Counter-intuitive Sales 101 / head-scratching price change as 12 W 17 strays further north
if at first it doesn’t sell, raise the price!
Last month I posted about three interesting lofts on the same block of West 17 Street off Fifth, priced under $3mm (selling West 17th St / 3 very different lofts almost on top of each other). As it happens, all three are still on the market, two with no price change since my post.
But the 5th fl at 12 W 17 St, offered for sale by Frans Preidel at Brown Harris, has just been increased in price from $2.7mm to $2.8mm. I don’t get it.
if at second it doesn’t sell…
This baby has been offered for sale since May 2005 (that is Two Thousand FIVE), starting at $2.6mm. After ten unsuccessful months on the market they raised the price $100k. After almost another ten unsuccessful months on the market, up it goes another hundred grand.
Neither of these price moves was big enough to change the target market of buyers (which is sometimes offered as a rationale for price increases of languishing listings), so I am confused.
Best I can come up with, with all due respect to Mr. Preidel, is that this seller wants to be “on the market” but this seller does not want to actually sell.
I have the vision in my head of Yul Brynner, arms crossed, saying “tis a puzzlement”.
© Sandy Mattingly 2007