50% Price Increase in 3 Years.....
Started by Ethan129
over 7 years ago
Posts: 157
Member since: Sep 2007
Discussion about 165 W. 66th Street #1C
This apt sold for $1.8 million less than 3 years ago. Current asking price is $2.5 million. All I can say is dream on. I'm guessing the apt was renovated by the most recent owners. Even so, how much did they put into this place? $100,000? $200,000? It ain't more than that. And considering that today's market is weaker than in 2015, that's also a big negative. If this apt wasn't on the 1st floor, with most windows facing a brick wall only feet away, that would be a little different but one would have to be a very depressing person to want to look at a brick wall all day. This place shouldn't sell for more than $2 million MAX.
It was sold for 1.95 as I see it, and looks like a sponsor sale. I don't find the current ask offensive and consider it smart because of the huge patio space; there might be someone out there that values such a space at that price. If they don't find someone willing to pay for the big patio, they can chop it.
Actually it last sold for $1.950M, above the ask of 1.8M. That said, agree with you that current ask is aspirational.
While the reno looks nice (though doesn't appear bathrooms were touched), nothing can make up for the claustrophobia-inducing lack of windows in kitchen and baths, and what windows do exist in the unit seem to get zero light and, as you point out, look straight into a brick wall. Also, the outdoor space may be 'large' but it lacks privacy (where exactly does that staircase lead??) and also seems depressing. No wonder there's no patio furniture out there -- owners probably get depressed when they walk outside.
Why aren't there planters? Are they not allowed? Honestly, if one could make the outdoor terrace feel like more like a garden and less like the inside of a prison this place would be a lot more welcoming, even with lack of direct sunlight.
Well after adding closing costs on the original purchase(50K?), anticipated closing costs on this resale for owner(neighborhood of 9% with broker and flip tax) , probably netting down to @ $2.25mm . So a $300k difference not including the renovation, and people generally dont renovate to break even. Its just not that crazy is all.