drip, drip, drip in Tribeca / the sound of price dropping (bird NOT chirping?)

was too pushy, for sure

There was a time when some Manhattan lofts were sold as white boxes — minimal finishing to qualify for a Certificate of Occupancy, but no interior walls, probably only one bath, and (often) a throw-away kitchen. Buyers (back in the day) appreciated the ability to build out to their preferences and tastes, rather than the developer’s. There have been fewer white box developments lately.

One Tribeca white box condo development from the last century has a loft for sale that is now priced under $1,000/ft, but it has taken some time to get there. Were I smarter, I would have highlighted in my early too pushy …? thread, as it started around $1,200/ft. Since then, 4 price drops (one of which was 11%) suggest the seller really wants to sell. Hasn’t happened yet, of course.

canaries and coal mines

Granted, the seller was wrong about The Manhattan Loft Market when the listing was new — by at least $200/ft, nearly 20%. But if this relatively fresh condo loft (with a lovely description and decent address) continues to sit, the seller’s patience will be sorely tested. As will The Market — as the various firm market reports for the Fourth Quarter of 2008 come out, are there enough buyers out there to even make a market?

© Sandy Mattingly 2009