Adjusting Expectations for East MB New Construx

Monday, August 31st, 2015

It seems harmless – today – to overprice new construction while waiting for the market to (perhaps) catch up midway through the build.

Some East Manhattan new construction projects launched with hugely ambitious asking prices, and are now adjusting.

Take the mega number on 1131 6th (5br/5ba, 5025 sq. ft.). This is a new home due next year that's under way now. Location: A few doors in off of Sepulveda.

Asking in February 2015: $4.499M.

The prior top sales of new construction in East Manhattan:

  • 111 S. Meadows (5br/6ba, 4200 sq. ft., huge 9500 sqft. lot) at $4.000M in Oct. 2014 (the Sunset "Idea House"); a special case given the nature of the house and huge lot size
  • 1632 Voorhees (5br/5ba, 4500 sqft., 7500 sqft. lot) at $3.251M in June 2015;…

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Based on information from California Regional Multiple Listing Service, Inc. as of August 31st, 2015 at 6:45pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.