224 West 18 Street loft sells quickly, above 2007

is it the humility, Mars?
When the Manhattan loft #4A at 224 West 18 Street (the north front of the Campiello Collection) sold on March 21 for $2.2mm the seller realized a gain of 1.3%, which might not seem like a big deal until considering that the prior sale was on June 11, 2007, just 2 or 3 quarters pre-Peak. Not bad at all, in fact.

As impressive (from a professional-trying-to-help-someone-sell perspective) was that the contract on March 2 followed soon after coming to market in January 19 (very soon after, and the closing was very soon after the contract; bless those condo waivers!). The Market’s reaction says: well priced. To which Manhattan Loft Guy says: nicely done.

There is a certain humility in not over-reaching The Market, even if a cynic (moi??) might have suggested that pricing 2007 Plus Anything would be a mistake. The Market proved that the sellers were right to ask $2.295mm, as it got that quick contract at a very modest discount. Some might have been distracted (perhaps, dissuaded) by the fact that the last comparably sized unit in the building sold for (only) $1.895mm in July 2010, but that #7A was a (distracting) tiny bit smaller than #4A, at “1,802 sq ft” v. “1,905 sq ft”, though with essentially the same footprint. That loft was also rewarded for being correctly priced by a quick contract (asking $1.895mm on February 25, 2010; in contract at that price by March 12, 2010), prompting a comparison on a $/ft basis between #7A a year ago at $1,051/ft and #4A at $1,154/ft.

Has the market on the north side of the Campiello Collection improved by 10% in a year? In broad terms, I doubt it, but you could use these “A” sales to make a case.

It is old hat, but you could also use these “A” sales to make the point that well-priced lofts sell quickly, in any market.

© Sandy Mattingly 2011


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