Mar. 13, 2009 - off (only) 6% in Soho in a year? one seller thinks so
nice comps are a thrill
Am I easily thrilled? There's a Manhattan loft new to market in a pretty chic Soho conversion from earlier in this century that will be a pretty good indicator of how The Market has changed for that building in a year-plus. The new one is offered at 6% lower than the unit immediately above it sold for in February 2008.
The two units are identical in floor plan and both seem to have been untouched since they were purchased new from the developer not very many years ago, so they should be pretty much equal in value at any given point.
By the time the new one is sold, it will be anywhere from 15 months and up between the two sales. If you think The Market is efficient, you'd think the spread between February 2008 and June 2009 would be more than 6%, especially with a ticking clock. I guess that leaves room for "negotiation" with anyone who cares to bid.
Put this one down as today's candidate for the too pushy ...? thread.
© Sandy Mattingly 2009
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