Among the units available at poster child Maxwell Place, one seller stands out among those swept downstream on De-nial River. Only difference is that the Egyptians were much smarter without centuries of technology and research available to them.
Behold a 2 BR, 2.5 BA at 1025 MP covering 1430 sq feet on the 7th floor and facing Manhattan. This latter feature is one the owner seems to think very highly of - maybe too highly.
This unit has been listed for sale and for rent - whatever works for the owner in cash flow terms. As we have discussed, no such situation exists but this land mogul seems to think that what's good for Toll is good for them. They need to understand that Toll's opportunity is their misfortune before they lose it all!
The first postings for this unit were noticed around the beginning of May 2008 although it was closed/purchased a year earlier. It's fate during that time is unknown but I presume the owner must live in it by now, unless they have pockets so deep that it matters little.
The purchase price in May 2007 was $903,990 and the first listing in May 2008 was seen at $1,750,000. Has anyone noticed what the greed on Wall Street resulted in? This owner may represent the trend very well.
After a while, a rental rate of $6,999 was also listed for this unit in May 2008.
Hmm... okay no takers there either. What gives? A near 100% profit desired after purchasing at the top of the market should be a smooth go with that view! It's immuned to the rest of the world! (Now I'm getting really cynical).
Rent down to $6,900... Nyet!
Now rent down to $6,500... any guesses for the big prize?
On the selling price front, the original ask of $1.75 was shaven... down to $1.725... whoopee!
Then $1.69... ummh... what was it closed at in 2007?
How about $1.649? That's where we've been offered this unit below "developer pricing!"
I want to hear the explanation on that line!
Current property taxes are just under $13,500 and monthly condo maintenance fees are just over $800. I think we've discussed where both of these will be headed in the year or two ahead.
If anyone wants to start the counter-offer process here, please feel free.
Enough said... I hope I shame them into pulling it off the market.
After all, it always has been!
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3 comments:
What's with the pleasure you seem to derive from other's misfortune?
In order to understand the answer to that question, you would have to understand the difference between misfortune and greed. You either did not read this post well, or comprehend it.
From Dean Baker at CEPR:
"The positive side of this picture is that a plunge in sales may lead to a more rapid adjustment in house prices. Many sellers stubbornly hold on to their houses with the expectation that prices will recover. A sharp falloff in the market may be sufficient to dispel this belief and lead sellers to accept prices that are more in line with current market conditions.
The plunge in refinancing applications is consistent with other evidence showing that consumers are sharply pulling back on their spending. While this is a necessary response to the loss of $5 trillion to $8 trillion in housing bubble wealth, this rapid decline in consumption will make the recession far deeper than if it were drawn out over a more extended period of time."
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