Big Price Drop Strategy

I don't know downtown as well as UWS, but from what I hear it is massively over-supplied and demand has dried up.

Likely the Open House on the 2nd, which is still advertised on the website, didn't draw any attention and so the price has been adjusted accordingly.

Look at the comps, it just seems low. I would just like to know if I am off base.

what comps? there are no relevant comps. nice terrace but small living area.

I thought 1,200 sf for a 2 bedroom is average, not small. I could be wrong.

I wasn't suggesting the apt as a whole was small, although its more like 1000 then 1200. I was simply saying the living area was a bit small (17 ft in length).

oh, the living room, I agree.

The main comp here is the previous sale, in 2007, for 1,695,000. So the flipper seller must be desperate to be taking such a loss, which means that demand is nil and that 1,300,000 may seem pretty high in a few months. The falling knife has simply gone through this guys heart. Pity theRE investor.

I've seen a couple of these lately (recent purchases now offered below previous closing.) Given the price drops, I agree that the seller is motivated although that still doesn't mean it's a great deal yet. You probably could lowball and have a decent chance of success depending on how desperate this unfortunate seller is.

$1.7MM for that?! Really?! What the hell were they thinking?

They heard you... $1.3

Hey - Hows this for a long time on the market:

http://www.streeteasy.com/nyc/sale/5759-coop-36-sutton-place-south-sutton-place-new-york