Manhattan Loft Guy

Nov. 8, 2006 - more rich data and ‘comps’ / 718 Broadway sales history

4 completed sales this year help with ‘comps’

With three lofts offered for sale, four sold between June and October 2006, three sold in 2005 and two sold in 2004, the 40-unit 718 Broadway may be undergoing something of a generational shift.

a generational shift?

The four very recent sales can provide additional context for looking at the three currently on the market [see the recent comparing lofts and lofts ain’t so easy] and also illustrate how values differ in the same building, in the same line.

The confirmed 2006 sales and their estimated sizes were:

8B June 29 $1.2mm 1325’

10B July 12 $1.505mm 1400’

10D Sept 20 $1.21mm 1180’

6B Oct 18 $1.156mm 1325’

First, all four of these substantially overlapped with the efforts to sell 3B and 2A over the last year, and the last two may have actively overlapped with 2C as well. That is a lot of inventory in a 40-unit building. And note that the agents for the three “B” line lofts could not agree on the size of that line.

I do not recall having seen any of these four sales while they were active but the agent notes still in our system provide some information about their condition.

some information about their condition

10B was renovated 2005 and went for the best price. In fact the price is so good (more than $100k over ask) that the renovation must have been very nice.

6B was said to be a gut renovation, while 10D was a “stunning“ renovation with “meticulous” attention to detail.

8B, in contrast, had a kitchen that needed upgrading but was in “move-in” condition (they didn’t brag about a renovation, so there could not have been one recently).

The “B” line looks over the parking lot that fronts on Lafayette and there should be little difference in light among the 6^th, 8^th and 10^th floors, and little difference in views (the buildings on either side of the parking lot are 6 and 10 stories, and the buildings across Lafayette are no more than 6 stories, but higher is always better).

major differences, but in an efficient market??

Perhaps the virtually simultaneous $305k difference between 10B and 8B is accounted for by the renovation plus the extra view, but the renovated 6B still went for less than 8B. This is not an exact science….

10D is smaller, but had that stunning renovation, earning its parity with 8D.

So what?

Buyers with easy access to each of these contemporaneous listings in the same building – listings that were different in size, level of finishes and (possibly) light or views – established the market price for these units. Those marketing conditions were as close to an efficient loft market as you could expect in Manhattan.

So one “identical” unit (at least an identical floor plan) sold for 205 more than another two floors below and another four floors below that had also been renovated – evidently in a bidding war.

I wonder if any disappointed 10B bidders bought 10D or 6B, and if they bid on 2A or 3C….

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