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Classic example of why RE stalls in NYC

Started by patient09
about 16 years ago
Posts: 1571
Member since: Nov 2008
Discussion about
So they pay 20 large at the peak of the peak..drop another 11 into it. 31mm total. So they list at 64mm, drop to 54mm. Then say say we need to sell and drop to 39mm. I want some of the pot they are smoking. It's the good shit. Not the cheap shit you get on the corner. Maybe list at 25mm would be a good opening salvo. http://www.observer.com/2009/real-estate/sloane-mansion’s-25-m-price-slide-‘owners-have-real-need-sell’
Response by dwell
about 16 years ago
Posts: 2341
Member since: Jul 2008

yeah, I know. like, I look at the price history: ex: paid $995k in 2006 & current reduced price is $1.5mm. I probly won't buy until 2011-12, if at all. Once you buy, you are locked into NYS & NYC taxes (all kindsa taxes) & these are jurisdictions which would tax both tits if they could {pardon my french}.

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Response by w67thstreet
about 16 years ago
Posts: 9003
Member since: Dec 2008

Me wonders about clawback from the bought out tenants. I'm sure the threat of making it a "home" made negs easier. Now not home. So sad.

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