gnashing of teeth in The Lions Head / jumpy prices + lien at 121 W 19 PH-E
raise the price to sell?
The first thing I noticed about the marketing of Penthouse E at 121 West 19 Street is that they raises the price because it wasn‘t selling.
The second thing I noticed was that they have done this before.
The third thing I noticed was that the seller is asking more than 50% more than the unit cost 13 months ago.
The fourth thing I noticed is that the condo has put a lien on the unit for $14,902.17 in unpaid common charges and $500 in legal fees.
Why is a seller who should be motivated asking so much, so soon, for so long???
curious price history
Elaine Clayman at BHS if offering this “2,027 sq ft” “amazing loft home with soaring ceilings and large southwest setback terrace” for $3.33mm ($1,963/mo in common charges and abated real estate taxes), which is $100k more than it was offered at last week.
Not that $100k on this price will drastically change the pool of potential buyers, but the direction is … curious. No more curious than the last price change, on June 29, when they raised the price all of $30k.
The price history prior to June 29 was pretty conventional for an unsuccessful marketing campaign. They started at $3.995mm in January, dropped to $3.75mm in March, then to $3.2mm in May. Since then, they’ve been creeping up.
July 2006 closing
This penthouse loft was one of the relatively few that were not sold immediately at the Lion’s Head – back when buyers were lined up on the sidewalk waiting to get into the sales office in 2005. But it didn’t take too long, either, as the first closings were in May 2006 and this sale was in July.
That price was $1,933,880. (The record owners in the July 2006 deed are different from the record owner in the May 2007 lien, but I don’t see any city record of a transfer from the first owners; not sure what that means.)
simple (?) arithmetic
The current asking price of $3.33mm is a 70% premium over the July 2006 closing price. Wow! I will just let that sit there….
© Sandy Mattingly 2007
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