Sale at 360 West 28th Street #5B

The fault, dear Brutus, is not in our stars,
But in ourselves, that we are underlings."

The fault here is that some asshole bought an apartment at an inflated rate of 75% over the developers inflated rate just a mere 3 years later. A rate of inflation never experienced in the housing market in the entire history of this country. This owner bought at the very height of the bubble. So the rest of the country has gone down 40% since the top of the bubble which would mean this apt should be worth $420,000. Or we could go to the reversion to the mean pricing which would mean it has a value of $400,000. If you don't know what reversion to the mean is, please google it. Or in a normal market, the apt should appreciate about 3% a year which would make it considerably lower.

Or .....we could go with the pricing of someone who has no idea about how markets work, or why something seems priced right because every other completely, totally arbitrary price that ignorant sellers set is unbelievably similar to every other ignorant, overinflated price that buyers are willing to pay.

If this seller gets his asking price from you, it means that he has lost $80,000 in price and about $60,000 -70,000 in transaction costs. But the good news is, he will have sold you the loss he should have taken. So when you sell, your loss could be about $200,000 plus 8-10% transaction costs. Especially if the market, as predicted by the very best analysts is flat for many years to come and especially because this apt is in an outlier area which means if prices depreciate further, this will be the area to feel the pinch. You cannot expect the Highline to be extended until in actually is extended. Ask the people who bought on Second Ave in 1970 thinking the subway would make their apts. worth more.

Why don't you rethink what this apt is worth with a little research.

23, Highline Phase 2 is already open. runs up to 30th street.

ali r.
DG Neary Realty

Is it really still active almost a year later with no price adjustment?

Anyway..... the building's exterior looks very cheaply done, and it's next to combination church/synagogue that runs a soup kitchen. You'll see a long line of men each morning (and maybe other times of day, but I only ever walk by in the morning).

Most people would not consider this "Chelsea," although I suppose it technically is, and I can't think of what other neighborhood it might be. The high 20s could be a decent gamble, but it's a gamble. I think it will take longer to change than people assume. I'm not convinced that the High Line will change it from a no-man's land into a real neighborhood, as there is a lot between 9th Ave. and the High Line that isn't going anywhere (postal sorting facility, highway, train tracks for Amtrak/NJT/LIRR).

Thanks so much everyone for your input. They are super helpful!

>So when you sell, your loss could be about $200,000 plus 8-10% transaction costs. Especially if the market, as predicted by the very best analysts is flat for many years to come

Wow, if these analysts are so good, they must be billionaires, or soon to be billionaires.