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Sale at 55 East 9th Street. why is it not selling?

Started by bugelrex
almost 17 years ago
Posts: 499
Member since: Apr 2007
Discussion about 55 East 9th Street #GDNE
This studio won the apartment therapy best space award and had major national press. http://www.streeteasy.com/nyc/sale/376976-coop-55-east-9th-street-greenwich-village-new-york Yet, its been listed since 05/2008 at 750k, now down to 599k.. I'm surprised it wasn't even able to find one 'sucker' to be fooled into buying it since it got so much press. Any thoughts?
Response by InvestorMan
almost 17 years ago
Posts: 135
Member since: May 2008

Probably cause you're not getting a penny from a bank unless you've got 120k for a downpayment, a steady job, and credit over 700.

Plus, if the co-op board is strict, you'd probably better have $200k in cash; just in case you lose your job.

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Response by tenemental
almost 17 years ago
Posts: 1282
Member since: Sep 2007

Funny, Ardor's still running ads for this one on Craigslist (it's been a FSBO or open listing for months). Guess they didn't get the notice from Halstead yet.

The psychology has totally changed. A tiny place is a tiny place once again, no matter how well decorated or nice an outdoor space, and $599k is back to being a whole lot of money to the people who would even briefly consider it.

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Response by hejiranyc
almost 17 years ago
Posts: 255
Member since: Jan 2009

And of course it's typical broker bullshit- this place is well under 400sf, yet the listing claims it is 525sf. $1500psf is soooo 2007!

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