Wow! Home Sells For 12% Of Asking Price

From CBS Money Watch –

Home sales in New York City have been holding up better than almost everywhere else in the country. But that might be changing.

It’s no secret that sale prices in the current housing market are way down, but in one historic New York City Upper West Side building condo prices are crashing.

Originally listed at more than $2 million, a condo in the Apthorp building was sold for $228,900 according to the New York Post.

The one-bedroom penthouse sold for 88 percent below the owner’s asking price of $2,025,765. Maybe it’s the market or maybe people just don’t think a one-bedroom condo is worth a couple million (even in New York).

I am impressed at the scale of the losses on that transaction. Maybe the housing market isn’t recovering as fast as the experts think?

James Pilant