why would you do that? flipping (trying) at 25% over February 2009

head-scratching ensues
There’s a Manhattan loft new to market in a building that has had a fair amount of activity in the past couple of years. One bit of that activity was this very same loft, selling in February for $1.73mm. When that happened, the loft was a poster child for the changing market — coming to market at $2.275mm at the peak, then hanging on (dripping down; 3 price drops) through the dog days of Lehman, into 2009.

So it is back on the market at … Old Price #2. The exact price it did not sell at from May to September 2008. $200k higher than the price it did not sell at from September into November. $300k more than the price that generated a sale at $1.73mm. I am scratching so much my head hurts.

Why would you do that???


© Sandy Mattingly 2009


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