The teensy weensy 790 square foot “condo alternative” at 99 Surrey in Glen Park that had all the blogs abuzz, has sold. Asking $599,000 sold for $573,000 or $725/square foot. It did also have “RH-2 lot with renderings of contemporary 2 unit building with parking”, so we’re thinking we’ll be hearing about this in a few years.
[Update: After browsing MLS a bit longer, we see it last sold 12/29/06 for $499,000, but then it "needed work and creative ideas". That means it appreciated $73,000 in 6 months, even though it sold under asking. Of course we know nothing of how much they put into it, if any, and how much they spent in mortgage, but those are the basics for you to ponder.]
1 response so far ↓
Boom // May 30, 2007 at 4:31 pm
Weird property. I still believe anybody buying property and selling within 2 years, let alone 1 yr isn’t that savvy and shouldn’t have bought in the first place.
Short term capital gains tax is huge, and if you can hold out for 2 years and pay no capital gains tax, why not? When people start thinking about real estate for the long term, and utilization taxation strategies, that is when the real big money starts coming in.