Pre-Foreclosure Sale In Manhattan?
A: Say it ain't so! Given the listing history & price per square foot for this two bedroom duplex + setback terrace in Lion's Head Condo in Chelsea, I would hardly say it's a pre-foreclosure deal as some think of when they hear those words. A sign of things to come? In my opinion, probably not! While I'm sure we will have our share of distressed sellers and foreign resales to deal with in the future, I just don't see the level of foreclosures outside of Manhattan hitting our marketplace. All this can change if the economy rapidly deteriorates of course, but that is yet to be seen. For now, inventory trends while rising are still fairly tight giving even distressed sellers a good market to list in. It's when you have fierce seller competition via surging inventory that foreclosure sales provide the fire sale discount that we come to expect with such a situation.
Since this listing is fairly old, I have no idea if it has been marketed as a foreclosure sale for a while now, or if that was a recent addition to the web description. Anyone know?
121 West 19th Street; Apt. PH-E
First Came on Market: 1/19/2007
Original Asking Price: $3,950,000
Asking NOW: $3,700,000
Maintenance: $1,236
RE Taxes: $727
Interior Size: 2,071 sft
Exterior: Setback Terrace
PPSF: $1,786/sft not including Private Roofdeck
Marketed By: Super Broker Elaine Clayman of BrownHarrisStevens
Now, PH-F in this same building currently has a contract signed and that property was asking $4,250,000 and was 2,365 total square feet (4BR/3.5BTH). At that asking price, the price per square foot was $1,797 and since both had terraces, we can see that the unit above is asking slightly under this very recent deal. One major difference though is that with PH-F in contract, you had the possibility to increase the private outdoor space by 1,000 sft; prob through a purchase of buildable rights from the board/bldg. What we don't know is what the contract price was on this unit!
Nevertheless, interesting to see the words "Foreclosure" in any Manhattan high end listing! Note that buyer pays the 6% fee at the bottom.
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Comments (2)
Mr Digs -- It has been marketed as a "foreclosure sale" since September, with a condo lien for unpaid common charges since May. I posted about it in September about the "foreclosure sale" (http://www.realtown.com/sandymattingly/blog/loft-neighborhoods-chelsea/anyone-as-confused-as-i-am-rare-foreclosure-sale-rare-pricing-at-lions-head-11e ) and earlier about it's rather ... unusual price history earlier, where I noted the lien (http://www.realtown.com/sandymattingly/blog/loft-neighborhoods-chelsea/gnashing-of-teeth-in-the-lions-head-jumpy-prices-lien-at-121-w-19-ph-e ).
Very peculiar, indeed.
Posted by Sandy Matsatingly | January 24, 2008 1:04 PM
thanks Sandy..sorry, had no idea or I would have linked out..commenter here tipped me to this!
Posted by Noah | January 25, 2008 11:47 AM