recent Grand Madison sale shows 225 Fifth Avenue lofts still treading water

time flies!
It has been almost a year since I did one of the more interesting posts using the Master List of Manhattan Lofts Sold Since November 2008: my March 5, 2010 data dump: 27 Manhattan lofts sold in 2007 + recently, in which I looked at 27 pairs of resales that had sold sometime in 2007 and again within four months of that post, straddling the end of 2009 and the start of 2010. The summary paragraph went like this (the bold is new for today’s post, focusing on the lofts at the 2007 new development 225 Fifth Avenue):

it seems to me fair to conclude (provisionally, always subject to more data) that the trend for Manhattan loft resales from 2007 is more likely to be positive price changes than negative, even allowing for the number of lofts that were improved from 2007 to the current resale. Buyers in 2007 at 225 Fifth Avenue have (so far) shown mild declines but the five resales there overweight the experience in that one building in this paired resale analysis. Of the four Big Losers, one was a 2007 conversion, one a 2005 conversion, and two were in buildings converted to residential living many years ago.

Those losses at 225 Madison (the Grand Madison) ranged from 1.2% to 6.87%, comparing their original sponsor sales prices to the then-recent resales.

The latest sale there shows no progress: the Manhattan loft  #10D at 225 Fifth Avenue sold on December 30 for $1.6mm, 2.1% off from its original sponsor sale in March 2007 ($1,634,291). (Don’t blame me for not bringing fresh data:  this by-now-not-very-recent sale was not recorded until February 9.)

anticipating a flat horizon
It looks as though the sellers expected to sell into a flat market, as they started on June 21 at $1.699mm. When that had not worked by August 12, they dropped to $1.649mm, looking for a less than 1% gain (if they’d then gotten a full-price offer). They held there until the December 1 contract.

miscellany
By the way, what do you think of the living room wall color? Or that bedroom wall treatment?

Note to self: for a future post check the other 13 sales in 20120 not captured in my March 5, 2010 post, as updated.

Note to StreetEasy users: there are two sales reported for #10D on December 30, as there was a corporate relocation service that bought the loft from the sellers, then immediately sold to the buyers.

© Sandy Mattingly 2011