NYC real estate prices UP 30% YOY!!!!!

Uping the price to lower it. It's a ploy to make people think they are actually lowering the price. The unit will reappear at a reducesed price. Old trick to think that you are getting a reduced price. If was listed at .1.9 I'll venture to say it will go to 1.5 by this time next year. Just wait and see.

Its like Macy's

Yup, check out the 2-bed/2-bath condo on 135 W 4th St (#1E) that closed last June 2007 for $2.2 million. Six months later, the sellers had the gall to try to flip it for $2.995 million (36% increase), and it has been cut twice now to $2.695 million - still a 22.5% increase in 10 months. I've seen several other West Village flippers (closed 2007, relisted late 2007 or early 2008), including a townhouse closed at $4.1 million in March 2007 and relisted at $5.25 million in January 2008(28% increase). I know that several people have stated that flipping was not rampant in Manhattan during the price runup, but I disagree and have seen a fair amount of it when looking at the price history on Streeteasy. And it's not limited to condos and townhouses either. In 2005, we bought an apartment that the seller flipped for double what he paid for it in 2003, and we live in a coop. To make matters worse, in 2007 it appraised for 10% less than what we paid for it in an all-cash deal. Not surprisingly, we are much more cautious now....

Cleary there is a sense of urgency to get this apt off the books...why else flip it 8 months after purchase. Given not many properties have moved since last summer and conditions have worsened why would the broker attempt to price this at the top of the market? New developments are not even pricing as high as they realize they need to sell the apts. Broker would have been better off offering it at $2.2ish and hope to spark some sort of bidding war if buyers even exist at that level. Now the seller will have to drop price significantly and if that doesn't work drop the price again. Ultimate sign of desperation. To the current owner...you have been ill advised.

Nice counsel, seller's broker! Where's BrokersSTINK when you need 'im?