price change (eventually) does the trick at 24 E 20

2 firms, 3 prices, 8+ months = 1 contract
Among the lofts listed as In Contract as of Monday is 24 East 20 Street #4, which dropped in price from $2.895mm to $2.695mm after I touched on it last in an October open house review. This one was a little hard to follow as it had earlier been listed with Corcoran under a slightly different address (see April 25, 20067: real 2,500 sq ft at 20 E 20).

It came to market under PruDE in September at $2.895mm after 5 months on the market with Corcoran at $2.995mm. My April comment about price was less than prescient: “Asking $2.995mm seems hardly out of line, given the size and “custom” kitchen and baths, while the maintenance is a paltry $1,150/mo.”

was it the finishes?
Turns out it was hardly ‘out of line’ at 10% off, but off kilter before then. I am a bit surprised that it took so long, given the 36 x 72 foot footprint and ‘custom’ kitchen, but perhaps Reader Lofty was right in commenting on the September 14, 2006 open house review that “[a]side from the front and back windows that limit it to a 2br, the kitchen and bath remodel were mediocre” (it was Lofty who pointed out to me that “24 E 20” and “20 E 20” were the same 4^th floor listings).

It will be interesting to see the contract price here – whether seller held tough near the (last) asking price of $2.695mm or whether the buyer negotiated a significant discount from that number. You’d think the seller would have seriously considered a bid of $2.5mm in the Fall, when the ask was $200k higher, but it is pretty unrewarding to guess. (Easy to do, but unrewarding.)

© Sandy Mattingly 2008