Sale at 1 Wall Street Court

why is that crazy? the market price for anything is what someone will pay for it. maybe the guy got a good deal, maybe he did some renovation, regardless he's trying to sell an asset for 10% more than he paid, so what?

closing costs were prob 25k.

That's what I can't understand, assuming he gets ask he has about 46k profit from which he needs to pay the broker 6% of 499k, around 30k...which leaves him with 16k. Why bother with all the hassle?

Plus the short term capital gains taxes he has to pay. Sounds like a distressed seller to me...or an idiotic one

maybe no broker?

there's a broker citi-habitats...

Maybe he got relocated and you people should chill out.

Maybe he is a she.

I'm HIM and also number 8.

Maybe it's a 1031 exchange? To HIM, how many offers have you had, above ask, or at, or below?

More likely trying to squeeze out the last remaining dollars $ out of this market. After all, can studios of this size 400sq ft seriously go over 500k by very much? 500k seems like a mental boundary few want to cross over.

I received an offer for $494k but haven't accept yet because of some of the contingencies.

I sincerely doubt the owners is trying to flip. And if they are, they are seriously misinformed about NYC real estate.

If the apartment was purchased for $450K, the closing costs were probably $13-$15K (assuming it wasn't a sponsor unit, in which cases the closing costs would be closer to $25K). However, if it was an all cash purchase (no mortgage), the closing costs would be significantly lower.

If the apartment sells for $500K, the seller will pay about $45K in commission, transfer taxes, attorneys fees, and other closing fees.

In other words, best case the seller will break even. Worst case, they will walk away with a loss. Not exactly a brilliant flipping opportunity.

He said he got relocated & let's hope he doesn't get burned. GEEZ. I love this website but there are some really snarky people out there.