tired of pi**ing into the wind, 130 West 30 Street loft sellers take money, run

run far, to Jolly Olde, in fact
Although the sellers of the Manhattan loft #12C at 130 West 30 Street (the Cass Gilbert) tried to sell around $2mm in 2006 and again in the post-Lehman market into 2009 at $1.8mm, I would not call them stubborn so much as hopeful when they brought the loft back to market on February 7 at $2.295mm, their highest asking price to date. Hopeful they were, but realistic they turned out to be, with 3 quick price drops leading to a May 10 contract and a July 20 closing at $1.875mm.

The numbers are easier to follow like this, starting with their purchase from the sponsor:

Oct 6, 2004 sold $1,349,181
May 2, 2006 new to market $2.195mm
June 26   $1.995mm
Oct 1 off the market  
Nov 5, 2008 new to market $2.195mm
Dec 21   $1.895mm
Jan 15, 2009   $1.795mm
April 22 off the market  
Feb 7, 2011 new to market $2.295mm
Mar 8   $2.195mm
Mar 24   $2.195m0
April 7   $2.065mm
May 10 contract  
July 20 sold $1.875mm

is persistence an over-rated virtue?
Now that the story has ended well, it is a little less cruel to point out that they offered loft #12C for sale at $2.195mm in 2006, 2008 and 2011.

It is not like they did not give it a shot. Five months in 2006. Nearly 6 months in the tough market nuclear winter, in which they tried three different prices. But the recent campaign is the very model of motivation: price drops after 4 weeks, then 16 days, then 14 days, with a deal finally struck at a nearly 10% discount from that fourth price (18% off the 2011 starting price).

a new locution
The loft would be Long-and-Narrow if it were not Short-and-Wide: you enter on the long wide plumbing wall and are soon in the main room, with 3 real bedrooms across the long wide window wall. A very efficient layout (3 bedrooms in “1,900 sq ft”) with “tons of light throughout the day”.

There is no indication that the owners changed anything significant after buying from the sponsor in 2004, and you will see (above) the reaction of The Market when they tried to flip 19 months later at +63%. Same reaction post-Lehman. Better reaction in that May contract at +39%.

hopeful in 2006, also
There was a very recent very similar sale at the Cass Gilbert when these folks brought loft #12C out at $2.195mm on May 2, 2006. Loft #7C had just closed at $1.75mm on April 25 for essentially the same loft, minus the light and planting terrace (probably). The babble for that loft had one thing that #12C lacked in 2006, however: “Motivated seller.”

That’s a lot of hope in #12C. That is a virtue, too, right?

Jolly Olde, explained
I did not work this datum into the text naturally, so feel that I need to explain the first sub-heading. The notice address for the 2004-buyers-turned-unsuccessful-sellers-until-2011 is in Middlesex, England. I’d love to know when they moved, in order to get a better sense of when their motivation went to 11. Looks as though not until 2011.

© Sandy Mattingly 2011

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