another quick sale, as 1 Hudson Street closes up 10% AND down 10%

from ask, to start
Have you ever heard that well-priced Manhattan lofts sell quickly? (Yes, you have.) The latest example is the "2,000 sq ft" Manhattan loft that is the 4th floor at 1 Hudson Street.

How quick is "quick"? That is one story; the other story is the time warp that 1 Hudson Street may be in.

First things, first:

February 27 new to market $2mm
March 12 contract  
June 11 close $2.2mm

Of course, you’ve heard before that well-priced Manhattan lofts sell quickly. Here are but three recent examples, all of which, while "quick" were not as quick as the 4th floor at 1 Hudson Street.

June 14 20 Desbrosses Street loft sells above ask, quickly, with pellet-blasted brick and more (dramatic photos!)

The Manhattan loft on the 2nd floor at 20 Desbrosses Street is a bit of a puzzle, but the main story is that it found a contract in 23 days and closed $111,000 above the asking price. At $1,300/ft in a no-frills coop hard by Canal Street in (formerly sleepy) northwest Tribeca, that is a pretty impressive price.

(Be sure to read through to the end of that post and to click on the architect photos of the renovation that was so well-received by The Market.)

May 25, modesty pays as 107 West 25 street sells quickly, up a fraction since 2004

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%.

May 12, price right, sell quick at Ruggles House, 112 East 19 Street

A well-priced loft sells (relatively) quickly in any market. Signing a contract in 21 days is a sign of a well-priced loft. So is pricing below building comps.

April 22, 95 Greene Street goes to war, closes up 8%

It looks as thought there was a bidding war when the Manhattan loft #3F at 95 Greene Street sold on April 15 at $1.9mm, since the asking price had been $1.875mm. The loft is said to be "1,201 sq ft" in city records and was babbled enthusiastically, if not specifically. ***

I shouldn’t quibble, as the listing sold very quickly: to market on January 27 (our data base; StreetEasy says February 3), in contract February 25, closed April 15. Babble or not, the marketing worked.

I often say that the original asking price is the most important part of any marketing campaign. Here, they asked $1.875mm; they got $1.9mm and a contract within four weeks.

down at the bottom of Hudson, again
There have been no sales in this 11-story 10-unit coop since Peak sales of the 6th floor (August 6, 2008, $2,437,500) and the 10th floor (July 10, 2008, $2.525mm). Reading between the lines of the listing descriptions for the 4th, 6th and 10th floors, none of these lofts was done, as each was marketed more on the basis of the scale, windows and space than the specific finishes. (My last post here was about the 6th and 10th floor dueling sales and marketing, August 8, 2008, what a difference $675k makes / 1 Hudson Street closes.)

Given that the 6th and 10th floor sales were Peak sales, it is hardly surprising that the 4th floor just sold for a discount from those sales. Indeed, it is surprising to me that the (roughly) 10% and 13% discounts were not greater (also considering the height differences, which is probably significant for the sky from this corner building that is pretty widely spaced from its neighbors).

paging David Byrne, again
Or maybe I am more surprised that these two Peak sales were not Peak-ier, when compared to the recent 4th floor sale (on the one hand) and the sale of the 3rd floor in February 2005 at $2,300,129 (on the other hand). (That one was marketed by bragging about the condition ["Superbly appointed … loft designed by renowned architect Alex Gorlin"], which would account for some of the added value The Market perceived here way back in 2005.)

But it does look weird to have this sequence of sales of lofts in the same building, all with the same footprint:

Feb 18, 2005 $2,300,129
July 10, 2008 $2,525,000
August 6, 2008 $2,437,500
June 11, 2010 $2,200,000

paging Steve Boccho

I would check the dates on the nearby newsstands if you find yourself on the corner of Hudson, Chambers and West Broadway. Of course, if you find yourself in the wrong year, I have no advice for how to get back. Just be careful out there!

© Sandy Mattingly 2010

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