The Sun's Candace Taylor shakes us out of our Labor Day stupor with this shocking report: some Manhattan owners aren't making stupid amounts of money by selling their apartments. In fact, some are taking losses. Whoa. Take a moment if you need it. Have a seat. Breathe. Taylor mentions the above building right off the bat. From left to right: 80 John Street ("The South Star"), where a unit bought for $720,000 in January recently resold for $590,000; 515 West End Avenue, where $2.1 million sale was slightly below the 2005 purchase price; 166 Duane Street (Tribeca, folks, Tribeca), where a condo is on the market for $4.495 million, below the $4.7 million paid just four months ago.
Sure, these sellers might need to unload property quick due to unforeseen circumstances, but as StreetEasy's Derrick Gross points out in the story, even motivated sellers have netted cushy profits over the past eight years. So, what's the motivation in these cases? Luckily for us, the broker on the Duane Street listing is Curbed icon Jared Seligman (Lil' Shvo!), and he explains that his client is ditching the loft for "personal reasons." And the pricing? "Before, it was priced a little high. If you're not priced appropriately, it's not going to sell." Wise words, indeed. Ricky Martin, if you're out there: 20 bucks for your 40 Bond spread. Meet us at Five Points at 1pm.
· Unthinkable Happens: Manhattan Apartment Prices Fall [Sun]