34 minutes ago
Tuesday, June 9, 2009
After seeing yet another sale at 20 Pine go through today (this time it was #1907, a 926 sq ft studio with a large terrace) which looks like it was actually sold to a person and not an LLC (oooh), we found ourselves wondering (yet again) whether now is the time to buy at this troubled FiDi conversion that seems to be doing a phenomenal job of blowing out it's unsold inventory of around 70 units to picky buyers. In fact, 20 Pine has sold a recession-busting 5 units in the past 5 weeks, almost half of what the building sold in all of 2009.
How are they doing it? Just take a look at the previously mentioned #1907. This unit was most recently on the market (from the sponsor) at $1.195 million and sold yesterday for exactly $776,750. That's 35% off of the asking price. Exactly 35% off. Not 34.8%. Not 35.1%. 35% exactly. We can already imagine the quick calculator negotiation that the buyer used (who by the way, may have been all cash), chopping 35% off of the ask and flashing the number to the sponsor. We're starting to think now that maybe 20 Pine will get through this after all...
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