Successful price reduction resulting in SALE - demonstrate with comps

It's really too common to be notable, but here are a few examples from my 'hood:

Closed sales:
http://www.streeteasy.com/nyc/sale/184239-coop-515-west-end-avenue-upper-west-side-new-york

http://www.streeteasy.com/nyc/sale/215158-coop-50-west-96th-street-upper-west-side-new-york

In contract:
http://www.streeteasy.com/nyc/sale/193957-coop-470-west-end-avenue-upper-west-side-new-york

I don't know whether formal price cuts are more or less effective than silent ones. Personally, I think it's a good idea to leave some room for negotiation, so IMHO price cuts are fine but it's generally best not to cut all the way to the lowest price the seller will accept.

Interesting. What do you mean by silent? Just informing everyone who comes in about the new price without changing the listing? Wouldn't that result in potentially less traffic?

I'm a broker, but I had absolutely nothing to to do with this transaction. I was just following it because I think it's a beautiful apartment, and at less than $1000/sf seemed like a good deal to me. Looks like someone else thought so, too:

http://www.streeteasy.com/nyc/sale/277054-coop-135-watts-street-tribeca-new-york

Oh - forgot to mention that it went into contract on 10/17.

How about successful pricing so that the reduction was never necessary?
http://www.streeteasy.com/nyc/sale/349592-coop-193-second-avenue-east-village-new-york
http://www.streeteasy.com/nyc/sale/328507-coop-50-avenue-a-east-village-new-york

I was so sure I'd be watching these come down, but they sold tout suite, considering the market.

http://www.streeteasy.com/nyc/sale/127247-condo-500-west-53rd-street-clinton-new-york

We actually saw this apartment. It's absolutely gorgeous. The layout is asinine, though, and the neighborhood is so-so. We saw it in June, when it was still $2.3MM. When they dropped to $2.2MM, it seemed like not enough, but as soon as they went to $2.0MM, it went into contract 2 weeks later. Curious to see if it closes.

I think it's not as much an issue of 'successful price reduction' as it is of pricing correctly at the outset.

The following example, for an estate-condition classic 8 in Morningside Hights, illustrates that perfectly - they wasted precious months with over-inflated prices that simply didn't reflect what was happening in the market. That mistake led to their ultimately closing for $650K less than their initial ask.

IMO if they'd priced the apartment more attractively at the outset they'd have likely done considerably better.

http://www.streeteasy.com/nyc/sale/134179-coop-440-riverside-drive-morningside-heights-new-york