Price will be coming down.......

So, here we have another condo listing that neglects to mention the sq ft. This is always a warning sign, usually meaning that, however many BR and BA, it's a really small apt sq ft-wise. We also see that the current owners purchased this place 18 months ago for $2.65 million, slightly less than the $2.695 million the apt is listed for, as of today. Now for reality. Adding up the sq ft in the... [more]

So, here we have another condo listing that neglects to mention the sq ft. This is always a warning sign, usually meaning that, however many BR and BA, it's a really small apt sq ft-wise. We also see that the current owners purchased this place 18 months ago for $2.65 million, slightly less than the $2.695 million the apt is listed for, as of today. Now for reality. Adding up the sq ft in the floorplan, we get approx 1,100 sq ft. The apt seems to be in decent condition although there are no pics of the bathrooms. If we're feeling very generous, we'll price it at $2,000 per sq ft which gets us to $2.2 million but of course we all know that a place like this would never sell for $2,000 per sq ft in this market. Even adding some cushion to the sq ft doesn't get us even remotely close to $2.695 million. Net/net, the current owners significantly overpaid for this place last year and, sorry to tell you, you'll be lucky if a new foolish buyer comes along to overpay in this market. Apt 17B shouldn't sell for more than $2.25 million MAX. [less]