drip, drip … this data point points down from 2007 (way down)
not too pushy (now) but not selling (yet)
There’s a Manhattan loft that’s been on the market nearly a year, with a sobering price history. It started this go-round in the Spring around $1,000/ft and has had four drops since then, totalling more than 20%. But that is not what will make you sober.
The last three drops have all been to prices below the June 2007 sale, and it is now offered for 14% less than the unit sold for then. These sellers are acting as though they really want to sell, in which case we will find out where they (finally) meet a buyer. If they decide they can hang on ‘for a while’ I suspect this will come off the market soon. We shall see….
The loft is on a funky block (actually, a Manhattan Loft Guy fave), in a no-frills mature coop in which a "renovated and restored" unit sold at $1,000/ft in late 2007. But the current difficulty is not the funk, the frills or (likely) the finishes. Yes, Virginia, The Market has changed. For this loft, by at least 14% in 20 months.
Extrapolate at your own risk, of course.
© Sandy Mattingly 2009