have been a beacon of hope for the battered luxury real estate market in Manhattan.
So far this year, as sales stalled across the city, owners of eight of the 201 apartments (there are also 30 staff suites) in the building have sold their units at prices 38 percent above the original closing prices of August 2007, when the building opened, city property records show. That works out to a cumulative gain of $21.9 million, judging by property records filed through the middle of last week.
http://www.nytimes.com/2009/10/04/realestate/04deal1.html?_r=1&ref=realestate[less]
Response by 30yrs_RE_20_in_REO
over 16 years ago
Posts: 9900
Member since: Mar 2009
Let's ignore that they were 2005 deals that closed in 2007.
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Response by stevejhx
over 16 years ago
Posts: 12656
Member since: Feb 2008
8 out of 8,000.
YAY! YAY!
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Response by AnonMan2002
over 16 years ago
Posts: 165
Member since: Feb 2009
did you actually read what you posted:
"IN a year of doom and gloom"
"beacon of hope for the battered luxury real estate market"
fucking moron
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Response by AnonMan2002
over 16 years ago
Posts: 165
Member since: Feb 2009
by the way, the fucking moron was directed at whoever thinks such an article is relevant or representative, not at The_President
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Response by ericho75
over 16 years ago
Posts: 1743
Member since: Feb 2009
Of course, the double standard.
When ONE condo sells for 25% discount, EVERY CONDO in MANHATTAN should too...
But on the reverse, of course all you idiot bears don't see it that way.
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Response by Ubottom
over 16 years ago
Posts: 740
Member since: Apr 2009
jerkoffco, get it: the preponderance of nyc re is off minimially 20-25% from the peak
you do agree with this, no?
or are you clinging to misinformation that the market is little changed from the peak (as you historically have)?
and those who bought the peak in LIC, who have the unfortunate need to sell now in a reasonable amt of time, have sadly lost half of their money and more after transaction costs
sux, dont it
Best, an idiot bear
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Response by lizyank
over 16 years ago
Posts: 907
Member since: Oct 2006
Anyone who looks at 15 CPW and uses it as a retort to overall market decline is smoking something I want. To say 15 CPW is typical of Manhattan residences is like making average women think they are less than adequate unless they have the face, body and grace of Vogue model.
So 8 people who have more money than god made a few bucks on their transactions while most others are struggling....yeah, that's great news. I am sure the couple trying to sell their Junior 4 on Orchard Street will use these sales as comps.
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Response by nyc10022
over 16 years ago
Posts: 9868
Member since: Aug 2008
"Of course, the double standard.
When ONE condo sells for 25% discount, EVERY CONDO in MANHATTAN should too...
But on the reverse, of course all you idiot bears don't see it that way"
Erico, not very smart.
We didn't say every apartment is 25% down... the median is 25% down.
So, what that means is.... some are down MORE.
Back to statistics class for you..
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Response by trevorF
over 16 years ago
Posts: 58
Member since: Mar 2008
loser...did you see what's going on at the Plaza...the opposite. one building doesn't make a trend. take a few tylenol pms with a quart of whiskey and call me when you get your head on straight.
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Response by nyc10022
over 16 years ago
Posts: 9868
Member since: Aug 2008
remember, this is the same alpo moron who yelled (his all caps, not mine) "THE MARKET IS NOT DOWN 20%. SHOW ME JUST ONE EXAMPLE!"
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Response by 30yrs_RE_20_in_REO
over 16 years ago
Posts: 9900
Member since: Mar 2009
I'll go thru my "how many dollars per square foot". "what is the average negotiability", etc. rant again. In regards to any single transaction, averages are not much good since "on average" (hahaha) transactions are not average. Flip a coin: what does it come up: on average, 50% heads, 50% tails. Flip a coin ONCE: does it ever come up 50% heads and 50% tails (is that landing on it's edge?). Averages/medians are made up of 49.999999999999999% of transactions below the mean/median and 49.999999999999999% transactions above the mean/median. And while the distribution may not be totally normal (statistical definition of a "normal distribution" - i.e. "bell curve"), it's not a spike at the mean/median. So, you HAVE to have transactions above, and you have to have at least a few transactions WELL above the mean/median.
Same thing works for percentage gains losses: every apartment didn't go down WHATEVER percentage the market down (without us having to agree what that percentage is). It's a range with a "fat part" in the middle and thinner at the ends (insert Monty Python brontosaurus joke here). One of the most widely accepted tenets in any Real Estate suits is that "all Real Estate is unique". now, none of this mean it's RANDOM - there's a huge difference between random and VARIABLE.
Let's ignore that they were 2005 deals that closed in 2007.
8 out of 8,000.
YAY! YAY!
did you actually read what you posted:
"IN a year of doom and gloom"
"beacon of hope for the battered luxury real estate market"
fucking moron
by the way, the fucking moron was directed at whoever thinks such an article is relevant or representative, not at The_President
Of course, the double standard.
When ONE condo sells for 25% discount, EVERY CONDO in MANHATTAN should too...
But on the reverse, of course all you idiot bears don't see it that way.
jerkoffco, get it: the preponderance of nyc re is off minimially 20-25% from the peak
you do agree with this, no?
or are you clinging to misinformation that the market is little changed from the peak (as you historically have)?
and those who bought the peak in LIC, who have the unfortunate need to sell now in a reasonable amt of time, have sadly lost half of their money and more after transaction costs
sux, dont it
Best, an idiot bear
Anyone who looks at 15 CPW and uses it as a retort to overall market decline is smoking something I want. To say 15 CPW is typical of Manhattan residences is like making average women think they are less than adequate unless they have the face, body and grace of Vogue model.
it's a VBottom son...yayayayaya..
http://www.econbrowser.com/archives/2009/10/not_much_of_a_v.html
Applebottom!!!!!!
So 8 people who have more money than god made a few bucks on their transactions while most others are struggling....yeah, that's great news. I am sure the couple trying to sell their Junior 4 on Orchard Street will use these sales as comps.
"Of course, the double standard.
When ONE condo sells for 25% discount, EVERY CONDO in MANHATTAN should too...
But on the reverse, of course all you idiot bears don't see it that way"
Erico, not very smart.
We didn't say every apartment is 25% down... the median is 25% down.
So, what that means is.... some are down MORE.
Back to statistics class for you..
loser...did you see what's going on at the Plaza...the opposite. one building doesn't make a trend. take a few tylenol pms with a quart of whiskey and call me when you get your head on straight.
remember, this is the same alpo moron who yelled (his all caps, not mine) "THE MARKET IS NOT DOWN 20%. SHOW ME JUST ONE EXAMPLE!"
I'll go thru my "how many dollars per square foot". "what is the average negotiability", etc. rant again. In regards to any single transaction, averages are not much good since "on average" (hahaha) transactions are not average. Flip a coin: what does it come up: on average, 50% heads, 50% tails. Flip a coin ONCE: does it ever come up 50% heads and 50% tails (is that landing on it's edge?). Averages/medians are made up of 49.999999999999999% of transactions below the mean/median and 49.999999999999999% transactions above the mean/median. And while the distribution may not be totally normal (statistical definition of a "normal distribution" - i.e. "bell curve"), it's not a spike at the mean/median. So, you HAVE to have transactions above, and you have to have at least a few transactions WELL above the mean/median.
Same thing works for percentage gains losses: every apartment didn't go down WHATEVER percentage the market down (without us having to agree what that percentage is). It's a range with a "fat part" in the middle and thinner at the ends (insert Monty Python brontosaurus joke here). One of the most widely accepted tenets in any Real Estate suits is that "all Real Estate is unique". now, none of this mean it's RANDOM - there's a huge difference between random and VARIABLE.