tracking the market / the lab at 114 West 27 Street heads south

closing price starts with an ouch

The Manhattan loft #8N at 114 West 27 Street has changed hands three times in the last 50 months, first at $1.225mm in September 2004, then at $1.57mm in April 2007, and most recently with a deed filed November 25 at $1.435mm. That is not a typo: the November 2008 sellers at $1.435mm sold for $135k less than they paid as April 2007 buyers.

The loft is said to be "1,650 sq ft" and the 2008 PruDE listing captured (in part) on StreetEasy (here) is sufficiently similar to the 2007 Halstead listing captured (in part) on StreetEasy (here) to conclude that the condition of the unit had not changed materially between the two sales. Selling words include "triple mint", "chef’s kitchen", "great light".

what a difference a year makes

The listing histories are instructive (sobering):

In the active Manhattan loft market of late 2006 into 2007, the seller was confident enough about pricing not to drop the price in the five+ months before reaching a deal, and got nearly the asking price. (In other words, they were right.) In the new market evident by September 2008, the buyer-turned-seller took a brief shot at the (not-greedy) asking price essentially equal to their purchase price, then quickly signaled a willingness to negotiate by dropping a digit. They quickly found someone with whom to negotiate, and made a deal 9% off their first asking price. (They, too, were right.) Props to Susan Daugherty of Halstead and PruDE’s Francine Hunter McGivern for getting their respective sellers what they wanted within then-current market constraints.

© Sandy Mattingly 2008