pushed it just enough for contract, eventually

April = then; February = now
I can’t wait to see how this ends, but the listing history of this newly-in-contract, current century, high-end Manhattan loft condo conversion is fascinating enough to warrant a comment even before the clearing price is clear. The layout is 2 bedrooms plus 3 baths and the building amenities package is rather over-the-top. The last sale in the building was pre-Lehman, a bigger space, a quick sale, and just pennies off the ask (nearly $1,700/ft). Here’s that fascinating history for the one newly-in-contract:
 

• on the market in Spring 2008 (between the last sale going to contract and its closing date) above $1,600/ft
• price drop after 6 weeks
• second price drop after 9 weeks
• accepted offer after 3+ months (that fell through)
• third price drop after 6+ months
• fourth price drop after 8 months (total price drops = 20% off original price)
• contract after 10+ months (at what discount from the [reduced] ask??)

Remember: that last sale was at a slightly higher price-per-foot than this one started at, and sold quickly at (essentially) full ask. Need further proof that the Winter 2009 Manhattan loft market is different from the Spring 2008 market? I will keep an eye on this loft for a clearing price, but in the meantime, just look around….