200 West 24th Street

I was curious as to people’s opinion regarding the following listing and why it has not sold in over a year: http://www.streeteasy.com/nyc/sale/212730-condo-200-west-24th-street-chelsea-manhattan By way of background, I looked at this exact unit way back at the beginning of the year when it was priced at $1.9 million. (From the listing it appears that this was originally listed at $1.795 million;... [more]

I was curious as to people’s opinion regarding the following listing and why it has not sold in over a year: http://www.streeteasy.com/nyc/sale/212730-condo-200-west-24th-street-chelsea-manhattan By way of background, I looked at this exact unit way back at the beginning of the year when it was priced at $1.9 million. (From the listing it appears that this was originally listed at $1.795 million; however, this has been pulled on and off with different brokers for over a year and was originally listed for a whopping and ludicrous (IMO) $2.195 MM in July 2007 (http://www.streeteasy.com/nyc/sale/96199-condo-200-west-24th-street-chelsea-manhattan)). We thought the apartment was nice for what it was but still overpriced for the size (very small living room). Also, we were really focused on the Village, not Chelsea, and this is the northern part of Chelsea at that. Still, it is across from The Lion’s Head and Whole Foods and fairly convenient to transportation. Also, the owners made some additional improvements from the original conversion and it is in very good shape and nice for a “cozy” apartment. When we passed on it we assumed that there would be a price chop and the unit would sell. Well, it is now a year since the original listing and it is unsold. Curious whether this is more a function of 1) price, 2) location or 3) listing just getting stale. While I assume a combination of all three, I suspect that the stale factor becomes predominant at some point since this would be a nice place for the right buyer and I would suspect the owners would have been negotiable since they had already bought another place (or so I had been told). (Also, there is some overhang with an identical 2 bedroom also available at the curious price of $1.9 million.) So, what think you? Also, today I noticed that the unit was also available for rent for $6,995/month: http://www.streeteasy.com/nyc/rental/400302-condo-200-west-24th-street-chelsea-manhattan (I will preempt Steve and others from noting that this is less per month than the cost of owning; in fact, I believe it less per month than the carrying cost of the original purchase price from 2 years ago.) [less]