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; the…