13 Sutton Place

I sometimes find it interesting to look at some of the listings that have been on the market for a really long time, and I'd be interested in the board's view (using this one as an example) as to what the strategy is.

This house seems to have been purchased with the hope of a quick flip, and that strategy failed. Since that time, the price has edged down dramatically, but to make matters more complicated, since that time a larger house a few doors down sold for a lot less money than this house and there is the general erosion in this segment of the market. It appears that a group of investors are holding onto this house.

What do you do in this seller's shoes?

I'll try to find some other interesting examples.

I have been in one of the townhouses you can see from the photos which is around the corner on Sutton Square. The "enclave" in back is shared with other surrounding owners including IM Pei.

Talk about catching a falling knife! 10 price changes in 20 months. Who is driving this deal?

Owner is reported to be Silvershore Properties, a NYC landlord who is reportedly selling half their portfolio of rental buildings located mostly in Brooklyn. They purchased the house in 2016 from an estate for $7.8 million. Now listed for $7.5 million. Hmmm...

House has quite an interesting history:
http://daytoninmanhattan.blogspot.com/2015/01/the-elisabeth-marbury-house-not-13.html

Ximon - it seems to me that 19 Sutton Place selling for $7mm (and going into contract before the tax reform bill got serious about SALT) doesn't do this one any favors.

They may have rented it to help mitigate the pain of holding it all these years, but that doesn't seem to be a great long-term plan.

I'm not a real estate investor, but I would think the right move would be to drop the price big one more time (e.g., maybe to $6.5mm) and try to get out before it gets worse. I'm curious about views from folks more sophisticated than me.

TeamM, I am not rich or a townhouse expert but I think townhouse owners treat their homes a bit like fine art and I don't think Sotheby's or Christie's would ever recommend a fire sale to get rid of a masterpiece. Rich people have the luxury of holding onto their homes and artwork and stocks until the most opportune time to sell. When they wish to sell, they let a leading auctioneer/broker market the property with the goal of selling at the highest price in mind. Most property sales are not auctions but a drop in listing price sends a signal that seller is disparate. That's when the vultures start to circle. Just my $.02.