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Paralel Universe

Started by falcogold1
over 15 years ago
Posts: 4159
Member since: Sep 2008
Discussion about
Here we have a seller who has created quite a bit from very little. While the rest of the market headed in one direction this jewel headed in the other. Their might be a lesson here. Real Estate value only heads in one direction? StreetEasy History 01/25/2007Previously Listed by Corcoran at $1,295,000. 09/26/2007Corcoran Listing is no longer available. 01/12/2011Listed by Prudential Elliman at $1,795,000. 02/09/2011Price decreased by 6% to $1,695,000. http://streeteasy.com/nyc/sale/576719-coop-505-east-79th-street-yorkville-new-york?email=true
Response by Wbottom
over 15 years ago
Posts: 2142
Member since: May 2010

despite the fugly reno results that for most would require the kitchen and baths be razed; they did spend heavily---someone gots to pay!!!

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Response by truthskr10
over 15 years ago
Posts: 4088
Member since: Jul 2009

Well let's do some math.
Paid for both units a total of $1.269. With closing costs shall we say $1.3?(maybe some avoidance here of mansion tax)
Costs for combining the apartments and rennovation, 200K? Total $1.5

Let's assume some luck(to put it mildly) now gets 5% below current ask, $1.610. Now deduct selling expenses,flip tax, etc., 10%?

Lesson is, to quote the great Larry Sanders, "No flipping."

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Response by Wbottom
over 15 years ago
Posts: 2142
Member since: May 2010

minimum 400k for the complete gut&combo--at 1.695 they cover cost, before re commissions etc

i say it trades 1.3--the renov cost, but at least it made for a fun project

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Response by falcogold1
over 15 years ago
Posts: 4159
Member since: Sep 2008

I would put the trade at 1.3M if the reno was beautiful.
Sure don't want to be the first bidder. They have to take the heat and break the bad news.

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Response by huntersburg
over 15 years ago
Posts: 11329
Member since: Nov 2010

How many 'l's in Universe?

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