Dead Cat Bounce?

David Goldsmith

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Not sure exactly what to make of the penthouse at 56 Leonard St going into contract. With an ask of $49,995,000 and being on the market for over 6 months:
I think it's unlikely it went for over ask.

I am curious about the numbers/investment value of a unit which was one of the last to sell originally, in a project which dragged on for several years, as far as I know was never leased, and given the 2017 sale price will almost definitely lose money after transaction costs even if gross exceeds the prior sale.

 

David Goldsmith

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This very much plays into my confirmation bias:

Manhattan contract activity picks up as discounts grow

36 contracts were signed last week for homes asking over $4M​

Contract signings shot up in Manhattan last week as discounts between initial and final asking prices grew.
Thirty-six homes asking $4 million or more went into contract last week, according to Olshan Realty’s weekly report on Manhattan’s luxury contract activity. The average discount was 12 percent, the largest margin recorded this summer.
Donna Olshan, the report’s author, attributed the increase in transactions to the discounts.
 

David Goldsmith

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This is the kind of bullshit which happens when sellers get too much smoke blown up their asses:

Sellers Taking Toilets, Appliances With Them​

Homeowners are selling their homes for high prices in the hot housing market, but many are also reportedly intending to take fixtures including appliances, toilets, and even the backyard fruit trees when they move out.
Pricey toilets, like self-cleaning bidets, are among the most popular items that sellers take when they move, The New York Times reports. They’re also taking high-end Viking stoves and midrange refrigerators, stoves, and dishwashers. With an appliance shortage underway, they want to avoid having to shop for replacements. Yorgos Tsibiridis, an associate broker for Compass, told The New York Times he represented the sellers of a $2.2 million home who wanted to keep a pair of six-foot fruit trees for sentimental value. The removal left two large holes in the backyard.
“Sellers have become more greedy,” Chase Landow, a salesperson for Serhant in Manhattan, told The New York Times. “Good inventory is rather tight and they know that they can control the show.”
Landow recently had to inform buyers of a $15.5 million apartment that the sellers wanted to take all of the kitchen cabinets with them. “The question is what the hell do you do with them?” Landow says. “I have no idea, which is why it’s all very odd. … The market is so bananas, you want to do what you can do to keep the sellers happy.”
More fixture disputes could occur as sellers feel entitled to more of a home’s fixtures and take advantage of a bustling sellers’ market. Real estate pros will want to carefully discuss with sellers what they plan to take with them and what stays. Typically, fixtures attached to walls, like cabinets, sinks, and toilets, are considered part of the sale. But buyers and sellers can discuss and agree to modifications in the contract.
 

David Goldsmith

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Staff member
I'll be interested to see what this actually closed for.

But even in this "Uber hot market" asking price ($13,500,000) had to be dropped below 2013 purchase price ($15,940,000).
Looks like the number was $13M even. So even after shaving $2.5M off the 2013 buy, they had to negotiate another $0.5M to move it quickly. I think this is evidence of what I've been saying - that we shouldn't confuse the extreme liquidity in the market caused by the Fed injecting trillions of dollars into the economy with a "booming" Manhattan market price wise.
 

MCR

Active member
I am seeing a lot of volume in the niche that I watch, but the prices are DISMAL. I am happy for those whose timing to buy per their wants and needs coincides with this phase. For example, the buyers of the apartment we sold during COVID were long-term holders of Brooklyn real estate where they raised their family who downsized to our small apt in Manhattan. Tremendous gains from their Brooklyn house that they funneled into Manhattan purchase. Good for them.
 

inonada

Well-known member
Not sure exactly what to make of the penthouse at 56 Leonard St going into contract. With an ask of $49,995,000 and being on the market for over 6 months:
I think it's unlikely it went for over ask.

I am curious about the numbers/investment value of a unit which was one of the last to sell originally, in a project which dragged on for several years, as far as I know was never leased, and given the 2017 sale price will almost definitely lose money after transaction costs even if gross exceeds the prior sale.


The contract date on the original sale was in 2013 at $47.87M, and I don’t think it was ever leased either. This was a cash purchaser that I think was using it as a residence with no particular care about investment value. I am guessing it’ll close for $45-50M.
 

inonada

Well-known member
I am happy for those whose timing to buy per their wants and needs coincides with this phase.
For some of us, it’s the phase that drives the timing of the wants. But I have learned & accepted that we are the outliers…
 

David Goldsmith

All Powerful Moderator
Staff member
This is the kind of bullshit which happens when sellers get too much smoke blown up their asses:

Sellers Taking Toilets, Appliances With Them​

Homeowners are selling their homes for high prices in the hot housing market, but many are also reportedly intending to take fixtures including appliances, toilets, and even the backyard fruit trees when they move out.
Pricey toilets, like self-cleaning bidets, are among the most popular items that sellers take when they move, The New York Times reports. They’re also taking high-end Viking stoves and midrange refrigerators, stoves, and dishwashers. With an appliance shortage underway, they want to avoid having to shop for replacements. Yorgos Tsibiridis, an associate broker for Compass, told The New York Times he represented the sellers of a $2.2 million home who wanted to keep a pair of six-foot fruit trees for sentimental value. The removal left two large holes in the backyard.
“Sellers have become more greedy,” Chase Landow, a salesperson for Serhant in Manhattan, told The New York Times. “Good inventory is rather tight and they know that they can control the show.”
Landow recently had to inform buyers of a $15.5 million apartment that the sellers wanted to take all of the kitchen cabinets with them. “The question is what the hell do you do with them?” Landow says. “I have no idea, which is why it’s all very odd. … The market is so bananas, you want to do what you can do to keep the sellers happy.”
More fixture disputes could occur as sellers feel entitled to more of a home’s fixtures and take advantage of a bustling sellers’ market. Real estate pros will want to carefully discuss with sellers what they plan to take with them and what stays. Typically, fixtures attached to walls, like cabinets, sinks, and toilets, are considered part of the sale. But buyers and sellers can discuss and agree to modifications in the contract.

$28 million and you can't throw in the pier mirrors? What are you going to do with them?
*All light fixtures and pier mirrors are excluded from the sale.
 

inonada

Well-known member
Here's a fun one to add to our watchlist:


05/08/2021Listed by Douglas Elliman$13,500,000
12/04/2019Douglas Elliman Listing sold$12,995,000
Previous Sale recorded$11,500,000
07/25/2019Delisted by Corcoran. Last priced at $13,950,000$13,950,000
07/12/2019Previously Listed by Douglas Elliman$12,995,000
09/23/2018Previously Listed by Corcoran$15,500,000
08/21/2018Delisted by Compass. Last priced at $16,500,000$16,500,000
02/14/2018Previously Listed by Compass$17,000,000
10/23/2015Douglas Elliman Listing sold$11,950,000
Previous Sale recorded$12,215,284
12/02/2014Previously Listed in StreetEasy, already in contract, by Douglas Elliman$11,950,000


From each of 2014, 2019, and 2021 era listings:
  • 2014: Conceived and realized to exacting standards of quality and craftsmanship by Cook + Fox Architects, with custom interiors by Alan Wanzenberg Design, 150 Charles Street is a luxuriously thoughtful addition to the Manhattan skyline.
  • 2019: meticulously renovated by renowned Architectural Digest 100 architect and designer David Mann
  • 2021: meticulously renovated by interior designer Daun Curry, winner of prestigious awards including being named a 2019 Designer of the Year
How many meticulous renovations does one apartment need over the 5 years between 2014 and 2019??? Three, apparently. Here's hoping the new buyer adds a fourth...
 

David Goldsmith

All Powerful Moderator
Staff member
Here's another Greenwich Village townhouse with pricing arc.



Price History​

07/26/2021Listing entered contract$7,500,000
06/18/2021Price decreased by 14%$7,500,000 ↓
05/13/2021Listed by Sotheby's International Realty$8,750,000
02/16/2016CORE Listing is no longer available on StreetEasy Last priced at $14,950,000$14,950,000
09/23/2015Previously Listed by CORE$15,990,000
07/24/2015Douglas Elliman Listing is no longer available on StreetEasy$15,990,000
05/26/2015Previously Listed by Douglas Elliman$15,990,000
09/02/2008Previous Sale recorded$7,312,500
10/18/2006Previous Sale recorded$2,150,000
SEE LESS
 
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