price drop at Ruggles House, getting to the point of pain? : Manhattan Loft Guy

Manhattan Loft Guy

May. 30, 2007 - price drop at Ruggles House, getting to the point of pain?

I touched on 112 E 19 St #3F in my May 4 open house review [3 Sunday loft open houses $2.3 - $2.5 (each with history)], when it was offered for $2.35mm, a $200k premium over the January clearing price for this unit. Yesterday, the asking price just dropped $100k (that’s now $2.25mm and $1,536/mo if you misplaced your calculator). This offereing by Taylor Hargrave at BHS is now only 7 weeks old.

Here’s what I said four weeks ago:

1,800 sq ft with a somewhat peculiar set up as 2 BR + library/den/media room; only 3 pix, with hints that this may need some “freshening up” (or more): an “alternate floor plan” is provided and the floors look a little weathered and there’s only those 3 pix; one challenge is that the space is nearly square, but has windows only on one side; on the market 4 weeks this time but there must be a story here: the owner bought this place only in January (paying $2.1mm), then Corcoran listed it for a day in March at $2.3mm

Still only 3 pix (is that a poor photo, or does the strip flooring in the foyer look rather … worn?).

how much value did the calendar add?

Ruggles House past sales suggest this is the right price neighborhood, “depending”. Depending on condition, mostly, which is why the implication that this one needs work suggests it may still be over-priced, but within a reasonable range of its asking price.

#6F sold in January for $2.15mm after 6 months on the market and sounds (from the listing description and pix) as though it has been more upgraded than #3F.

#7R (mint renovated and 1,950 sq ft) sold in September (4+ months on market; less than 3 weeks to contract) for $2.65mm -- $400k over the asking price

Of course, the most relevant “comp” is what did this same apartment sell for five months ago. That was $2.1mm as the market value then. Wonder why they are selling #3F, after just buying it. Wonder how anxious they are, getting close to a break-even point (net of double transaction expenses)….

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