when charm is not enough, cut and cut again
There’s a lovely (truly charming) Manhattan loft for sale that has had rather a lot of trouble finding it’s correct positioning in The Market. I’d say not for lack of trying, as it has been on the market (on, and off, and on, and …) for the better part of three years, except that it seems to have been so far from market price time and time again. One suspects that the sellers are more in love with the lovely (truly charming) loft than any buyers. That can be a problem.
into the way back machine
When they started "trying" to sell in 2006 they were asking about $1,300/ft. As has been true all along, the loft has high ceilings, definite "classic loft" features, terrific light and rather spectacular views. But $1,300/ft was simply the wrong price, which they acknowledged by dropping twice by six figures. They held for about a year at the last price, before taking a few months off.
When they came back in 2008 they trimmed a little off the top, but not much (1%, almost exactly). They obviously were hoping that The Market would float all boats, but they were well past the point at which the seemingly-continually-rising market would ‘fix’ pricing mistakes. That did not work, either.
When they came back to market this year they dropped $200k, then a quick $50k, and more recently another $200k. Sitting 25% below where they started, they have to be wondering Where Is The Market??
further, and way-er back, Mr. Peabody
Considering that they are now priced nearly 10% below where they bought this loft in July 2005, they have to be wondering How Many Dollars Have We Burned Not Finding The Market??
With all it’s charms (and the light, and the view), most people paying this much money are going to re-do a fair amount of the interior space (anywhere from $100k to $500k). Asking $950/ft is a lot more likely than $1,300/ft to generate a bid, but it may still not be enough…. For this loft at least, 2009 is looking worse than 2005.
© Sandy Mattingly 2009
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