drip campaigns / token price drops at 80 Warren and 66 Leonard

how does a small price drop change the market?
(Hint: not much)
I don’t know the specific history of 80 Warren St, but I know it is one of the first generation of Tribeca loft coop conversions (circa 1979) and that it is the combination of several (five?) adjoining buildings, so the layouts here are all over the lot.
Unit 53 has been for sale for three months with Tim Melzer at PruDE, with a price drop this week to $1.895mm. As I have said before, I just don’t get small price drops for ‘mature’ listings (puzzling price policy / slow death near Union Squareand more price pain on 16 St /if you knew then what you know now…). I can’t imagine that anyone interested in looking at the unit at $1.895mm would not also have been interested in looking when it was $1.995mm. It is said to be 1,645 sq ft on three floors (a lot of up-ing and down-ing here), with some ceilings of 13 ft.
In this case, they came to market in January at $2.15mm, then dropped to $1.995mm four weeks later. That change – across the $2mm threshold — could have attracted new buyers, even though it was ‘only’ a change of $155k. But I don’t see new buyers waking up to this at $1.895mm unless they are new to the market. They should already have seen it at $1.995mm if it fits their other criteria.
last sale was a loooong one
A penthouse unit in the building closed in January 2007 at $1.9mm. Don’t know the condition, but it is said to be slightly larger than this one (at 1,740 sq ft) and has two large terraces (1,400 sq ft). I discussed that one when it was featured in the NY Times Residential Sales feature as a six-weeks-to-sale off $1.95mm listing (slippery sales data in NY Times at 80 Warren St). It had actually been for sale since July 2006 and started at $2.5mm
Hmmm factor
This unit sold three years ago off an ask of $1.15mm, after being marketed since September 2002 starting at $1.35mm. The listing agent then was at Corcoran: Tim Melzer. Apart from “brand new top of the line stainless appliances”, it does not appear (from the current listing description) as if there has been significant renovation from April 2004 until now, but maybe the baths are new also (he doesn’t say). Hmmmm….
another New Year’s listing, sitting
66 Leonard St is one of the few buildings that is marketed as having a roof deck barbecue, so I hope that it complies with the Fire Code.
Unit 3C is said to be 2,077 sq ft in an early (for Tribeca) full service condo (1999). Nothing coy going on, it is marketed as “loft perfection”. But it hasn’t found its buyer yet. Not at $2.795mm when it came out in January, and not (yet) at the new-this-week price of $2.695mm. Anybody out there think this will attract new buyers who were not interested at $2.795mm??
© Sandy Mattingly 2007
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