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Way Overpriced......

Started by Ethan129
over 6 years ago
Posts: 157
Member since: Sep 2007
Discussion about 230 West 78th Street #8A
In June 2014, the current owners of Apt 8A in the mediocreish relatively new UWS building, The Linden 78, way overpaid for this apt, spending $5.3 million (a $2.15 million increase from the prior selling price 3 years earlier). They know they overpaid because they're currently listing 8A for $4.7 million. When this place eventually sells, the price will start with a "3". Once again, the square footage is overly generous vs reality (approx 1,600 sq ft). I know that people will say that's always the case but for outliers like this apt an adjustment needs to be made. Also, who in their right mind, in this buyers market, would spend $4+ million for a place whose only views are neighboring apts only feet away. Insanity.
Response by Aaron2
over 6 years ago
Posts: 1698
Member since: Mar 2012

And the assessment! A building completed circa 2008 has now levied ~$1700/mo on this apt to fund a public space upgrade?! On top of an expiring tax abatement...

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Response by 300_mercer
over 6 years ago
Posts: 10570
Member since: Feb 2007

9A just sold for 4.65mm.

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Response by Anton
over 6 years ago
Posts: 507
Member since: May 2019

no window and no vent in kitchen, pass

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Response by 300_mercer
over 6 years ago
Posts: 10570
Member since: Feb 2007

Aaron, I saw that too and wondered why the seller wouldn't just pre-pay the assessment rather than have it appear on the listing.

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Response by DeanStockton
over 6 years ago
Posts: 17
Member since: Mar 2015

300, 9A managed to list and close before the new transfer taxes took effect, right?

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Response by 30yrs_RE_20_in_REO
over 6 years ago
Posts: 9878
Member since: Mar 2009

Whenever I see a unit offered with a tenant in place I have to wonder if it's some kind of distress sale (even if that distress is the owner's believing that the market is crashing).

300,
I don't think the seller even needs to prepay it, just pay off the balance at the closing to solve the problem.

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Response by 300_mercer
over 6 years ago
Posts: 10570
Member since: Feb 2007

30, Correct but if the assessment is prepaid, it may not even come up in due diligence answers from managing agent.

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