more eternal springing / will unsuccessful 2006 price work in 2008?
if at first you don’t succeed
I saw a new Manhattan loft listing this morning in a prime loft building in a non-prime loft neighborhood that has been off the market for two years. I am not going to be more precise about which building (you know, that April 9 thing …end of an era for Manhattan Loft Guy / a new day dawns?), but the loft was on the market for six months in 2006 around $1,000/ft (with one price drop). It is now back on the market at the same (last, unsuccessful) price.
topping out in 2005, more or less
The best prices-per-foot in the building have been in 2005 ($1,100+), with one such sale in 2008 along with several in 2008 just above or just below $1,000 (a range of $920 to $1,046, in addition to that $1,150). The new conversion prices in 2004 were around $700/ft, so all these folks should have significant equity, but the history of this building is one of price stagnation.
I will keep my eye out on this one and when (if?) it sells, end the mystery about which prime loft conversion I am talking about here. Pricing around $1,000/ft certainly has attracted buyers to the building in the past (though not to this one).