The Real Deal runs tiny articles on the biggest price cut of the day (based on street easy's listings). thought it would be fun to open a thread about those, no idea whether there was one already (sorry if so). "The unit to see the biggest price cut today is a two-bedroom, two-bath co-op at 969 Fifth Avenue, at 78th Street, according to Streeteasy.com. The price of the 1,873-square-foot home,... [more]
The Real Deal runs tiny articles on the biggest price cut of the day (based on street easy's listings). thought it would be fun to open a thread about those, no idea whether there was one already (sorry if so).
"The unit to see the biggest price cut today is a two-bedroom, two-bath co-op at 969 Fifth Avenue, at 78th Street, according to Streeteasy.com. The price of the 1,873-square-foot home, apartment 7FL, was lowered by $950,000, and the home is now on the market for $2.95 million. The home is listed for 52 percent less than the $6.2 million asking price when it first went on the market in May 2008. Prudential Douglas Elliman's Diana Mulqueen has the listing. TRD"
So from an aspirational $6M to a more humble but still high $3M. The reductions on previous $5M-$10M are huge and are going to redefine the $1M-$3M range. That's in part why I think the below-$1M is going to get totally creamed. RE is a ladder after all. The owner is James Sowell, bought it for $4.7M cash on August 2007. Is gonna lose around $2M if it gets sold for current ask including transaction costs. The guy works in real estate and finance, he should have known better!
"Mr. Sowell formed Jim Sowell Construction Co., Inc. in 1972, which is one of the largest subdivision developers in the State of Texas. Mr. Sowell graduated from Texas Tech University in 1970 with a BBA in Finance. He served in the U. S. Army in 1970-71. Mr. Sowell has served on the Board of Directors of several New York Stock Exchange companies, including NL Industries, Todd Shipyards Corporation, Lomas and Nettleton Corporation, and Ketchum Drug Company. "
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sorry, meant $4.55M. the seller was Robert Borchardt (presi of Recotor). Take my hat to him for that great timing!
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Response by notadmin
over 17 years ago
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west81st, no new cuts can be made today? why betting on race horsing when this is so much fun!
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over 17 years ago
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wow west81st. that was a estate sale purchase 3 years ago for $6.4M. a gut reno had been done with somehow valuable furniture: " Apartment being offered UNFURNISHED." It's the 1st time I see that included in a description. the wannabe flipper is the guy that sold iFilm to MTV on 2005 for $49M.
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over 17 years ago
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last but not least... is there anything david geffen doesn't do well?
he flipped nicely at 810 Fifth, # 13. The buyer is not so thrilled as #12 showed up on the mkt for $10M less than what he paid a year ago($37.5M versus $27.5M), and still no takers. but then the buyer was 149th within the "Forbes 400 Richest Americans" in 2008, now #403 as he went from $2.8BL to $1.7BL. so he might not even notice. ... enough gossiping on teh rich for today. that transaction alone generated $1.06M in taxes for the city and the state... that easy money is gone for good.
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over 17 years ago
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sorry west81st, you were close, that $2M price cut was outdone by a $3.5M price cut in the Plaza
The unit to see the biggest price cut today is a four-bedroom, four-bath condo at the Plaza, according to Streeteasy.com. The price of the 4,000-square-foot apartment at 1 Central Park South, apartment 409 which was formerly the Frank Lloyd Wright suite, was cut by $3.5 million, and the home is now on the market for $18 million. This is the home's second price cut and it is now listed for 30 percent less than its asking price of $25.7 million when it first went on the market in November. The Corcoran Group's Carrie Chiang, who The Real Deal recently named the top agent in Manhattan based on total dollar value of listings, and Loy Carlos are marketing the unit.
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over 17 years ago
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this cut follows a $4.2M cut done 4 days ago. seems that finally the seller is getting serious?
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Response by West81st
over 17 years ago
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Admin: No hard feelings. The more the merrier.
I found this passage puzzling: "The Corcoran Group's Carrie Chiang, who The Real Deal recently named the top agent in Manhattan based on total dollar value of listings..."
It seems strange to base the "top agent" designation on the total asking price of the listings she hasn't sold. Maybe she's just a really good pitcher and a really bad pricer.
Also, I think the pronoun should be "whom".
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Response by patient09
over 17 years ago
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I think what they meant to say was "top listing agent". Big difference in getting listings and selling product. semantics, I know, I know, but it is reality.
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over 17 years ago
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"It seems strange to base the "top agent" designation on the total asking price of the listings she hasn't sold. "
good eyes west 81st! as usual...
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over 17 years ago
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A $4M cut was the biggest for today. what's next? a $5M price cut for tomorrow?
"The home to see the biggest price cut today is a 13,000-square-foot townhouse at 12 East 63rd Street, according to Streeteasy.com. The price of the seven-floor home was cut by $3.8 million, and the house is now on the market for $24.95 million. The home is listed for 13 percent less than its asking price of $28.75 million when it first hit the market in April 2008. The townhouse, which has been completely renovated, has a garden, two terraces and the potential for a roof garden. Brown Harris Stevens' Paula Del Nunzio has the listing. TRD"
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about 17 years ago
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22 East 80th Street cut $3M and hence is the winner. don't know how on earth they thought it could be sold for $26M exactly a year ago, after listing it 4 months earlier for $22M. come on corcoran!!!
close by... 55 East 78th St, a truly unappealing townhouse, had a $1.4M cut.
"The unit to see the biggest price cut today is a five-bedroom, six-bath townhouse at 55 East 78th Street, according to Streeteasy.com. The price of the 5,160-square foot home was cut by $1.4 million to $12.5 million. This is the townhouse's third price cut, and it is now listed for 29 percent less than its asking price of $17.5 million when it went on the market in October 2008. " TRD
Here's an advance peek at tomorrow's edition:
http://www.streeteasy.com/nyc/sale/374775-coop-812-fifth-avenue-lenox-hill-new-york
"$4.7M cash on August 2007"
sorry, meant $4.55M. the seller was Robert Borchardt (presi of Recotor). Take my hat to him for that great timing!
west81st, no new cuts can be made today? why betting on race horsing when this is so much fun!
wow west81st. that was a estate sale purchase 3 years ago for $6.4M. a gut reno had been done with somehow valuable furniture: " Apartment being offered UNFURNISHED." It's the 1st time I see that included in a description. the wannabe flipper is the guy that sold iFilm to MTV on 2005 for $49M.
last but not least... is there anything david geffen doesn't do well?
he flipped nicely at 810 Fifth, # 13. The buyer is not so thrilled as #12 showed up on the mkt for $10M less than what he paid a year ago($37.5M versus $27.5M), and still no takers. but then the buyer was 149th within the "Forbes 400 Richest Americans" in 2008, now #403 as he went from $2.8BL to $1.7BL. so he might not even notice. ... enough gossiping on teh rich for today. that transaction alone generated $1.06M in taxes for the city and the state... that easy money is gone for good.
sorry west81st, you were close, that $2M price cut was outdone by a $3.5M price cut in the Plaza
The unit to see the biggest price cut today is a four-bedroom, four-bath condo at the Plaza, according to Streeteasy.com. The price of the 4,000-square-foot apartment at 1 Central Park South, apartment 409 which was formerly the Frank Lloyd Wright suite, was cut by $3.5 million, and the home is now on the market for $18 million. This is the home's second price cut and it is now listed for 30 percent less than its asking price of $25.7 million when it first went on the market in November. The Corcoran Group's Carrie Chiang, who The Real Deal recently named the top agent in Manhattan based on total dollar value of listings, and Loy Carlos are marketing the unit.
this cut follows a $4.2M cut done 4 days ago. seems that finally the seller is getting serious?
Admin: No hard feelings. The more the merrier.
I found this passage puzzling: "The Corcoran Group's Carrie Chiang, who The Real Deal recently named the top agent in Manhattan based on total dollar value of listings..."
It seems strange to base the "top agent" designation on the total asking price of the listings she hasn't sold. Maybe she's just a really good pitcher and a really bad pricer.
Also, I think the pronoun should be "whom".
I think what they meant to say was "top listing agent". Big difference in getting listings and selling product. semantics, I know, I know, but it is reality.
"It seems strange to base the "top agent" designation on the total asking price of the listings she hasn't sold. "
good eyes west 81st! as usual...
A $4M cut was the biggest for today. what's next? a $5M price cut for tomorrow?
"The home to see the biggest price cut today is a 13,000-square-foot townhouse at 12 East 63rd Street, according to Streeteasy.com. The price of the seven-floor home was cut by $3.8 million, and the house is now on the market for $24.95 million. The home is listed for 13 percent less than its asking price of $28.75 million when it first hit the market in April 2008. The townhouse, which has been completely renovated, has a garden, two terraces and the potential for a roof garden. Brown Harris Stevens' Paula Del Nunzio has the listing. TRD"
22 East 80th Street cut $3M and hence is the winner. don't know how on earth they thought it could be sold for $26M exactly a year ago, after listing it 4 months earlier for $22M. come on corcoran!!!
close by... 55 East 78th St, a truly unappealing townhouse, had a $1.4M cut.
"The unit to see the biggest price cut today is a five-bedroom, six-bath townhouse at 55 East 78th Street, according to Streeteasy.com. The price of the 5,160-square foot home was cut by $1.4 million to $12.5 million. This is the townhouse's third price cut, and it is now listed for 29 percent less than its asking price of $17.5 million when it went on the market in October 2008. " TRD