06-07-2012 - Curbed
Patience Pays for Chelsea Flipper on West 17th
The seller of apartment 1C at 246 West 17th Street must have had a very strong feeling that his apartment was worth twice what he paid for it just two years earlier when he put it back on the market for $2.7 million in 2011. With the potential for almost 100% appreciation after just two years, the seller had some wiggle room to start price cutting, but only did so once (a tiny 3% trim) after just a month on the market. Then the seller just waited, and eventually someone came along to buy at $2.6—89% above the purchase price of $1.4 million in 2009. Market timing helps, but patience and resolve seemed to pay off in this case.