with 95 Greene Street contract, reality vs. NY Post / who wins?

probably not Murdoch’s fault
I have my doubts about Exhibit A in support of a NY Post article today with a provocative headline, lede and story.

• the article is A bidders market / Upscale homes rebounding in NYC
• the lede is "What housing crisis? Despite the nationwide malaise in the real-estate market, here in the city good old-fashioned bidding wars have broken out again over select properties"
• Exhibit A is said to be a Belgian family who "just recently signed a contract on a stylish one-bedroom loft on Greene Street after her $1.9 million bid — $25,000 over asking price — trumped another bidder".

Maybe that is all true.

I am not saying that someone manipulated the story to make a certain splash in the media, but … the details in the inter-firm data-base don’t match this public story.

The facts shared among firms are that the Manhattan loft at issue came to market on March 5 at $1.95mm and that as of the last update on June 5 (Saturday) the price had not changed. On the other hand, StreetEasy thinks the price dropped from $1.95mm to $1.875mm as of June 4, so maybe the inter-firm data-base is one (very recent) update behind.

Regardless, if these Belgians "just recently signed a contract" the asking price at the time they began bidding must have been that starting $1.95mm. (Who drops the price during a bidding war??) The Post added the nice detail that these Belgians jumped on this loft right after it came to market (which would have been early March, with that pesky $1.95mm asking price), emphasis added:

On the recommendation of her real estate agents, [Belgian mom] swiftly jetted to New York to view [the] apartment one week after it went on sale.

It is a different story if the Belgians outbid someone else to sign a contract at $1.9mm for a loft listed at $1.95mm than if the Belgians had to bid above ask. An interesting story, perhaps, but certainly a different story.

no cigar
I mean … it is nice that the Post provides specific details about the contracts that support a provocative piece like one that starts with "what housing crisis?". Indeed, that is progress, compared to the many articles that just feature quotes like "I have had several clients lose out recently in bidding wars". But is it too much to ask that the details match the public record??

more interesting: 2007 comparison
Laments about journalism and The Real Estate Industrial Complex aside, the really interesting thing about the loft featured in the Post is that it sold in May 2007 at $1.775m. So if the Post accurately reports the "recent" contract price, this loft will sell at a 7% premium in just over three years.  Look for an update to the Master List of Manhattan loft sales since November 2008 when this baby closes.

h/t Curbed for the Post link
 

© Sandy Mattingly 2010