Sale at 203 West 90th Street #8G

Only if they seriously think anyone will pay it.

well they paid 4.5% buy side commission, + mansion tax, so your looking at 1.06M or so out of pocket for the purchase. Then you are looking at 6-8% of sell side commissions, or about $75,000-85,000 in broker commissions, transfer taxes, atty fees, and other fees.

So, the seller needs to get a price of 1,150,000 or so just to break even on the deal. The funny thing is that it was purchased in 2007 already renovated, yet gives the impression that this seller just did all the work recently on their own, expecting the premium. Premium for reno was already built in price of original purchase.

Urbandigs:

Why do you think they paid all those extra buy-side costs? The price was under $1MM (barely) and they didn't buy from the sponsor.

I agree that the shading on the renovations is deeply misleading. Anyway, who cares what they paid, how much money they put into reno, or how big a loss they'll take? The apartment is worth whatever the next sucker is willing to pay for it. In a market that has done a total 180, everything else is yesterday's news.

"who cares what they paid, how much money they put into reno, or how big a loss they'll take?"

i do! if the previous owner wants me to pay for his transaction costs and renovations, it means it's still a sellers market.

why do people think that transaction costs have to be 100% included in price and paid for the next owner is beyond me, same with renovations that go beyond very basics. it's a ridiculous assumption bought during the previous bubble. imagine a stock that i "need" to sell at at least what i paid for including transaction costs, people will believe i'm an idiot with those expectations. they will tell me "cut your losses soon".

maybe actually the expectation that the buyer pays all transaction costs, current and past also have to do with the fast turnover. shows great expectations in terms of asset appreciation on part of the buyers, otherwise they will not put up with it.

great, the recession is official, so these guys increase the price by $1k. lol

Just buy 8E for $300k less!

http://www.streeteasy.com/nyc/sale/345561-condo-203-west-90th-street-upper-west-side-new-york

8G was sold by the sponsor as a large 1 BR with a dining area (http://margaretbassett.com/mtc/price.html). The "gut renovation" mentioned in the 8G listing probably refers to the carving out of a small 2nd BR out of the former dining area. I'm not sure that adding a wall qualifies as a gut reno, but then again, do you expect honesty from a broker that just raised the price by $1k just to put the listing back on people's radar. 8E was always a true 2BR, which makes the $300k difference all the more curious.

I've seen this apt on the top floor - same layout as the bottom floor of a terraced duplex. Anyway, the 2nd bedroom is really a small dining alcove and is awkwardly positioned to begin with. The master bedroom has irregular angles - which may or may not be one's tastes. On top of it, the building is facing projects across Amsterdam ave - not the best of locations.

My personal view is that the sellers are in denial about today's reality and are losing valuable time - by the time they adjust the price down to <$1mm, the market will be trading lower.

That is exactly how all bear markets work.

#8G is now $1.2MM, after vibrating around $1.35MM for the last day or two.
http://www.streeteasy.com/nyc/sale/358326-condo-203-west-90th-street-upper-west-side-new-york

lol

after your post W81, they decided to vibrate around $1.2M too! these sellers could be called "the vibrators" (if it weren't for misleading connotations).