modesty rewarded, but 'how well?' remains the question

sometimes Manhattan Loft Guy gets it right
I posed a question on July 8 that was answered very quickly: will pricing 25% below 2007 hit The Market in a sweet spot?  The answer came in an update on StreetEasy the very next day: contract signed. It sure is nice to get an answer; better, an answer that supports one’s general thesis….

The loft in question has not yet closed (so will remain anonymous), but found a contract in a somewhat thin market within 3 weeks. Nice work, that. I may not be able to identify this loft until a while after it closes, as the stubborn neighbor upstairs ("an upstairs neighbor has been stubborn, and offering another (essentially identical) loft at more than 20% above the new asking price, without generating a contract in the 8 months that has been offered") has still not generated a contract and has not bothered to change the price — the hallmark of a seller waiting for a listing to expire. If it expires, I will be able to come clean about this building (one of "the roller coaster of brand name loft conversions in nabes that are tres fasconable"); if not, you will remain in the dark.

I reviewed on July 8 the building’s listing history since the newly-converted-loft was converted in 2005, which involves considerable up-ing and down-ing. Hence my final comment on July 8 about the soon-to-be-in-contract-but-hardly-on-the-market sellers: "At a minimum, they are ignoring much of the background noise of the intervening roller coaster years. Props to them for that." That ignoring thing can be hard.

© Sandy Mattingly 2009


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