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Prime townhouse not keeping up with inflation

Started by George
about 4 years ago
Posts: 1327
Member since: Jul 2017
Discussion about 245 Waverly Place
This property last sold in 2007 for $6.1M. Now in contract after 3 weeks on the market - so let's assume it sells at ask of $7.5M. Assume 10% round-trip taxes and expenses, and net is $6.75M. Needed to sell at $8.1M just to cover inflation. This is about as prime as the West Village gets - and yet after 14 years the owners are probably not even keeping up with inflation.
Response by Aaron2
about 4 years ago
Posts: 1698
Member since: Mar 2012

@300 -- I think Ken Griffin was the most recent buyer there, so yes. (His ex-wife probably knows these things.)

@nada -- This is where we diverge on rooms: I want lots of wall space to hang my collection. The modern all glass units may have spectactular views, but insufficient walls. I'd be happy with the middling views (tree-level on the park), and I like a multitude of specific-purpose rooms.

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Response by KeithBurkhardt
about 4 years ago
Posts: 2986
Member since: Aug 2008

Ha! It's interesting, I do like all of the rooms, I'm just not sure what I would do with them all? I have the same feeling about these giant mansions that the wealthy buy, what do you do with 20-25,000? Ft²!? It just seems like such a giant waste, and a massive flex of the ego..

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Response by 300_mercer
about 4 years ago
Posts: 10570
Member since: Feb 2007

If you got 3-4 kids of different ages running around, I can understand the case for separation of spaces - 4-5 bedrooms + staff room, library (really home office these days), sound proof music room for the kids to practice, kid's play room / game room, media room etc as long as they don't come at the cost of a large living space. But that only takes 7-8000 suburban sq ft max.

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