We're not criticizing this 1,800-square-foot 3BR (or 2BR with home office) co-op at 15 West 11th Street, we just want to understand. Today's Wall Street Journal has a story on how the downtown real estate markets in several major cities are holding up. The paper writes that bidding wars still happen in New York, which of course is holding up rather well. In fact, according to Elliman broker Toni Haber, 60 people lined up at the open house for the above apartment. There were four offers within a week, and the apartment went to contract for $300,000 above the asking price. It's not like this was a once-in-a-lifetime deal?the apartment was listed at $2.2 million and the common charges are a hefty $3,166 per month. Your guess is as good as ours, probably even better. So what gives? Stolen Nazi art hidden in the walls?
· Where Home Prices Are Holding Up [WSJ]
· Listing: 15 West 11th Street [Elliman]