So, this is the insanity of the 27F listing. It was listed in July 2017 for $2.5 million. It did not sell. So what does seller do? He increases the listing price to $2.999 million. That is insanity and I'll make a note to never use this broker. Now let's get back to reality. Reality is that 27F is as small a 2 BR/2BA you can have. It's tiny, coming in at around 1,000 sf. And the current price is... [more]
So, this is the insanity of the 27F listing. It was listed in July 2017 for $2.5 million. It did not sell. So what does seller do? He increases the listing price to $2.999 million. That is insanity and I'll make a note to never use this broker. Now let's get back to reality. Reality is that 27F is as small a 2 BR/2BA you can have. It's tiny, coming in at around 1,000 sf. And the current price is nearing $3,000 per sq ft. As an aside, the interiors of this apt are very mediocre. Nothing at all special. So, in a market where ultra luxury large apts will sell for $3,000/sq ft, we have a tiny, mediocre apt listed at approx same level. The reality is that this place should sell for less than $2,000/sq ft. Again, it's a tiny, tiny apt with mediocre interiors. Anyone paying more than $1.8 million will lose money when they eventually sell.
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Response by Squid
over 7 years ago
Posts: 1399
Member since: Sep 2008
Looks like they gave it a full reno while it was off-market but agree, still way overpriced. Would have frankly made more sense to skip the reno and lower the ask 6 months ago. Now they're just throwing good money after bad.
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Response by SteveFR
over 7 years ago
Posts: 74
Member since: Apr 2017
So ethan are you the town crier of real estate pricing? Why do you waste time commenting on what you feel are overpriced listings? Move on to the next property. Are you trying to convince yourself with others input or do you have some vendetta against sellers..."I will denounce ALL who I think overprice their listings!!!".......just curious is all dont take offense.
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Response by 30yrs_RE_20_in_REO
over 7 years ago
Posts: 9877
Member since: Mar 2009
I think they made a mistake renovating the kitchen but not doing a "high end" (Sub-Zero refrigerator, Etc). I think the type of person who might pay the type of price they are looking for would also be comparing the unit to new Condominiums that had those kind of kitchens. So if that is what someone is looking for, in their minds they would still have to rip this kitchen out.
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Response by ximon
over 7 years ago
Posts: 1196
Member since: Aug 2012
Agreed, 30. For another $30,000 they could have made the kitchen a lot more desirable. 1% of sale price is almost lost in rounding and even if only shortens the marketing period, it seems well worth it.
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Response by Squid
over 7 years ago
Posts: 1399
Member since: Sep 2008
Agree re: the kitchen. It's just one-notch above a standard sponsor reno. Certainly not on par with what luxury buyers would want in a brand-new kitchen.
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Response by 30yrs_RE_20_in_REO
over 7 years ago
Posts: 9877
Member since: Mar 2009
I should add that this is the grade of kitchens we were putting in our renovations in $300K coops in the early 2000's. But at that time, this was a "luxury" kitchen for such properties (and it was a 10% of the price upgrade rather than 1%). But even back then, for higher priced units (like a classic 6 we did at 885 West End Ave) we were putting in SubZero refrigerators (of course back then that was less than a $3,000 premium over what a "standard" stainless steel fridge would have cost).
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Response by ximon
over 7 years ago
Posts: 1196
Member since: Aug 2012
My appliance dealer made sure to tell me that the KitchenAid dishwasher was the best and highest rated by Consumer Reports. I bought a Miele without thinking twice.
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Response by ximon
over 7 years ago
Posts: 1196
Member since: Aug 2012
Not the highest end Miele but also not the lowest end. In point of fact, bought the cheapest Miele that had the extra cutlery drawer which gave me all the curb appeal I needed.
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Looks like they gave it a full reno while it was off-market but agree, still way overpriced. Would have frankly made more sense to skip the reno and lower the ask 6 months ago. Now they're just throwing good money after bad.
So ethan are you the town crier of real estate pricing? Why do you waste time commenting on what you feel are overpriced listings? Move on to the next property. Are you trying to convince yourself with others input or do you have some vendetta against sellers..."I will denounce ALL who I think overprice their listings!!!".......just curious is all dont take offense.
I think they made a mistake renovating the kitchen but not doing a "high end" (Sub-Zero refrigerator, Etc). I think the type of person who might pay the type of price they are looking for would also be comparing the unit to new Condominiums that had those kind of kitchens. So if that is what someone is looking for, in their minds they would still have to rip this kitchen out.
Agreed, 30. For another $30,000 they could have made the kitchen a lot more desirable. 1% of sale price is almost lost in rounding and even if only shortens the marketing period, it seems well worth it.
Agree re: the kitchen. It's just one-notch above a standard sponsor reno. Certainly not on par with what luxury buyers would want in a brand-new kitchen.
I should add that this is the grade of kitchens we were putting in our renovations in $300K coops in the early 2000's. But at that time, this was a "luxury" kitchen for such properties (and it was a 10% of the price upgrade rather than 1%). But even back then, for higher priced units (like a classic 6 we did at 885 West End Ave) we were putting in SubZero refrigerators (of course back then that was less than a $3,000 premium over what a "standard" stainless steel fridge would have cost).
My appliance dealer made sure to tell me that the KitchenAid dishwasher was the best and highest rated by Consumer Reports. I bought a Miele without thinking twice.
Not the highest end Miele but also not the lowest end. In point of fact, bought the cheapest Miele that had the extra cutlery drawer which gave me all the curb appeal I needed.
Steve, Some people are just haters all the time.
Including trashing their own property.