Maybe this condo flip idea isn't such a good one?

Beautiful conversion of an older pre war on fifth avenue. Closed 10/31/2007 for $1,365,000 and went almost immediately right back on the market. Original ask was $1,525,000. 224 days later the price has been cut to $1,475,000. Between new development taxes, mortgage taxes, recording fees, a mansion tax all paid going in - the carry costs of roughly $3,000 per month and the opportunity cost of not... [more]

Beautiful conversion of an older pre war on fifth avenue. Closed 10/31/2007 for $1,365,000 and went almost immediately right back on the market. Original ask was $1,525,000. 224 days later the price has been cut to $1,475,000. Between new development taxes, mortgage taxes, recording fees, a mansion tax all paid going in - the carry costs of roughly $3,000 per month and the opportunity cost of not being able to invest the down payment all going on now, and the 6% real estate commission on the way out it looks like this trade did not work out too well. And that assumes the flipper can flip at the asking price which clearly no one seems too interested in paying. Oh yeah, I forgot to include the tax benefit of losing money. I sold it for more than I paid so I must be making money. Right! http://www.streeteasy.com/nyc/sale/152148-condo-1200-fifth-avenue-east-harlem-new-york [less]