Tinkering Won't Save It

Posted by Dave Fratello on Thursday, November 12th, 2009 at 5:18am.


Unless someone pulls a rabbit out of a hat, 123 44th is not going to sell for what it did in January 2007.

One reason is that no one is getting out whole from 2007 acquisitions these days. We're living in 2004 prices all around town. (See "How Resales of '03-'06 Purchases Are Faring.")

Just one recent example of an '07-'09 loss: 2613 Oak sold for $1.199m, down $186k (-13%) from its March 2007 price.

So, we're not betting on the rabbit turning up in El Porto Norte.

Then why the little tinkering with the list price?


As the property history shows here (click to enlarge), the listing began at $1.475m, just $15k below its Jan. 2007 acquisition price. But not so long after, the price was corrected, upward, to $1.490m – same as the 2007 price.

Whether the change reflected a data entry error or a change of heart doesn't really matter. If this home is going to sell, there are going to be much bigger adjustments in the opposite direction.

The nearby short sale at 201 43rd – a newer home with the same number of bedrooms (3) and a little more square footage at 1800 – isn't going to help at all. It's priced lower now at $1.399m.

And did we mention that the holidays are coming up?
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