In the comments section of my last post on this building, J in SM gave us the heads up that another unit is currently for sale in the building and it is being advertised as a short sale.To review, we just featured unit #2 which sold on 2/5/10 for $925,000.
We are now looking at unit #3 which has the exact same square footage.
Listing History: 10/8/09 - $1,200,000
Reduced: 10/28/09 - to $1,150,000
Reduced: 11/11/09 - to $1,099,000
Reduced: 12/08/09 - to $999,000
Reduced: 02/08/10 - to $949,000
Given that the exact same unit just sold for $25k less, it appears that the current asking price on this isn't too far away from a market clearing level. However, I think the price they ultimately get (assuming the lender accepts it) will be closer to $900k than $950k which they are asking now.
It should also be noted that property taxes on this appear to be delinquent by more than $60k but I don't see any type of default into on RealtyTrac (yet).
I went to the open house on Sunday and, while a beautiful unit, it has a very weird layout. It takes a very special kind of buyer to want this kind of unit, and I would now put rental parity much lower as the utility of the unit (small kitchen, small bedrooms, minimal outside space) also limits the potential rental audience....
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