Cool Half Million in Less Than A Year!

I've been to a number of open houses. Brokers in the city are completely unwilling to be honest with sellers at this point about the downturn--that is the only reason to explain the outrageous price increase here. They would be LUCKY to break even here, and will probably lose 100k+

I don't get it.

According to streeteasy that co-op requires 40% down, which although not high compared to tony co-ops is still a lot of money and indicates (to me) that the board might be a little more selective.

Additionally, ACRIS indicates that the seller in January was the "Estate of xyz" and the listing says "needs TLC" indicating that it is still in estate condition. Maybe they will schedule an open house and someone can show up with a copy of the sale from January printed out from ACRIS. That would be entertaining to say the least.

If one broker is honest with a seller then another broker will lie and get the listing.

To get to one bedroom you have to walk through the other one.

Nice.

Brokers are afraid they will lose the listings if they are honest. They'd rather just illustrate the truth by telling sellers no one is interested. This is why the market churns down slowly. Every 5% takes a month or two. Sellers' endowment effect prevents them from facing the truth. I think the wise broker would tell sellers to slash before the Q4 data is published in January. Until then, these is still a debate, albeit flimsy on the bull/apologist side.

Offer 1.1

The problem with a second tier, edge of Harlem building like this is when they want 40% in cash plus God knows what in the bank. Look out below. This is not the choice people with $1.2mm in the bank are going to make.

LICC = tech_guy insist that this is not on the edge of Harlem. Just FYI.

You are making a prediction that he will? The world has changed quickly, there is PS 6 Carnegie Hill and non-PS 6 Carnegie Hill. There was before, obviously, but suddenly the divide is much wider.

Honestly, it will be great when people are forced to assume decline in their asks instead of assuming increases, which some, as in this example, continue to assume increases on purchase as recent as 6 months ago... Un-effing-real.