Teri wrote a
great, insightful article this week about
what really matters to buyers - space and low maintenance duh, and not hotel amenity features like libraries and pet spas (sorry Fluffy).
The one thing that really surprised us in this article however, was that Mathieu and Monica Schepard and their adorable little girl actually purchased an 856 sq ft
studio loft at 15 Broad for $692,000 and plan on converting the thing to a 2BR (ugh!). Although we have not seen the unit that they purchased, we believe that we saw
an identical unit, in this case #928, which (although mildly camouflaged in Streeteasy) has the same square footage as the unit that the Schepard's purchased and is priced similarly to the original asking price for the Schepard's unit of $799,000. #928,
which we saw just a couple of weeks ago, has all of the well-documented problems of many new construction lofts in FiDi (one long room with one set of windows, making partitioning particularly challenging, views of a neighboring office building etc.).
It is because of problems such as these that we believe that #928 sold for a fairly reasonable $595,000 in May of 2007. Assuming the Schepard's bought a similar unit for $692,000, that cute family is about to pay a 16% premium to the 2007 sales price. What the heck?
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2 comments:
Methinks they overpaid. Good luck trying to resell that studio as a 2-bedroom in a further-declining market once they decide they don't like not having windows in the bedrooms!
She is cute isn't she? The bedrooms are indeed not huge but both have windows. This apartment is ideal as a one bedroom but we need two. It's the biggest space I could get for my money, in our neighborhoods of choice. Resell price is secondary. Take care, Matt Schepard
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