For my first thread on UD, I will propose listings that have gone from delusional to desperate.
Suppose you went into contract for your commanding-view top-floor penthouse in 2004 for $10.7M and bought it in 2007:
As did the apt below you, at $10.2M, which then flipped in 2008 for $14.3M, then sold again for $14.1M in 2010 at the “bottom”, then $15.5M:
It’s a nice apt:
Same as yours but not the TOP, and not as redone. Only a fancified kitchen, no extensive millwork, no TV mounted and dropping from every surface imaginable. So clearly when you go to market in 2018, you should go big at $22M:
And spend a couple of years working your way down to $18.8M while “finding” another few hundred square feet laying around to add to the apt:
But, eventually you get tired and want to move on. So you put your tail between your legs, $15.5M for lesser apt be dampened, rename it the PENTHOUSE, and ask $13.5M. Until you wait another 6 months and drop to $11.5M, hoping for an offer to match your 2004 price:
With this sad copy:
The best part of being the buyer right now is the value. Priced under $2,800 per square foot, the Penthouse at 240 RSB is a steal. For perspective this apartment on Billionaire’s row would start with a cost of $40M and on Fifth Ave would start at $30M.
Suppose you went into contract for your commanding-view top-floor penthouse in 2004 for $10.7M and bought it in 2007:
StreetEasy: The Heritage at 240 Riverside Boulevard in Lincoln Square, STEII - Sales, Rentals, Floorplans | StreetEasy
Find New York City apartments for rent and for sale at StreetEasy. StreetEasy is a Real Estate Search Engine for apartments and real estate in Manhattan and New York City. Search our site for apartments, condos, coops, lofts, townhouses and new construction homes in Manhattan, Brooklyn, Bronx...
streeteasy.com
As did the apt below you, at $10.2M, which then flipped in 2008 for $14.3M, then sold again for $14.1M in 2010 at the “bottom”, then $15.5M:
StreetEasy: The Heritage at 240 Riverside Boulevard in Lincoln Square, STE I - Sales, Rentals, Floorplans | StreetEasy
Find New York City apartments for rent and for sale at StreetEasy. StreetEasy is a Real Estate Search Engine for apartments and real estate in Manhattan and New York City. Search our site for apartments, condos, coops, lofts, townhouses and new construction homes in Manhattan, Brooklyn, Bronx...
streeteasy.com
It’s a nice apt:
For Sale: 240 Riverside Blvd. PHSUITE1 in Lincoln Square
240 RIVERSIDE BOULEVARD PHSUITE1 is a sale unit in Lincoln Square, Manhattan priced at $40,000.
streeteasy.com
Same as yours but not the TOP, and not as redone. Only a fancified kitchen, no extensive millwork, no TV mounted and dropping from every surface imaginable. So clearly when you go to market in 2018, you should go big at $22M:
For Sale: 240 Riverside Blvd. PH-SUITE2 in Lincoln Square
240 Riverside Blvd PH-SUITE2 is a sale unit in Lincoln Square, Manhattan priced at $22,000,000.
streeteasy.com
And spend a couple of years working your way down to $18.8M while “finding” another few hundred square feet laying around to add to the apt:
For Sale: 240 Riverside Blvd. PH-SUITE2 in Lincoln Square
240 Riverside Boulevard PH-SUITE2 is a sale unit in Lincoln Square, Manhattan priced at $18,750,000.
streeteasy.com
But, eventually you get tired and want to move on. So you put your tail between your legs, $15.5M for lesser apt be dampened, rename it the PENTHOUSE, and ask $13.5M. Until you wait another 6 months and drop to $11.5M, hoping for an offer to match your 2004 price:
For Sale: 240 Riverside Blvd. PENTHOUSE in Lincoln Square
240 RIVERSIDE BOULEVARD PENTHOUSE is a sale unit in Lincoln Square, Manhattan priced at $11,450,000.
streeteasy.com
With this sad copy:
The best part of being the buyer right now is the value. Priced under $2,800 per square foot, the Penthouse at 240 RSB is a steal. For perspective this apartment on Billionaire’s row would start with a cost of $40M and on Fifth Ave would start at $30M.