Home Sales: NYC Apartment Sells for 88% Below Asking Price

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).

The 763-square-foot home had been on the market for 13 months, according to StreetEasy.com.
The economy is taking most of the blame for the basement prices units are selling for, but apparently the building has been having some problems.

Tenants have complained about elevators and electricity problems, new buyers say they couldn't get renovation plans approved and "strict state regulations regarding rental-to-condominium conversations also added to the problems".
This most recent sale hasn't been the only huge deal in the building, several other units have taken hits of over 80 percent. In July:

• 405-square-foot penthouse sold for $123,717--listed at $895,000.
• 964-square-foot penthouse sold for $417,177-- listed at $2,559,420.

The building is no stranger to famous residents, past inhabitants include Al Pacino, Conan O'Brien, Cyndi Lauper, and Rosie O'Donnell.

READ MORE:

• New Home Numbers Haven't Bounced Back Yet
• Real Estate Goes Mobile
• Foreclosure Freeze Update: Impact Less Than Expected On October Foreclosures
• Bank of America, Ally Bank, Extend Foreclosure Freeze To 50 States
• Who is on the MERS Board of Directors?
• Texas Freezes Foreclosures
• Old Republic Title Won't Insure Chase Foreclosures
• Will Foreclosure Freezes Fix The Housing Market?
• Are You Getting Screwed by Your Lender?
• Help For Homeowners: 4 Million Homeowners Ask For Help
• Foreclosure Counseling For One Million, And Counting
• Help for Homeowners Totals $3 Billion Under New Obama Plan
• Foreclosure Process Shows Mortgage Lending Isn't The Only Problem
• What Does Main Street Know That Wall Street Doesn't?
• Real Estate Crisis Continues - Non-Residential Construction to Fall 20% by End of 2010
• Jobs, Small Businesses, Payrolls, and the Economy
• Loan Modification Hell: Join The Club
• Loan Modification Success Story - Filing a Complaint With the OCC Can Help
• Loan Modification Hell: New Solutions To Avoid Losing Your Home

Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com and The Equifax Personal Finance Blog, and is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.

Ilyce Glink

Ilyce R. Glink is an award-winning, nationally-syndicated columnist, best-selling book author and founder of Best Money Moves, an employee benefit program that helps reduce financial stress. She also owns ThinkGlink.com, where readers can find real estate and personal finance resources.

Twitter