Manhattan Loft Guy

Dec. 19, 2006 - “serious” seller hasn’t entertained much / serious pricing pain at 42 E 12 St

if you drop the price and no one is there, does it count?

The 2d fl at 42 E 12 St is a long-and-narrow full floor condo loft (90x25 ft, roughly; Property Shark shows sizes as 1,760 sq ft) that has been on the market ‘only’ since September, but what a price history there has been!

The early momentum was impressive: starting at $2.5mm on September 5, a quick drop to $2.3mm on September 13, then a busy October (at least for price changes): $2.1mm on Oct 2, $1,999,999 the next day, and $1.99mm the day after that (a series of miscommunications between seller and agent or between agent and listing data??).

The current price of $1.75mm has been in effect since November 27. Looks as though they had at least one offer as a contract went out last week, but it is “back on the market” as of yesterday at $1.75mm.

I am not sure I have ever seen a price history quite like this one.

funky condo building finances

It is set up as a 2 BR + 2 bath, with the classic high ceilings (11.5 ft), huge windows and open plan, in a building with new lobby, halls, elevator and roof deck that has some funky finances. Common charges are a hefty $2,415, though the agent notes (a) the CCs may come down in 2009 and (b) a portion “may” be deductible (never heard of that in a condo before).

But the most interesting numbers are the six price changes since September. The inter-firm listing data says (I will spare you the CAPS) “Serious seller – will entertain all offers!” The holidays are upon us, yet this seller has not had to do much entertaining so far…. Good luck, folks!

***

UPDATE 12.20.06: turns out they did not need my luck, as the listing data has been updated to reflect that they went into contract yesterday, off of the $1.75mm asking price.

Guess they will only be entertaining family and friends for a while (until they close). Congratulations to Paula Allan at Sotheby’s!

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Dec. 19, 2006 - re: “serious” seller hasn’t entertained much / serious pricing pain at 42 E 12 St

Posted by Maureen McCabe

"The inter-firm listing data says (I will spare you the CAPS) “Serious seller – will entertain all offers!” The holidays are upon us, yet this seller has not had to do much entertaining so far…. "

Gosh I like that line!! I'm stealing it... for my market report blog?... hmmmm...

You do know you have been memed? In the Great Real Estate Meme of 2006. You are part of a championship line... I believe it is Real Estate Tomato to Sellsius° Blog to me to you. It was my first meme...(kinda... I was sorta simultaneously memed but I did not know of the first until after the second... ) I did not know you are supposed to look upstream... Before the R.E.T.? RSS Pieces? It is a first meme for many of us RE bloggers... I was kind of hoping to get RT Blogs involved in the viral action.

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