36 White Street misses the party, closes (off the radar) like its 2005

et tu, StreetEasy?
The Manhattan loft on the 3rd floor at 36 White Street just closed for $1,337,500 (deed June 1, filed PDQ on June 4). Of course there are things about the Manhattan real estate business that I will never understand, and this is one: although this loft has been in the REBNY inter-firm data-base most of the last 3 years, you’d never know it from StreetEasy or Property Shark. Short story: this "1,525 sq ft" coop loft is in triple mint condition (a "spectacular" renovation, if you believe the babble), was last offered for sale at $1.695mm, and traded in August 2005 at $1.275mm.

I can understand the gap in StreetEasy’s system for the ‘open’ period, but how did StreetEasy miss the last 18 months of this listing history?
 

 
right direction, wrong magnitude
Note that when this loft was offered for sale in April 2007, the owner had lived there only 20 months and that he was right in thinking that The Market had moved in his favor during that time. But not that much: asking in 2007 – 2008 for a 45% premium over his August 2005 purchase price was a big mistake.

I don’t mean to pick on a civilian — as professional real estate agents were certainly making the same mistake at this time — but this guy sat well over-priced during the frothiest of the frothy times in Manhattan, and did not seek professional help until Lehman came down (bringing, yes, nuclear winter, as MLG readers have heard before).

it is a free country
Even with professional help, the guy was rather … stubborn. Other than taking the Summer off last year, the owner sat at $1.695mm from October 2008 until selling last week at $1,337,500, a 21% discount from his last ask, and a 5% premium over his August 2005 asking price. This guy definitely left some money on the table.
 

© Sandy Mattingly 2010