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Manhattan Condo Market Index
Sold for $2.575mm on 6/12/09. 16% below 7/7/06 sale for $3.05mm. So the owner took a 25% loss between price, broker commission and closing costs at purchase.
whats more interesting is if you figure what this place was worth at peak, say add on another 15%-20% from contract signed say early 2006 to peak mid 2007 in that final year of the bubble to the top, then do some math to see how much it closed at below that level.
Lets use 15%: 3.05M + 457500 = rough PEAK valuation of around $3,507,500M
Closed for 2.575M
So it closed around 27% below peak levels, in line for what this mid/high end price point seems to be trading at. Here was my trading ranges stated in MAY:
HIGH END ($5M+) - down aprox 25% - 40% from peak
HIGH/MIDDLE ($2M - $5M) - down aprox 25% - 30% from peak
MID END ($1M - $2M) - down aprox 20% to 30% from peak
LOWER END (Under $1M) - down aprox 15% - 25% from peak
*this was stated 2 months ago, and I would raise the range of the high/middle deals to down aprox 25% - 35% from peak levels - similar to high end range.