New development flips at higher prices

last time i checked flipped for a higher price means they actually sold it at a higher price. listing an apt at a higher price is just wishful thinking.

$785k for essentially an alcove studio on the UES? Has this would-be flipper done any market research at all?

My favorite line is this one:

"SITUATED BETWEEN CENTRAL PARK AND CARL SCHURZ PARK"

Technically true, but a bit misleading. The parks to the East and West are both 4 long avenue blocks away. Not exactly nearby, not to mention most of the UES can be described as being between the two parks.

strategically located for maximum enjoyment between the hudson and east rivers, this apartment commands attention from one and all.

$1400 psf?

Let's see - drop it to $500 and somebody might be interested.

Especially because it's equally convenient to the beaches of California and the theatres of the West End.

ah - lmao!

It's also for rent for $2,995 down from $3200.

If I had to speculate, I would posit that the asking price was not derived from comparable sales, but simply by adding the sales price and the closing costs in and out to come up with a "break even" number".

http://www.youtube.com/results?search_type=&search_query=tooter+turtle&aq=f

Sounds about right to me REO. There's a lot of "investors" who jumped into the market on the assumption that real estate never went down, who seem to be thinking that they can still pull a rabbit out of a hat. We'll see how that magic trick works out.

#4a closed for $675,000 on 6/1/09; two floors higher are not worth $110k.