modesty pays as 107 West 25 street sells quickly, up a fraction since 2004
18 days to contract
If you were distracted in February you could easily have missed the fact that the Manhattan loft #3E at 107 West 25 Street came to market on February 5, as it was in contract by February 23. With that trajectory, it is not surprising that it sold at the asking price of $985,000. (April 30 deed was filed on May 11.) For the very picture of modesty, compare that April 2010 clearing price of $985k to the July 2004 price at which these recent sellers bought, $962,680. That six-year appreciation (if you can call it that at this scale) computes to 2.3%.
Although this loft was marketed as a "stunning architectural renovation", it appears that the stun gun had already been applied when these sellers bought in July 2004. That marketing campaign led with "featured in Interior Design magazine …". Indeed, the loft was so attractive to The Market in 2004 that it sold then over the asking price, with a contract signed within 20 days of first being offered for sale. (Maybe these folks think that a 30 day campaign is standard in Manhattan.)
The loft is said to be "1,060 sq ft", with 11 foot ceilings, (cast?) iron columns, "gorgeous bathroom, chef’s kitchen, and five oversized south facing custom windows". Undoubtedly, the in-wall sound system, custom lighting, and walnut cabinetry in the bedroom and living room that were featured in the 2004 marketing campaign are still there. (The floor plans are identical, 2004 and 2010.)
how deep is the market on this corner?
This is not a big building (24 units) yet it has been in a pretty active sales phase. When I wrote 107 West 25 Street closes in six figures, tough comp for neighbors on March 7, #5D had just closed (at $950k), and #2C ("1,050 sq ft" plus terrace) had closed the day before #5D, at $999k. That’s three sales within three months within a range of $50,000.
As I noted in that March 7 post, #5B had closed on June 25, 2009 ($975,000 for "1,200 sq ft"; hit in my July 15, 2009 post, 107 West 25 Street buyer discerns deal 15% off list, sits in lap of luxury), staying within that narrow range.
This small building now qualifies as a Manhattan Loft Guy fave, as I also hit on January 10, 2008, 107 W 25 goes over ask / back story to NY Times item. That post told the story of #4C and of a different market. #4C is said to be "1,300 sq ft" (including the sleep loft??) and was then newly renovated. Hard to believe that the above-ask October 2007 clearing price of $1.445mm was not the product of juicing on a Barry Bonds scale, given that narrow range of trades (of smaller lofts) more recently. Off the juice, that same loft sold in May 2005 at $1.225mm, still a hefty premium over the July 2004 price of #3E ($962,680).
© Sandy Mattingly 2010