Archives
November 2007
Nov. 30, 2007 - no open houses for me Sunday
or for you (here, at least)
We're off to Charlotte NC for a wedding (congratulations Laura & John!!) and I am leaving my computer behind.
'See' you late Sunday or Monday.
|
Comments (0) :: Post A Comment! :: Permanent Link
View more entries tagged with: Wedding, Open House
|
Nov. 30, 2007 - 414 W 51 in contract, but you say tom-ah-toe
I say toe-may-to
Greg Leveridge of JC DeNiro certainly knows his lofts, since he has been agent for many loft sales, including one at 543 Broadway I blogged about a couple of times. So maybe that proves that one person's "loft" is a Manhattan Loft Guy's "not-loft" -- while reasonable people may differ about what a "loft" is.
if "brownstone", not a "loft"
Leveridge just had a "loft" listing go into contract at 414 West 51 Street #3, which caught my eye as a non-traditional loft neighborhood.
Here's the oxymoron: "this fantastic full-floor Brownstone condo loft is a prefect blend of …." One of my hallmarks for a true "loft" is a prior use of the building, re-purposed for residential use. A "brownstone" is (by definition) a residence - a row house using (or faking) a "brown stone" façade.
This "1,100 sq ft" floor-through is relatively large for a brownstone apartment (not for a loft) and has two 'lofty' elements: an open kitchen (hardly unique to lofts, these days) and a (relatively) open floor plan, with the 2 bedrooms as the only rooms. Based on that living room picture that includes the apartment door, the ceilings don't look very high, the "high ceilings" description notwithstanding.
who cares?
Maybe this is an issue only for loft snobs like me. But it screws up my attempts to stay current on "loft" sales data when a listing that is (arguably) (to me, certainly) not a loft is carried in listings data as a loft. (See one form of my kvetching from November 26 New Listings + Sales of Manhattan lofts in last 7 days.)
I just don't think (in this case) that anyone interested in buying a "loft" will be interested in a brownstone. I took a shot at defining "lofts" in a very early post (August 30, 2006: the Tao of Lofts / essential features), in which I snarked:
There must be many opinions on what makes a loft a "loft", or where the line is between merely "loft-like" and a "true" loft. I know this because I see many listings for "lofts" that - to me - are not lofts at all, but "apartments".
Everyone is entitled to their own opinions, of course. And everyone is entitled to mine, as well.
So there, you have it. That's my story, and I am sticking to it. What's yours?
© Sandy Mattingly 2007
|
Comments (0) :: Post A Comment! :: Permanent Link
View more entries tagged with: Tao, Loftlike, Brownstone, West 51
|
Nov. 29, 2007 - NY Post does a Just Sold at 395 Broadway
another pair of siblings
Following up on the #3A / #3C paid at 16 Hudson Street, the NY Post today provides the opportunity to look at #6C and #13E at 395 Broadway.
I did a post on November 21 about the new contract for Unit 13E (in less than 2 weeks off an ask of $1.475mm) (up + up for 13th floor at 395 Broadway, with quick contract), in which I mentioned an earlier unit in contract in that building (#6C). That unit was just featured in the NY Post Just Sold column today as sold and closed:
TRIBECA $1,375,000
395 Broadway
One-bedroom, two-bath loft condo, 1,200 square feet, with 12-foot ceilings, open kitchen, raised home office with storage underneath, dining area with built-in shelves and wraparound sideboard, new hardwood floors, sliding doors and washer/dryer. Common charges $550, taxes $653. Asking price $1,375,000, on market five weeks. Brokers: Ari Harko, Halstead Property, and Brown Harris Stevens
I imagine they got close to the asking price of $1.375mm, which would be $1,145/ft for a Tribeca condo with no amenities other than a common roof deck (and no doorman). The last sale in the building was #15C (same size, obviously, with a "designer kitchen" but only 1 bathroom and configured as an open loft) for $1.295mm in April (ask had been $1.395mm). #14A also sold in April, also with "1,200 sq ft", but that one needed a gut renovation; traded at $1.165mm off an ask of $1.195mm
Indeed, they got exactly the asking price of $1.375mm for #6C, which was a pretty good price under my analysis in September. And it only took from July 25 to the contract on September 13, with the closing on November 16.
plus factors for #13E remain
I still think that #13E is likely to have gotten more (in two weeks on the market) than #6C did (in five weeks on the market), though each is said to be "1,200 sq ft". As I said in that November 21 post:
If, as appears, #13E will close at about $100k more than #6C at about the same time, the difference is likely to be (a) more light (3 exposures vs. 1 exposure), (b) more expansive city views (13th floor = about 80 feet higher than 6th floor), and (c) (probably) that "sleek" kitchen.
The hard part will be paying enough attention to note when #13E closes to confirm the clearing price.
© Sandy Mattingly 2007
|
Comments (1) :: Post A Comment! :: Permanent Link
View more entries tagged with: Hudson, Broadway, Comps, Ny Post, Contract
|
Nov. 29, 2007 - 16 Hudson contract / 3A beats 3C?
sibling sales
I hit Unit 3A at 16 Hudson Street when it was new in September and asking $2.495 (maintenance is $1,800/mo) for "1,860 sq ft" with (as I said then) "one cook's kitchen, two renovated baths, three bedrooms and 12 windows". (September 6: 3A seeks to top 3C at 16 Hudson)
That was an interesting post (for me, at least) because I had seen the unit down the hall that was then in contract, and has since closed. #3C was asking $2.175mm and $1,891/mo for "2,000 sq ft" that had been on the market since November last year (starting at $2.295mm). It had a rough as well as long history, with one aborted accepted offer and one aborted contract, before landing in July to the contract that closed on September 18 at $2,087,500.
size vs. finishes
With such a recent and nearby comp, I said in the earlier post:
I wonder if the #3A buyer seller already knows what the neighbor's contract is worth next door....
what does the comp say?
Compared to #3A, #3C has a more 'interesting' layout, as it is almost a triangle. I recall the kitchen and baths as being pretty basic, rather than "cook's" or renovated (I saw it early this year, with buyers who inspired my March 15 Jagger's Law of Imperfect Lofts / life is compromise (sigh)). This space does not immediately open up the way it does in #3A, and it felt to me a little 'dated' (despite -- or because of -- the "superb floor plan designed by a top architect has withstood the test of time"). As it does next door, the plumbing in #3C is clustered near the door and there is no en suite bedroom.
So I would mark #3C as a little bit bigger and #3A a little more finished (at least as to kitchen and baths). I wonder if the west windows in #3C over Hudson Street can be opened more often than the east windows over West Broadway.
more wonder
I also wonder what the fact that it has taken #3C since last November to find a contract off an asking price of $2.175mm has to say about how long it may take #3A to find its buyer off of $2.495mm....
#3A history
If the #3A sellers did not know #3C's contract price when they came to market in early September for $2.495mm, they should have found out soon after the September 18 closing. Then it was four weeks before they dropped the price for #3A to $2.395mm, then another four weeks before dropping to $2.325mm, and then two more weeks before having a contract signed.
finishes win?
The implication of all this history is that #3A got a contract somewhere between the last asking price of $2.325mm and the #3C closing price of $2,087,500. I look forward to finding out how much more than #3C's asking price....
© Sandy Mattingly 2007
|
Comments (1) :: Post A Comment! :: Permanent Link
View more entries tagged with: Hudson, Comps, Bogardus, Contract
|
Nov. 28, 2007 - 38 Warren finds agent + contract
FSBO week continues….
Unit 8A at 38 Warren Street (The Keystone Building) is in contract as of this week, after only 4 weeks of marketing by Paddington Zwigard and Beth Hirsch of BHS. They were asking $1.55mm and $1,393/mo (condo) for "1,248 sq ft" and I hit it for an open house review November 2 (snarking: "that is "sun-drenched" and "light filled" and "airy" and "open" (get it??)"), as "new this week".
Which it was, kinda.
I overlooked the fact that the owner had been trying to sell it through the NY Times website beginning October 1. Interesting that the owner's price was $1.595mm (and he was apparently willing to pay a buyer's agent 3%) but agreed to reduce the price $40k when he listed with BHS.
building history
This condo was developed in 2002, when four buildings were combined and four stories were added. The project was billed as having "affordable penthouses" for post-9/11 Tribeca, according to the Real Estate Weekly in April 2002:
At The Keystone Building, a 1,248-SF, 2-bedroom, 2-bath penthouse with a 648-SF private rooftop terrace can be had for $ 1.175 million. A 1,955-SF, 2-bedroom, 2-bath penthouse with a 1,001-SF private rooftop terrace is listed at $1.895 million.
what a difference a terrace makes
The interesting thing here is that the sixth floor units have roof terraces, since that is the part of the building that was put on top of the old buildings. The penthouses are on the (top) ninth floor, which also have terraces.
The last sale I see was #6C about town weeks ago, $2,687,500 for "1,850 sq ft" and two "large" planted terraces.
#9B was briefly on the market this spring without selling, asking $2.895mm for "1,950 sq ft" plus "700 sq ft" of (upstairs) private roof terrace. City records show #9A sold for $1.9mm in June 2006, but I can't see a listing for that sale in our inter-firm data base. Presumably that is the same interior footprint as #8A at "1,248 sq ft" but also had private roof space upstairs. (Presumably.) Presumably, that private roof terrace accounts for the premium between the prices for #8A and #9A. (Presumably.)
The last sales of units without terraces were 2+ years ago, #3B in July 2005 at the $2mm asking price (for "2,162 sq ft") and #2C in April 2005 at $1.975mm (for "2,815 sq ft"). Granted, these are more than two years old, but they reflect low-floor values then, without terraces.
The current #8A contract reflects current high-floor-no-terrace values.
© Sandy Mattingly 2007
|
Comments (1) :: Post A Comment! :: Permanent Link
View more entries tagged with: Warren, Keystone, Bhs, Terrace, Outdoor Space, Fsbo, Contract
|
Nov. 27, 2007 - 125 Watts is FSBO no more
The 4th floor at 125 Watts Street was profiled as a For Sale By Owner open house six weeks ago, but has just been listed with Beth Bongar and Patty LaRocco of PruDE.
The price while a FSBO was $1.795mm; now it is $1.835mm. The size as a FSBO was "1,829 sq ft"; now it is "1,840 sq ft". Maintenance is still $1,975/mo.
the price of bones
Interesting marketing choice (or, perhaps the pix have not made it up to the web yet): PruDE is marketing this with a floor plan and the description, but no photos:
"Landmarked Original Cornered Loft Surrounded by windows with views of the Hudson. Great Project to make this wonderful loft with great bones your own"
Interesting choice, because the reference to "bones" without pictures means they are selling this as a gut renovation candidate - which is a terrific way to set buyer expectations before they set foot in the space. The floor plan is classic Long-and-Narrow with 4 windows on the narrow wall (west - those river views!) and 8 on the long (north) wall, with the plumbing clustered along the long south wall.
I wonder if it was difficult for the owners to understand the benefit of marketing their home as a buy-and-gut….
a 3-building condop
Our data-base shows this building was converted to a condop only five years ago and the city's records suggest that this building is part of the same condop with two adjoining addresses (separate buildings at one time?? they have very similar facades), around the corners at 465 Greenwich Street and 18 Desbrosses Street, which were a (warehouse?) of Romanoff Caviar Company. Based on an old Corcoran listing for the 3rd floor (the last sale in this building, 3 years ago), the condop shareholders share income from ground floor commercial rent. (Perhaps that has changed, as this listing does not include this important fact.)
If you look at the building photo on the PruDE site, 125 Watts Street is the north face (on Watts), with 8 windows, and only extends 4 windows along Greenwich Street.
There is a current sale around one corner, in the same condop: the 5th floor at 465 Greenwich went into contract on October 27 (after only three weeks of marketing) off an asking price of $1.7mm for "1,700 sq ft". The pictures in that listing resemble the 3rd floor of 125 Watts, and the descriptions are very similar as well.
interesting history
The one old (2005) listing I could get good data for around both corners is the 5th floor of 18 Desbrosses Street, in which Stribling's Siim Hanja provides still more clues about the condop. He describes the 3 buildings as "Downtown's most striking tenant-sponsored condop success story (36 units) [with a s]hare in commercial condo".
This being a "tenant sponsored" condop explains why there have been residents in the building long before the condop conversion and also explains why the units that have been sold are so (no offense intended here) … primitive. Tenants who go to the trouble and expense of buying a building from the landlord and converting to a condop are not nearly as likely to do major upgrades or renovations. Hence, it is left to the second generation buyers who will do that.
© Sandy Mattingly 2007
|
Comments (1) :: Post A Comment! :: Permanent Link
View more entries tagged with: Watts, Greenwich, Desbrosses, Fsbo, Renovation, Condop
|
Nov. 25, 2007 - New Listings + Sales of Manhattan lofts in last 7 days
This is my sixth report on the number, price distribution and neighborhood distribution for Manhattan lofts reported as new to the market or as closed sales in the last 7 days. Clearly, this holiday week was a short week and there's not a lot to say.
For information about how I get this stuff and why I slice it as I do, see methodology for New + Sold in The Last Seven Days. I have addressed irritating things about collecting and parsing "loft" data in past reports, but here's another thing that messes with my data: some "loft" buildings have listings denominated "loft" and listings that are not said to be "lofts". I can't control for those things, as I am sure I do not notice them every time.
Take 1 York Street, a new development built behind and above a retained façade just below Canal Street at 6th Avenue. Unit #5C is for sale in the inter-firm data base as a "1,589 sq ft" "two bedroom" apartment, though the building is said to be a (new, not converted) "loft". In contrast, #3C is for sale as a "1,589 sq ft" "loft" - though they look the same on the BHS website, which describes the building not as a loft but as a "hi-rise". #4B and #5B show the same schizophrenia, as do #3B and #5B. Go figure.
The stats as of Sunday night ...
-
there were 11 lofts reported as new to the market in the last 7 days, and also 11 reported as sold
-
6 of the 11 new ones are offered from $2mm to $4mm; 7 of 11 closed sales were from $1mm to $3mm
-
2 of the 11 new loft listings are in new developments (243 West 60 Street), and 4 of the 11 closed sales (3 at 110 East 97 Street)
|
By price
|
New = 11
|
Sold = 11
|
|
$500k to $999k
|
1
|
1
|
|
$1mm to $1.99mm
|
4
|
5
|
|
$2mm to $2.99mm
|
2
|
2
|
|
$3mm to $3.99mm
|
4
|
1
|
|
$4mm to $4.99mm
|
|
|
|
$5mm+
|
|
2
|
|
By neighborhood
|
New =
|
Sold =
|
|
BatteryParkCity
|
|
|
|
Carnegie Hill
|
|
3
|
|
Chelsea
|
|
|
|
Clinton
|
|
|
|
EastVillage
|
|
1
|
|
Financial District
|
1
|
|
|
Flatiron
|
1
|
1
|
|
Gramercy
|
|
|
|
Greenwich Village
|
2
|
1
|
|
Kips Bay
|
|
1
|
|
LittleItaly
|
|
|
|
Lower East Side
|
|
|
|
Murray Hill
|
|
|
|
Midtown West
|
1
|
|
|
SoHo
|
1
|
2
|
|
Tribeca
|
2
|
1
|
|
TurtleBay
|
|
|
|
Upper East Side
|
|
|
|
Upper West Side
|
2
|
|
|
WestVillage
|
1
|
1
|
New loft listings in new developments
|
243 West 60 Street (Adagio 60)
|
2
|
Sold lofts in new developments
|
110 East 97 Street
|
3
|
|
186 Fifth Avenue
|
1
|
© Sandy Mattingly 2007
|
Comments (0) :: Post A Comment! :: Permanent Link
View more entries tagged with: Adagio, West 60, East 97, Fifth, York
|
Nov. 24, 2007 - not many houses open on Sunday
slowest weekend of the year?
There are less than a third the number of 'usual' open houses this holiday weekend, which is probably due to a combination of owners entertaining and agents being away. So here's three....
(remember to check the agent websites Sunday morning to see if open house is still on)
130 Watts Street #1N
$1.999mm and $1,956/mo for "1,996 sq ft"
I hit it when new last weekend (new at 130 Watts / bonus open house at $1.999mm ), when there were pictures on the web but no floor plan (it's there now), when I noted that the big issue for a lot of people will be those bars on the living room windows. Not too many lofts are set at sidewalk level.
Open House Sunday November 25 from12:30 to 2 PM
129 Duane Street #4T
$2.35mm and $1,834/mo (condo) for "2,350 sq ft" of triple mint, etc, etc (including a fireplace)
on the market almost a year ($3.15mm and 4 drops since) and featured in the NY Post 11 months ago; I hit it this week as a near-birthday listing (birthday shopping for 129 Duane for next week's anniversary)
Open House Sunday November 25 from11:30 to 1 PM
$2.595mm and $1,566/mo for "2,287 sq ft" of a triplex with private garden; I hit it in an open house review 10 weeks ago when it was a 2-week-old Sotheby's listing; now Corcoran's got it at the most recent Sotheby's price
Open House Sunday November 25 from12 PM to 2
© Sandy Mattingly 2007
|
Comments (0) :: Post A Comment! :: Permanent Link
View more entries tagged with: Duane, Watts, Mercer, Garden, Birthday
|
Nov. 24, 2007 - quick contract at 120 East 29 Street
$1.995mm and $2,168/mo (condo) for "1,780 sq ft" plus balcony in a 2004 conversion with a nearly Long-and-Narrow layout with all the windows on the long south wall, set up as 3 bedrooms, 2 baths, with the kitchen at the entry
Sotheby's Mara Flash Blum described it as a "fabulous find at a fabulous price". the Market evidently agreed.
seller + agent + Market Price = contract
It surely is not easy for the seller to set a price that will actually get a loft sold quickly, in this (or nearly every) Market. It takes the combination of good advice from the agent and motivation from the seller. From the outside, it is impossible to tell what the 'breakdown' is when a loft listing suffers the ignominy of a birthday - a stubborn owner who is only a reluctant 'seller', advice from an agent that turns out to be wrong, or simply a change in The Market's 'appreciation' for a loft that (based on sales data) should sell at a given price.
Kudos to the seller here, and to Mara, for getting it done.
© Sandy Mattingly 2007
|
Comments (0) :: Post A Comment! :: Permanent Link
View more entries tagged with: East 29, Duane, Contract
|
Nov. 23, 2007 - birthday shopping for 129 Duane for next week’s anniversary
what to get for the loft that has it all? (windows)
Unit 4T at 129 Duane Street is having one of the most unwanted events for a loft listing: a birthday next Tuesday. It shows up as new to market today, but that is because it had the rare notation "listing expired" last week, and is now "back" at the same price as before, with the same Corcoran agent, and the same listing number on Corcoran's site.
The loft was new to market on November 27, 2006 at $3.15mm and dropped to $2.795mm in January, $2.695mm in March, $2.495mm in May and the current price of $2.35mm in September (taxes and common charges are $1,844/mo). That is (currently) exactly $1,000/ft for a Tribeca condo that is said to be "triple mint" and "pin drop quiet", has a wood-burning fireplace, central air, an open chef's kitchen with Sub-Zero and Bosch, a "fabulous" marble bathroom, and "enormous oversized" windows in the living room.
I hit it (briefly) in open house reviews on October 19 and November 10, without really focusing on its long history.
history is not kind
This building was converted to condos about 20 years ago, but has had few recent sales. Indeed, the sales history shows pretty muted values for a small condo building near prime Tribeca with low monthly expenses.
#2T (also "2,350 sq ft") was on the market in 2005 and 2006 at $2.795mm and $2.695mm, without selling. That one had 13 foot ceilings and was said to be "superb".
The penthouse duplex #4/5D sold two months ago for $4,187,500, after 17 months on the market, and was said to be "3,500 sq ft" with a private "1,500 sq ft" private roof terrace. If you figure $1,100/ft for the interior 3,500 sq ft, that leaves about $200/ft in value for the private roof (or figure the interior at $1,000/ft and the exterior at $500/ft).
#3T sold four years ago for $1.61mm and was also described then as "triple mint". That one must have the same footprint as the other "T" units, but was said in 2003 to be "approximately 2,500 sq ft".
why The Market diss?
A glance at the floor plan shows that this loft does not quite have it all (with apologies to Darcy Levy of Corcoran, who believes otherwise). There are those 3 "enormous [and!] oversized" windows in the living room, but you have to look closely to find the only other window - a narrow one in the master bedroom (which is not visible in the master bedroom photo).
The floor plan lacks dimensions, but the proportions suggest this is a very Long-and-Narrow, at about 20 feet wide by about 120 feet long. That puts nearly all of the loft pretty far from those enormous front windows, and offers a very challenging footprint for getting more than one real bedroom.
There is no indication in the listing history that there have been any accepted offers in the last 51+ weeks, but that is not always revealed in the inter-firm data. You have to wonder if the owner of #4T is really a "seller" and will ever bring the price to a point that The Market will produce a buyer.
© Sandy Mattingly 2007
|
Comments (1) :: Post A Comment! :: Permanent Link
View more entries tagged with: Duane, Comps, Windows, Birthday, Anniversary
|
Nov. 21, 2007 - up + up for 13th floor at 395 Broadway, with quick contract
Unit 13E at 395 Broadway did not last very long, with a contract already signed after being new to market on November 9.
spectacular, indeed
Touted as a "[s]pectacular high floor mint loft w/ sunny open views from three exposures", The Market evidently agrees. This "1,200 sq ft" loft is a true One Bed Wonder, as there are no interior walls. (Yes, they could be added back, but at some significant decrease in the light and sense of space.) Having sold so quickly as is, I suspect the buyer is looking to move in the day after closing, rather than create some bedrooms.
strong price
The ask of $1.475mm and $1,157/mo (condo) struck me as aggressive when I noted it, based on past sales in the building, but the quick contract strongly suggests only a slight discount fm asking price to contract price (or no discount at all).
I reviewed recent sales in the building when #6C went into contract two months ago (Sept 14: in contract at 395 Broadway / noisy edge of Tribeca). That one has not closed yet, but was asking $1.375mm for "1,200 sq ft" that was nearly square, with windows on only one side.
I imagine they got close to the asking price of $1.375mm, which would be $1,145/ft for a Tribeca condo with no amenities other than a common roof deck (and no doorman). The last sale in the building was #15C (same size, obviously, with a "designer kitchen" but only 1 bathroom and configured as an open loft) for $1.295mm in April (ask had been $1.395mm). #14A also sold in April, also with "1,200 sq ft", but that one needed a gut renovation; traded at $1.165mm off an ask of $1.195mm.
If, as appears, #13E will close at about $100k more than #6C at about the same time, the difference is likely to be (a) more light (3 exposures vs. 1 exposure), (b) more expansive city views (13th floor = about 80 feet higher than 6th floor), and (c) (probably) that "sleek" kitchen.
Nice (quick) job by PruDE's Ann Cutbill Lenane and Lorraine Weiss.
(C) Sandy Mattingly 2007
|
Comments (1) :: Post A Comment! :: Permanent Link
View more entries tagged with: Broadway, Comps, Noise, Views, Light, Kitchen, Contract
|
Nov. 20, 2007 - and raise you ... / pushing at The Bullmoose
taking the temperature of The Market
Back in those thrilling days of yesteryear, new listings were often priced something like this: take the last sale in the building and add X%, where X could be 10%, 15% or 20%, depending on how long ago the sale had been and the appetite of the seller.
has The Market appreciated 8% since April?
#3B at 42 East 20 Street is new for sale today (no pix or floor plan yet), asking $3.95mm and $2,794/mo (condo) for "2,735 s ft" at the hot-when-nrew-in-2003 Bullmoose Condominium. The last sale in the building was #5B (with the same footprint and - probably -- the same finishes as #3B, given that this is a 2003 conversion), which sold at $3.65mm (off an ask of $3.695mm) in April and took 6 weeks to find a contract.
other sales
#7A is a smaller unit ("1,469 sq ft") with a different layout, obviously, and that sold for a higher price per foot juts before #5B closed. #7A traded above the $1.999mm asking price, at $2.05mm but took 2 months and one price drop (from $2.175mm) to find its buyer. That is $1,395/ft, compared to #5B's $1,334/ft.
#3A holds the building record price-per-foot. That unit is "2,222 sq ft", so very different from #7A, and closed in March 2006 for $1,572/ft. I don't see anything in the listing data base to account for such a premium for #3A.
If #3B gets the asking price of $3.95mm, that would be $1,444/ft, an 8% premium over the two-floors-higher sale 7 months ago.
© Sandy Mattingly 2007
|
Comments (1) :: Post A Comment! :: Permanent Link
View more entries tagged with: Bullmoose, East 20, Appreciation, 2003
|
Nov. 20, 2007 - predicting next price drop at 135 Hudson Street
see a pattern here?
#6F at 135 Hudson Street has been on the market since July 2006 (less about ten weeks in two Temporarily Off The Market sets). It is said to be "1,400 sq ft" with tongue and groove original pine flooring and hints of work to be done ("current configuration is as an open space with three sleeping niches"; "rare original classic artist loft"). It also has five flights of stairs ("presently a walk up").
Here's the price history:
$1.65mm July 11, 2006
$1.6mm April 27, 2007
$1.55mm Oct 2, 2007
$1.5mm Nov 19, 2007 (interesting that BHS website does not have the new price yet)
Can you see where this is going?
bullets are hard to bite
As I have suggested before the conversations about price adjustments between agent and seller can be very difficult. Each situation depends on the specific facts, of course (how many people have visited, any bids, etc), but everything becomes more clear as retrospect gets longer and longer. The slow death of small increments is a painful process, which can be hard to recognize in the emotion of selling -- until it is too late.
price should help sell (d'oh!)
Which leads me to wonder "why drop a price?" The chorus will answer "to sell the apartment!!" but I was thinking on a different level. Or, on that level, but with emphasis on selling the apartment. The question-within-a-question then becomes "what price change will help sell the apartment?"
As I tell people to whom I pitch a listing, the asking price is the single most important element in setting buyer's expectations about a listing. Does a $75k price change increase the likelihood of selling the apparent? I don't think so, but others may have different opinions.
Many sellers view price drops as talking money out of their pockets, notwithstanding the fact that at that point they have no money in their pockets.
Sellers hate to 'give away' money - even money that they never had in their pockets (like the $125k that the 8A seller has "lost" by dropping the price to $1.225mm). As a result, many sellers are tempted to drop the price by a minimal amount - if at all.
Which leads to death by small increments.
Most agents have stories about an apartment that finally sold well below where they thought it should have sold for. Often, these stories feature price histories with many small changes. (E.g., the 2 BR that went from $1.2mm to $900k in increments of $50,000.) In retrospect, the agents say that a larger intermediate price change (say, from $1.2mm to $1mm) would have resulted in a higher and quicker sale.
#6F looks to me like a candidate for death-by-small increments. Not to mention that I don't think that The Market has demonstrated that even the new price is the right value.
$1,000+/ft ain't easy at this height + location
The last sale in this building was one floor down, in the back (west). #5R traded in July at $1.65mm (N.B., just over $1,000/ft for the "1,640 sq ft") and was profiled while in contract on June 7 (Tribeca tunnel & stairs discount / 135 Hudson in contract).
Here was my comment about that one then, contrasting it to 100 Hudson Street #5A, which was offered at $1,300/ft (Olde Tribeca for $1,300/ft at 100 Hudson):
The kitchen here has all the proper proper nouns, the bathrooms look appropriately sleek, it is at least as sun-filled as 100Hudson's #5A, and it has a "unique hybrid timber and cast iron structure" that I can't figure out from the pix for the life of me. The layout is an unusual Long-and-Narrow, as the windows are on the two long sides.
I think it is one of the most handsome small old loft buildings in TriBeCa.
But it is just enough north of the central Tribeca part ofHudson Streetto be on the spillway from the Holland Tunnel and it has those four flights of stairs. (I love the optimism implied by Siim's description of the building as "currently a walk-up".) So the (successful in two months) asking price is just under $1,000/ft.
#5R vs. #6F
Compared to that description of #5R, #6F says nothing about the kitchen or (single) bath, neither of which is pictured. I have to assume that they are more functional than stylish (after all, this is a "rare original classic artist loft"), i.e., that they will require an investment to upgrade.
Compared to #5R, I don't see #6F as commanding a higher value at a higher floor (more stairs) and lower level of finishes. So far (at least), The Market agrees. (The last sale before #5R in July, by the way, was #6R, which closed in October 2005 for $1.225mm.)
Let's see what The Market does to this one.
© Sandy Mattingly 2007
|
Comments (1) :: Post A Comment! :: Permanent Link
View more entries tagged with: Hudson, Price Drop, Walk Up, West 16, Artist
|
Nov. 19, 2007 - 73 Fifth has another cash-back opportunity
#6B at 73 Fifth Avenue is back on the market today, though it has not been off the market long enough to be missed by other than the most careful observer.
Offered through Josh Rubin of Corcoran, they are asking $3.5mm and $2,337/mo for "3,000 sq ft" of an "authentic Old World New York loft". I won't quibble: there are the requisite high ceilings, maple floors, oak window frames, columns and mechanicals, in this case arrayed in an unusual "L" layout with many windows.
gotta love the cash
Like the loft at 93 Mercer Street that was presented as new to market two weeks ago (cash back on new one at 93 Mercer), this coop derives income from ground floor commercial leases that is paid out to shareholders as dividends. A neat trick to avoid violating the 80/20 rule when done right.
a brief hiatus [then poof!]
I noticed it this morning as it came back to market, though it had only been off a week. It originally was offered in May at $3.6mm before it took the month of August off, then dropped the price to $3.5mm 5 weeks ago.
[poof update 11.24: it has disappeared from Corcoran's site, but the inter-firm database still shows it as "active"]
The large kitchen has sufficiently proper proper names to earn the tired designation "chef's" (which Rubin avoids, God bless him), but it took a while toggling between the two kitchen photos before I read them correctly, as the two long 'sides' of the kitchen. The two photos show different styles on the two sides that may be a bit jarring (but maybe it scans better in real life). Certainly beautiful work throughout the kitchen…..
floors don't photograph so well?
Speaking of scanning better, I am detecting the possibility that the floors need some work - which may be an unfair comment, not having seen them in real life. But something about the description and the photos leads me to suspect that most buyers may spend some money upgrading here, which may explain why it has been on the market for 6 months.
twin with 60 West 15 Street?
This one reminds me a bit of the loft just one block west at 60 West 15 Street 4th floor, which I hit most recently last month in an open house review. That one is "3,100 sq ft", also with relatively low maintenance ($2,035/mo), but that one more clearly needed work (especially the floors), without the beautiful kitchen that 73 Fifth Avenue #6B has. Maybe they are only fraternal twins. Have you seen this one, Jess??
I don't see any units in this building that have changed hands for the last 3 years.
© Sandy Mattingly 2007
|
Comments (5) :: Post A Comment! :: Permanent Link
View more entries tagged with: Fifth, Maple, Oak, L, Back On Market
|
Nov. 19, 2007 - 3 firms, 7 prices, 3+ years / patience paying off at 521 W 23
love to hear this story….
Unit 7F at 521 West 23 Street came to the market with PruDE in June 2004 for $1.775mm. Since then, it has been off the market in March and April of 2006 and August in 2007. It has been offered by PruDE, Corcoran (same agent, changed firms), PruDE again, and (finally) Pam d'Arc at Stribling. It was offered for $2.15mm in October 2005 and has had four price changes since then, settling at $1.945mm the last two months.
It went into contract last week. Whew!
It is said to be "1,800 sq ft", 13 foot ceilings, an open cook's kitchen, partial river views, stacks for a third bathroom, and $1,420 per month in taxes and common charges.
It has hard to know why this lingered, or why it sold now - it has been within a narrow range of the current asking price for nearly two years (as much as $30k higher or $46k lower than the current offering of $1.945mm). It is almost as if The Market got bored with it enough that someone just had to buy it…..
not a premium building, historically
The only thing to sell in this building in the last two years is #7R, the other unit on this floor, which sold for $1.6mm in August. That one is said to be "1,902 sq ft" using city records; #7F is only "1,650 sq ft" under those records.
High Line effect is split
This building was one of the early condo conversions in the pre-High Line area (west of Tenth Avenue); the High Line has always been there, of course, but it was not a draw until recent plans for the High Line park have been acted on. It is hard to believe that the High Line accounts for the premium for #7F over #7R, but perhaps the #7F seller took a big discount from the asking price.
After being on the market for 26 of the last 29 months, something had to give. (Buyers usually don't give.)
© Sandy Mattingly 2007
|
Comments (1) :: Post A Comment! :: Permanent Link
View more entries tagged with: West 23, High Line, Contract, Price Drop, Patience
|
Nov. 18, 2007 - New Listings + Sales of Manhattan lofts in last 7 days
This is my fifth report on the number, price distribution and neighborhood distribution for Manhattan lofts reported as new to the market or as closed sales in the last 7 days.
For information about how I get this stuff and why I slice it as I do, see methodology for New + Sold in The Last Seven Days.
The stats as of Sunday night ...
-
there were 36 lofts reported as new to the market in the last 7 days, and 18 as sold
-
22 of the 36 new ones are offered under $2mm and 11 more from $2mm to $3mm; only 7 of 18 closed sales were below $2mm
-
21 of the 36 new loft listings are in new developments (15 at 240 East 49 Street), and 8 of the 18 closed sales (in eight different new developments)
|
By price
|
New = 36
|
Sold = 18
|
|
$500k to $999k
|
7
|
3
|
|
$1mm to $1.99mm
|
15
|
4
|
|
$2mm to $2.99mm
|
11
|
5
|
|
$3mm to $3.99mm
|
1
|
3
|
|
$4mm to $4.99mm
|
1
|
2
|
|
$5mm+
|
1
|
1
|
|
By neighborhood
|
New = 36
|
Sold = 18
|
|
BatteryParkCity
|
|
|
|
Chelsea
|
3
|
5
|
|
Clinton
|
|
|
|
EastVillage
|
|
1
|
|
Financial District
|
1
|
1
|
|
Flatiron
|
2
|
|
|
Gramercy
|
2
|
1
|
|
Greenwich Village
|
1
|
1
|
|
Kips Bay
|
|
2
|
|
Little Italy
|
|
|
|
Lower East Side
|
|
1
|
|
Murray Hill
|
|
|
|
Midtown West
|
|
|
|
SoHo
|
|
2
|
|
Tribeca
|
6
|
4
|
|
TurtleBay
|
16
|
|
|
Upper East Side
|
1
|
|
|
Upper West Side
|
2
|
|
|
WestVillage
|
2
|
|
New loft listings in new developments
|
135 West 14 Street
|
1
|
|
1 York Street
|
3
|
|
240 East 49 Street
|
15
|
|
243 West 60 Street (Adagio 60)
|
2
|
Sold lofts in new developments
|
124 West 24 Street
|
1
|
|
40 Bond Street
|
1
|
|
10 East 14 Street (Union Square Lofts)
|
1
|
|
31 East 28 Street (The Parkwood)
|
1
|
|
109 Norfolk Street (The SwitchBuilding)
|
1
|
|
92 Mercer Street (Mercer Greene)
|
1
|
|
88 Laight Street
|
1
|
|
92 Warren Street
|
1
|
© Sandy Mattingly 2007
|
Comments (0) :: Post A Comment! :: Permanent Link
View more entries tagged with: New Listings, Closed Sales, New Developments, Union Square, Mercer Greene, Parkwood, Switch, Laight, Warren, Bond
|
Nov. 18, 2007 - fun, fun, fun as motivated seller at 25 Houston finds buyer
#2C at 25 Houston Street is in contract as of Thursday after a brief but passionate marketing campaign that centered on how much fun (!!!) one could have here.
shedding $$$ proves motivation to me
First, how's this for motivation?
Sept 13 new to market at $2.658mm
Oct 9 price drop to $2.495mm
Oct 23 price drop to $2.25mm
Nov 6 contract out
Nov 14 contract signed
exuberance, unbound!!!!!!!!
This unit is said to be "1,564 sq ft" and is set up as a 1 bedroom (with a 2 bedroom layout proposed) and has common charges and (abated?) taxes of $1,819/mo. I suspect that it had to grow into (shrink into) the marketing lead of "for this price? too good to be true!!!", but the triple exclamation exuberance include the odd "safe, fun and so convenient" and closes with "it is so much fun in here. Must see!!!!!!".
That is an awful lot of exuberance (not to mention exclamation).
This building was new in 2003 so (I assume) the windows are up to the task of keeping the Houston Street hustle and bustle out of this second floor corner unit (overlooking Mercer Street).
This unit was bought in May 2005 for $1.695mm and there have been only three sales in the building in 2006, and none in 2007. #4A traded at $1.25mm ("838 sq ft") in February 2006; #3A cleared in July 2006 for $1.125mm; and #5A in October 2006 for $987,500. (How's that for backward 'progress'??)
© Sandy Mattingly 2007
|
Comments (0) :: Post A Comment! :: Permanent Link
View more entries tagged with: West Houston, Mercer, Fun, Price Drop, Motivation, Contract
|
Nov. 17, 2007 - dropped enough at 24 E 20?
24 East 20 Street #4 is a bit of a favorite on this blog, based on the number of times it has been featured in open house reviews and the fact that I hit it a long time ago as a brand new Corcoran listing at "20 East 20 Street" for $2.995mm (April 25: real 2,500 sq ft at 20 E 20). (It is now a PruDE listing.)
My most recent open house description was:
"2,500 sq ft" of classic open loft with custom kitchen, set up as 3 bedroom + 2 baths; a classic Long-and-Narrow layout with no side windows and all the plumbing squeezed into one rear corner, roughly 36 x 72 ft.
All that is still true, but the price tag has changed this weekend, from $2.895mm to $2.65mm - a healthy drop. Still with a very low maintenance of $1,150/mo.
I am puzzled that it has not sold, and suspect it will sell off this improved asking price. But I have been wrong before (on this one, from April 25):
Asking $2.995mm seems hardly out of line, given the size and "custom" kitchen and baths, while the maintenance is a paltry $1,150/mo. One interesting note about building finances is that this is an unusual loft coop that requires at least 35% down - which certainly implies a more stringent level of financial review than is true of many loft coops.
Has anyone set foot in it and care to comment?
Open House Sunday Nov 18 from 2 to 4 PM
© Sandy Mattingly 2007
|
Comments (3) :: Post A Comment! :: Permanent Link
View more entries tagged with: East 20, Price Drop, Longandnarrow
|
Nov. 16, 2007 - new at 130 Watts / bonus open house at $1.999mm
$4,000 too high?
My last Open House set of 5 for Sunday was at exactly $1.995mm, so I wish 130 Watts Street #1N were priced at that level, but it isn't. Not saying it is over-priced by $4,000, just that it would have fit in better with those other five lofts….
It was new to the market yesterday and is said to be "1,996 sq ft" for $1.999mm and $1,956/mo. There are pictures on the web but no floor plan (until later today) but the big issue for a lot of people will be those bars on the living room windows. Not too many lofts are set at sidewalk level.
The building was converted in 1999 and sold with finished kitchens and baths, but the lofts were otherwise open. This one has 3 bedrooms (3rd one may be interior, but has a skylight) and 2 baths. (I am puzzling over two skylights in a ground floor loft….)
same unit, higher up (not as nice?)
I touched on Unit 6N in this building when it went into contract in July (who's on Watts? contract at 130 Watts). That one should have the same footprint as the new #1N, but sounds as though it was set up differently. (Still puzzling over two skylights ….) I said that layout in that unit presented some challenges:
It is 24 feet wide, with four windows in front and four in back - the classic Long-and-Narrow with the plumbing stacks in the middle. It Is unusual in this classic layout for the loft entrance to be so close to one end - in this case, the entry way sharply reduces the usable width for the bedrooms (yes, there is a window in that second "bedroom", but …). So for many people the layout presents challenges (especially with only one bathroom)
Like #6N, #1N is priced under $2mm (barely, in this case). #6N closed on July 27 at a discount from its $1.9mm asking price, clearing at $1.775mm. I mentioned in that post past sales in the building to that point:
This one may have the original bath and kitchen (only from 1999, so "original" would not be "old"), as the past-but-not-recent sales were above $1,000/ft. #3N sold for $2.05mm in October 2005, while #2S (said to be 1,551 sq ft) sold for $1.55mm in April 2006 (OK, that was just under $1,000/ft). Both units must be done a bit more than #6N.
Unlike #6N, #1N has 2 baths and a "renovated" kitchen. On the other hand, #6N had pretty good light looking over the Holland Tunnel, while #1N sits on the sidewalk.
same unit, higher up (much nicer?)
#3N, which closed at a relative premium in October 2005 ($2.05mm) was said to have been very well renovated (including a "very high end kitchen", granite and river stone bath).
Open House Sunday Nov 18 from 2 to 4 PM
© Sandy Mattingly 2007
|
Comments (1) :: Post A Comment! :: Permanent Link
View more entries tagged with: Watts, Ground Floor
|
Nov. 16, 2007 - 5 Sunday Open Houses at $1.995mm
(remember to check the agent websites Sunday morning to see if open house is still on)
This exact price would get you 3,600 sq ft in the (far) East Village but less than 1,400 sq ft near the Chelsea Whole Foods; three of these listings have some hair on them (the most mature is a January listing), but two are new in November; all but one have some outdoor space.
120 East 29 St #4A
$1.995mm and $2,168/mo (condo) for "1,780 sq ft" plus balcony in a 2004 conversion with a nearly Long-and-Narrow layout with all the windows on the long south wall, set up as 3 bedrooms, 2 baths, with the kitchen at the entry
new to market 10 days ago
Open House Sunday Nov 18 from 12 to 2 PM
430 East 10 St 4th floor
$1.995mm and $1,100 sq ft for "3,600 sq ft" of pretty raw space plus (the possibility of??) rooftop ownership in a walk-up that (per an email this week) just got a Certificate of Occupancy and has 2 banks that will lend in the building; that is significant progress since I hit it when it dropped the price in July (price drop for raw Alpha-Land space at 430 E 10 St (bring caution)); it has "rustic pillars", wooden beams, exposed brick and (a neat trick for a 4th floor unit) is only 2 flights of stairs up (?)
on the market since January ($2.57mm) through 2 firms and yo-yo pricing ($2.57mm - $2.195mm - $1.975mm - $2.25mm - $1.995mm)
Open House Sunday Nov 18 from 12 to 1:30 PM
252 Seventh Av #4J
$1.995mm and $1,093/mo (condo) for "1,313 sq ft" of BR + office in the Chelsea Mercantile
new this week
Open House Sunday Nov 18 from 12:30 to 2 PM
200 West 24 Street #9A
$1.995mm and $1,438/mo (condo; abated?) for "1,348 sq ft" plus private rooftop "oasis" in a 2005 new development
on the market since May ($2.15mm)
Open House Sunday Nov 18 from 1 to 2:30 PM
444 West 19 Street #201
$1.995mm and $1,456/mo (condo; taxes abated) for "1,406 sq ft" of never-lived-in space at Chelsea Club (plus "530 sq ft" terrace) offered furnished and designed "down to he smallest detail"
on the market since March ($2.85mm); purchased in July 2006 for $1.195mm (then renovated??)
(what's with the zebra-skin rugs in so many lofts these days??)
Open House Sunday Nov 18 from 12 to 1:30 PM
© Sandy Mattingly 2007
|
Comments (0) :: Post A Comment! :: Permanent Link
View more entries tagged with: Chelsea Mercantile, Seventh Avenue, East 29, West 19, West 24, East 10, Roof, Renovation
|
|
on matters of interest to Manhattan coop or condo loft apartment dwellers, buyers, sellers, and others, especially about New York City real estate
Links
• Home
• View my profile
• Archives
• Email Me
• Blog Manager
|
RSS Blog Feed