did developer leave a lot of money on the table in 2007?

pushing past the past
There’s a resale that caught my eye, a new construction Manhattan loft that was marketed in 2006 and closed in 2007. This Tribeca unit closed in the first offering at $1,100/ft after the developer dropped the price twice and then accepted an offer for another 12% off the last price. (This was not one of those new development sales that involves a closing a year or so after the contract was signed: it closed the month following the contract.) Does that sound to you as though the developer left a lot of money on the table? Not to me, either.

Hence, my confusion about this unit being marketed now above (… wait for it …) $1,800/ft. Especially after a unit in the same line did not sell after quite a long time for (only?) $1,400/ft. Maybe I am missing something in the descriptions, and the $1,800/ft current listing is supported by a masterful renovation / upgrade, but who upgrades that much and then flips?

Without a huge addition of value, the pricing theory eludes me. If the premise is that the developer sold low in 2007, leaving money on the table to be picked up in 2009, good luck. Hence, this is today’s candidate for the too pushy, or not pushy enough? thread. I vote too pushy.
 

© Sandy Mattingly 2009