The Market

CompsWatch: 3 'break even' sales that aren't

By A. Ready | October 29, 2010 - 7:16AM 

Psychologically speaking, it's not easy selling an apartment at a loss.  That's why some sellers refuse to sell for less than they paid--holding out instead for a "break even" price that isn't really once you take into account brokers' fees and other transaction costs.  It's a shrewd psych ops tactic for buyers.  For sellers like the three below--each of whom sold this month for exactly what they paid in '05 or '06--it's an ibuprofen for their pride.

  • 336 Central Park West, 8D: $515k 2005/2010, one bedroom, one and a half bath.  This one bedroom, one-and-a-half bath initially hit the market in April of 2009, with an asking price of $725,000.  After a year and a half, it sold in October  for $515,000, the same amount it sold for in May of 2005.
  • 370 East 76th Street, C1001, $655k 2006/2010,  Less than 10 months transpired between the December 2009 initial listing of this junior-four at $735,000 and its recorded sale of $655,000 this month.  It last sold for $655,000 in June of 2006.
  • 235 East 54th Street, 3D, studio, $290k 2005/2010. This studio first came on the market for $385,000 during the center of the financial storm, September of 2008, and only remained active for two months. The listing reappeared this May at $320,000.  After a relatively short three and a half months it entered contract in August, and closed for $290,000, matching the sales price fetched in September of 2005.
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