Another Overpriced Condo.....

While it may be overpriced, but the size is 1800 sq ft. It is pretty good size living room and all other rooms. The owner has a renter in there, so probably not a serious seller.

Ethan129, the price is obviously crazy but is clear the official sf is 1,800. I know, that's not usable but so what? Are all the comps stated in usable sf? I wonder if this unit was pulled from the market in 2014 and rented out.

In any case, the worst thing about this listing is that it is occupied for the next 3 years. Who in their right minds would but a luxury condo as an investment when the returns are increasingly lower and no one knows what the market will be like in three years? So, if market rent is say $65 psf or $9,750 per month, NOI at a 2% yield equates to a $3.7 million value, just under the listing price in 2014.

I guess owner thought they would get the price they wanted or higher if they just waited a few years. Well, they seem to have guessed wrong. Still I can't see this unit trading at $3 million +/- unless the market is much worse than I currently think.

The wording of the listing is odd - "sale leaseback" means that it's the current owner who will be leasing it (which could also explain the nebulous 2-3 years term). Of course who knows when people play fast and loose with terms that have actual meanings.
If it is in fact a sale leaseback it points to the owner thinking the market is headed down but still wants to sell high and not even move. Someone could verify by asking the broker what the current rent is (my guess is that the answer will be "that's negotiable", and that the owners will not only want over market to sell, but to lease back at under market).

30, You may be rigth about the gimmick. However, it is unlikely to work. Most buyers at this price point and in this location buy to live there. Of course, there are people with excessive money which needs to be parked somewhere but this is not the type of apartment for that.

If the offer of a sale leaseback is a gimmick (and it might just be), it doesn't seem to be a useful gimmick to maximize the sales price. Anyone want to volunteer to go to the open house on Sunday to reconnoiter and report back?