What to say. Another overpriced apt in another very mediocre, cookie-cutter building courtesy of Related. Apt 1202 is small, with livable sq ft of approx 1,000 sq ft, vs 1,226 sq ft reported. Views are none. Light is none. Appeal of this apt is none. Current price of $2.5 million is $2,000/sq ft off reported sq ft and $2,500/sq ft off actual sq ft. Can you say delusional??? I know that the current... [more]
What to say. Another overpriced apt in another very mediocre, cookie-cutter building courtesy of Related. Apt 1202 is small, with livable sq ft of approx 1,000 sq ft, vs 1,226 sq ft reported. Views are none. Light is none. Appeal of this apt is none. Current price of $2.5 million is $2,000/sq ft off reported sq ft and $2,500/sq ft off actual sq ft. Can you say delusional??? I know that the current sellers are so hesitant to reduce the price further, especially since they (over)paid for this place $2.6 million 4 short years ago. But, the reality is that this apt will end up selling for considerably less than the current $2.5 million ask. Tiny, mediocre, cookie cutter doesn't sell for $2,000/sq ft, esp in this market. What should it sell for? Prob $1,500/sq ft although it may sell for a bit more. Let's say $1,700/sq ft off reported sq ft which is still $2,000/sq ft off actual sq ft. Comes to $2.1 million. Anyone paying more for this drek will end up losing money when it's sold.
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300_mercer, you think I care that an idiot buyer overpaid for that apt? He probably thought he was getting a good deal because the priced had been reduced from $2.575 to $2.3. Good for him and I'm sure he sleeps well. Unfortunately for him, though, there's a very strong likelihood that he won't be making any money on the place when he eventually sells it. He may not care about that. My expertise is in determining what places are worth and there's no one better than me.
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Response by SteveFR
over 7 years ago
Posts: 74
Member since: Apr 2017
ethan...how do you KNOW that this "idiot" overpaid? Do you have that magical crystal ball sir? Do you know his situation sir? In the long run he will make lots and lots of money on his investment/home. Sorry brother but you are as good as the homeless guy down the street in forecasting where prices go in the short term. Don't take out your anger here because you are a frustrated priced out buyer.
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Response by ximon
over 7 years ago
Posts: 1196
Member since: Aug 2012
There is an behavioral economic term known as "anchoring" which suggests that listing a property at an aspirational price can register in potential buyers' minds that the listing price has a close relationship to value. Of course, we in this forum would never be fooled by such a strategy but all it takes is for one buyer to believe it.
I can assure you that when it comes time to list my apartment, it will not be "priced to sell".
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Response by 300_mercer
over 7 years ago
Posts: 10570
Member since: Feb 2007
Ethan, Glad you think you are the best at determining what an apartment is worth. Does it mean that 55 west 17th, at least the apartment you bought, is very good value?
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Response by Ethan129
over 7 years ago
Posts: 157
Member since: Sep 2007
SteveFR, the only anger I sense is from you. And as for being a frustrated buyer, that’s an interesting hypothesis but the reality is that I have several fabulous homes you could only dream of. And, no, 300_mercer, I’m not referring to 55 West 17th. Dream on, boys.
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Response by Ethan129
over 7 years ago
Posts: 157
Member since: Sep 2007
SteveFR, the only anger I sense is from you. And as for being a frustrated buyer, that’s an interesting hypothesis but the reality is that I have several fabulous homes you could only dream of. And, no, 300_mercer, I’m not referring to 55 West 17th. Dream on, boys.
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What happened here Ethan with your prediction?
https://streeteasy.com/talk/discussion/43224?last_page=true
300_mercer, you think I care that an idiot buyer overpaid for that apt? He probably thought he was getting a good deal because the priced had been reduced from $2.575 to $2.3. Good for him and I'm sure he sleeps well. Unfortunately for him, though, there's a very strong likelihood that he won't be making any money on the place when he eventually sells it. He may not care about that. My expertise is in determining what places are worth and there's no one better than me.
ethan...how do you KNOW that this "idiot" overpaid? Do you have that magical crystal ball sir? Do you know his situation sir? In the long run he will make lots and lots of money on his investment/home. Sorry brother but you are as good as the homeless guy down the street in forecasting where prices go in the short term. Don't take out your anger here because you are a frustrated priced out buyer.
There is an behavioral economic term known as "anchoring" which suggests that listing a property at an aspirational price can register in potential buyers' minds that the listing price has a close relationship to value. Of course, we in this forum would never be fooled by such a strategy but all it takes is for one buyer to believe it.
I can assure you that when it comes time to list my apartment, it will not be "priced to sell".
Ethan, Glad you think you are the best at determining what an apartment is worth. Does it mean that 55 west 17th, at least the apartment you bought, is very good value?
SteveFR, the only anger I sense is from you. And as for being a frustrated buyer, that’s an interesting hypothesis but the reality is that I have several fabulous homes you could only dream of. And, no, 300_mercer, I’m not referring to 55 West 17th. Dream on, boys.
SteveFR, the only anger I sense is from you. And as for being a frustrated buyer, that’s an interesting hypothesis but the reality is that I have several fabulous homes you could only dream of. And, no, 300_mercer, I’m not referring to 55 West 17th. Dream on, boys.