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Over pricing for publicity?

Started by 30yrs_RE_20_in_REO
over 7 years ago
Posts: 9877
Member since: Mar 2009
Discussion about
This listing is apparently about to come on the market at about double the estimated worth: https://therealdeal.com/2018/05/10/hed-soho-penthouse-hits-the-market-asking-60m-brokers-doubt-it-gets-even-half-that/ You've also got the penthouse in the Woolworth Building at over $100 million and Brokers appear to have voiced similar opinions. What is the logic behind this? Is it solely to get press?
Response by 30yrs_RE_20_in_REO
over 7 years ago
Posts: 9877
Member since: Mar 2009
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Response by 300_mercer
over 7 years ago
Posts: 10570
Member since: Feb 2007

I do not see the logic besides that the seller is not serious about selling. They are looking for a stupid bid to sell. Otherwise, they would not. In the mean time, guessing brokers get some publicity for spending time and money on marketing it.

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Response by ximon
over 7 years ago
Posts: 1196
Member since: Aug 2012

I suspect that someone who can who can afford an apt. like this is not a "serious" seller in the traditional sense that there is some pressure to sell. This is one of the reasons the luxury residential markets is a different animal. I am guessing they can hold onto this apt. for as long as they want but maybe think it's as good a time as any to sell.

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Response by 30yrs_RE_20_in_REO
over 7 years ago
Posts: 9877
Member since: Mar 2009

300,
I am not sure how you could say that about the penthouse in the Woolworth building?

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Response by 300_mercer
over 7 years ago
Posts: 10570
Member since: Feb 2007

I only meant it for soho property which is not unique. Woolworth is hard to price and very unique. They need a billionaire to like it and anyone looking knows that they can get 30 percent off at least. Just like almost everything in 432 Park sells as 15-20 percent discount but they do not lower the listing price.

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