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55 EEA - apt 12 D - yet another RE fantasy

Started by NYC411
almost 16 years ago
Posts: 56
Member since: Oct 2009
Discussion about
this is incredible - the same apartment a couple of floors down sold for $970K on aug. 23 - and this apt goes on the market for 1.35MM. the insanity is mind boggling
Response by jasieg16
almost 16 years ago
Posts: 123
Member since: Oct 2009

what is so insane NYC? if you add 100k per floor you get to 1.1MM. Now add 200K for sellers feelings and you get 1.3MM and then subtract 200k when unit sells at 1.1MM. Maybe you can find a real mind boggling listing.

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Response by ph41
almost 16 years ago
Posts: 3390
Member since: Feb 2008

Also, 11D looks like an unrenovated kitchen, and no pictures of bathrooms (usually a tip-off that also not renovated) where 12D has been renovated fairly recently.

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Response by evnyc
almost 16 years ago
Posts: 1844
Member since: Aug 2008

Where are you getting 100k per floor as a realistic price strategy, jaseig? Most new dev - of which I have looked at heaps of - prices higher floors at around $15-30k. $100k per floor is seriously aspirational.

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Response by SEJunkie
almost 16 years ago
Posts: 36
Member since: Nov 2009

12D has window treatments, renovated kitchen (and maybe baths, too), crown moulding and baseboards, etc., etc. 12D looks a lot better than 11D in the photos. I think someone would pay $100k - $200k more (maybe more?) for the work that's been done in 12 D. It really depends on what work has been done. Floors, too?

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Response by evnyc
almost 16 years ago
Posts: 1844
Member since: Aug 2008

Sure. No disagreement that some buyers will pay a premium not to have to renovate. But $100k per floor? Does anyone really think that is a reasonable expectation?

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Response by jasieg16
almost 16 years ago
Posts: 123
Member since: Oct 2009

it may not be reasonable but all i was really saying was is it that big of a deal that it could be called fantasy?

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Response by evnyc
almost 16 years ago
Posts: 1844
Member since: Aug 2008

uh...the answer to that seems to be an unqualified yes: it is fair to call the ask a fantasy. If nothing else, that direct-line comp one floor lower will almost certainly cause problems at appraisal if the seller does in fact find a buyer willing to pay ask.

Personally, I quite hate the renovation in 12D, but then it's easy for me to cast stones as this unit is way above my pay grade.

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