Dec. 12, 2007 - 18 E 12 St so hot it is going best & final today

going, going, gone
I noticed #6A at 18 East 12 Street when it came to market a week ago, but did not comment on it. They held a barn burner of an open house this past Sunday and should be done today when Best & Final bids are due at 5 PM.

90 minutes = 60+ people
I was speaking yesterday to an agent at another firm with whom I am doing a deal about everybody's favorite question (what is The Market doing now?) and he mentioned taking a buyer to see this loft on Sunday. By his estimation, there were more than 60 people at the open house (which only lasted 90 minutes). He reports that Best & Final bids are due today by 5 PM.

At this trajectory, it is reasonable to assume the loft will sell above ask.

At this trajectory, it is reasonable to assume there is a great deal of pent-up buyer demand for a 1 bedroom Village condo in move-in condition.

meticulous loft?
I guess they mean it has been "meticulous[ly]" renovated, as the Smiling Blumsteins describe this as "meticulous, quiet, sunny" with "flowing southwestern light". The loft is only "969 sq ft", which is small for a loft but large for a straight 1 bedroom. The asking price is $1.1mm with $1,171/mo monthly (condo).

anecdote can be datum, not data
It is tempting to consider facts such as this oh-so-brief-oh-so-successful marketing campaign as indicative of strength in The Market (at least, of this segment). (One of my favorite comments from Curbed may not have been original to the Anon who posted it: "the plural of anecdote is not data".) But until we get hard real-time data about what is going on in the market, data points like this one will stick out for me, and suggest directionality.

well-priced lofts sell, as before
The last unit in this line in the building sold 26 months ago; #4A took less than four months to sell in 2005, clearing at $1,087,500 off an asking price of $1.16mm (and an original price of $1.299mm). The most recent sale in the building was #6B next door, which traded on July 30 at $1.95mm for "1,700 sq ft", off the ask of $2.195mm. (#6B had been marketed from January until its April contract also as a potential combination with #6A.)

not-too-greedy as a marketing plan
With the 2 year old history of #4A selling at $1,122/ft and the recent history of #6B selling at $1,147/ft, it is no wonder that bringing #6A to market at $1,135/ft would attract attention. Without intending to jinx the deal. congratulations to the Realistic (motivated!) Owner and to the Smiling Blumsteins.

I wonder if they ran out of show sheets on Sunday....

(THX Matt!)

(C) Sandy Mattingly 2007