today's Manhattan loft poster child: the audacity of hope


only my copy identifies this child

You know that I can’t identify this relatively "new" listing, but it is another poster child for me. Yesterday I identified a newly developed Manhattan loft building as my poster child for valuing a view (March 20, a $2 million view on Madison Square? comping at 15 East 26 Street); today it is a loft in a prime location in a classic loft neighborhood that is back on the market at a price point that has not worked in the past. My mind’s eye gives it a Shepard Fairey treatment.

how audacious is this?
This loft came to market in the Summer of 2008 and lasted into the Spring of 2009, so it was well exposed to the market, and was offered by very experienced loft agents who have been very successful in selling lofts in this long-established coop. They started at $1,148/ft and by the end had come down all the way to $814/ft, with four intermediate asking prices between these poles. This is a pretty big loft, so this swing from top to bottom pricing is almost $1,000,000.

I suppose the theory is that was then, this is now, as I don’t see any other theory to account for the fact that it is back on the market, asking about $960/ft, in the same condition, with the same agents.

As before, the marketing text hints that a buyer will want to renovate. I heard enough reports from people who had seen it the last time that the amount of work likely to be done is more extensive than is hinted at, which leads me to wonder if they are still not managing buyer expectations well enough to avoid people being disappointed rather than energized by the prospect of improving this large space.

a new poster, perhaps
Of course, if they succeed at this new price — nearly 20% higher than the last unsuccessful asking price — the Manhattan Loft Guy poster collection will use this loft for that was then, this is now, instead of the audacity of hope. Stay tuned. Updates as they occur.

 

© Sandy Mattingly 2010

 

Posted in psychology of the market Tagged with: , , , , ,

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