and raise you … / pushing at The Bullmoose

taking the temperature of The Market
Back in those thrilling days of yesteryear, new listings were often priced something like this: take the last sale in the building and add X%, where X could be 10%, 15% or 20%, depending on how long ago the sale had been and the appetite of the seller.

has The Market appreciated 8% since April?
#3B at 42 East 20 Street is new for sale today (no pix or floor plan yet), asking $3.95mm and $2,794/mo (condo) for “2,735 s ft” at the hot-when-nrew-in-2003 Bullmoose Condominium. The last sale in the building was #5B (with the same footprint and – probably — the same finishes as #3B, given that this is a 2003 conversion), which sold at $3.65mm (off an ask of $3.695mm) in April and took 6 weeks to find a contract.

other sales
#7A is a smaller unit (“1,469 sq ft”) with a different layout, obviously, and that sold for a higher price per foot juts before #5B closed. #7A traded above the $1.999mm asking price, at $2.05mm but took 2 months and one price drop (from $2.175mm) to find its buyer. That is $1,395/ft, compared to #5B’s $1,334/ft.

#3A holds the building record price-per-foot. That unit is “2,222 sq ft”, so very different from #7A, and closed in March 2006 for $1,572/ft. I don’t see anything in the listing data base to account for such a premium for #3A.

If #3B gets the asking price of $3.95mm, that would be $1,444/ft, an 8% premium over the two-floors-higher sale 7 months ago.

© Sandy Mattingly 2007

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