http://www.streeteasy.com/nyc/sale/462831-condo-30-east-85th-street-upper-east-side-new-york Based on what I can glean from ACRIS, #5E, 30 E. 85th sold for 755K in 2000. The buyers had a mortgage for approximately 50% of the purchase price (~$371K). It's a 2 br, 2 ba 1250 sq ft apartment. The buyers seemed to use their apartment as an ATM, taking out a series of mortgages on the property and... [more]
http://www.streeteasy.com/nyc/sale/462831-condo-30-east-85th-street-upper-east-side-new-york
Based on what I can glean from ACRIS, #5E, 30 E. 85th sold for 755K in 2000. The buyers had a mortgage for approximately 50% of the purchase price (~$371K). It's a 2 br, 2 ba 1250 sq ft apartment.
The buyers seemed to use their apartment as an ATM, taking out a series of mortgages on the property and consolidating the various mortgages into a $1.5 M BOA mortage in 2007.
This spring, the apartment is placed on the market at a pie-in-the-sky asking price:
03/06/2009 Previously Listed in StreetEasy by Prudential Elliman at $3,495,000.
08/05/2009 Prudential Elliman Listing is no longer available.
09/15/2009 Listed in StreetEasy by Corcoran at $3,485,000.
10/31/2009 Price decreased by 14% to $2,999,000.
Just this September, between price chops, BOA gives the sellers another $180k to play with, despite the owners being more or less under water (notwithstanding the crazy asking price).
I thought the craziness was over, but apparently I'm mistaken.
Or am I missing something?
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Response by tandare
almost 17 years ago
Posts: 459
Member since: Jun 2008
that's impressive. did you check and see if the owners also own other property in the city?
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Response by OnTheMove
almost 17 years ago
Posts: 227
Member since: Oct 2007
Sorry Tandare, but no. I don't want to feel like I'm stalking the owners! I just came across the apartment listing and looked up its history in ACRIS to get a sense of the circumstances behind the insane pricing.
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Response by stevejhx
almost 17 years ago
Posts: 12656
Member since: Feb 2008
"OWNER WILL CONSIDER ANY REASONABLE OFFERS!!"
$450,000. That is about what it's worth based on comparable rents.
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Response by Riversider
almost 17 years ago
Posts: 13573
Member since: Apr 2009
We are saving the big banks so Geithner has a place to work after he leaves Treasury.
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Response by stevejhx
almost 17 years ago
Posts: 12656
Member since: Feb 2008
Oh, Riversider! Geithner has NEVER worked at a bank.
Unlike, say, Paulson.
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Response by Riversider
almost 17 years ago
Posts: 13573
Member since: Apr 2009
He will. He's clearly earned it after changing the AIG/Goldmna from 60 cents on the dollar to 100 cents on the dollar.
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Response by stevejhx
almost 17 years ago
Posts: 12656
Member since: Feb 2008
"after changing the AIG/Goldmna"
He did it to prevent a bailout of Goldman, as well. Which is why their bonuses are obscene.
You seem very much to have a political axe to grind; I think you need to step back, click of Larry Kudlow, watch Steve Leisman, who is, in fact, an economist.
that's impressive. did you check and see if the owners also own other property in the city?
Sorry Tandare, but no. I don't want to feel like I'm stalking the owners! I just came across the apartment listing and looked up its history in ACRIS to get a sense of the circumstances behind the insane pricing.
"OWNER WILL CONSIDER ANY REASONABLE OFFERS!!"
$450,000. That is about what it's worth based on comparable rents.
We are saving the big banks so Geithner has a place to work after he leaves Treasury.
Oh, Riversider! Geithner has NEVER worked at a bank.
Unlike, say, Paulson.
He will. He's clearly earned it after changing the AIG/Goldmna from 60 cents on the dollar to 100 cents on the dollar.
"after changing the AIG/Goldmna"
He did it to prevent a bailout of Goldman, as well. Which is why their bonuses are obscene.
You seem very much to have a political axe to grind; I think you need to step back, click of Larry Kudlow, watch Steve Leisman, who is, in fact, an economist.