When properties don’t sell, why do asks go up?

The studio in question does have a $1 million view.

Consider a Central Park West studio that was listed in March of 2009 at an asking price of $985,000 with monthly maintenance of $1,204.

Unsold, the co-op was taken off the in August and re-listed with the current broker in September for $950,000.  In January, the maintenance climbed to $2,200.

Last month, the price actually went up, to $1 million. Continue reading