bowing to the inevitable price drop, but 25% impresses

lovely loft, big hit
Speaking of lovely Manhattan lofts (as we were last week, July 31, why isn’t a Tribeca premium renovation worth at least 250/ft?) with pricing difficulties (as we were yesterday, ditto), there’s a new firm and a price on a loft to root for: this baby just oozes custom touches. (I can’t say too much without giving it away to a simple Google search, but they are name-dropping designers and magazines here). Coming to market more than a year ago (sorry I missed the birthday; consider this a late card) at nearly $1,300/ft, they held firm at that price for quite a while. Fairly or unfairly, there’s a new firm marketing the loft, and a new price — under $1,000/ft, 25% off the old one. (This is business; it is neither fair nor unfair.)

You never know from the outside what the dynamic was with this price history. Did the first listing agent insist for a year that The Price Was Right, or did the seller resist professional advice to drop the price? Did the seller and the first listing agent get tired of each other, or did the original agent try to extend the listing agreement at a new price? Did the second listing agent have a difficult time getting the  seller to drop by 25%, or was the seller already primed for a significant cut?
ready to deal?
I would think that the new price is sufficient to generate buyer interest, assuming that the bragging and name-dropping in the listing description is deserved. I will be curious to see if the seller will have to discount further to negotiate to a contract, of if it needs only a slight trim after such a big haircut (as with the completed loft sale addressed two days ago, August 2, when you reach the right price … 105 Fifth Avenue closes, where the final discount-from-ask was slight but the total discount was about 25%).

© Sandy Mattingly 2009
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