May. 22, 2009 - perfectly bad timing for 19 Bond Street to flip
in this one of the 8 million stories, June 2008 less 14% = April 2009
The Manhattan loft #2A at 19 Bond Street is one of those poster children. In fact, it is at least two of those poster children. The first poster is captioned The Height of The Market; the second caption is Getting Out With Whatever You Can Get.
When this "quintessential" loft zoomed through the market last year, it took all of three weeks to find a contract above the asking price. (To market on April 2, 2008 at $1.65mm; contract as of April 23 at $1.72mm; closing June 12.) They were then selling this "1,300 sq ft" loft for its potential ("[w]ith the right amount of love this magnificent space can become a dream home") and the light.
Something bad happened to the April 2008 buyers, as they brought it back to market in November, still selling potential ("open square layout is very functional and has tremendous potential ") -- and 367 more square feet (same agent; maybe they bought a new ruler??). But something bad (from their perspective) had also happened to The Market by November. Having bid over the April 2008 asking price of $1.65mm, these buyers-turned-sellers put it back at that same price -- $1.65mm. One price drop later (January 6, to $1.56mm), they found a contract by February 27 and closed on April 1 for $1.457mm (no fooling).
The quintessence, indeed! Times two.
© Sandy Mattingly 2009
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