My good friend Jason Weissman and partner Will Catlin had this condo listed for 364 days starting November 28, 2005 and finally expiring on January 1, 2007. It was listed at $6.9 Million and there were no price reductions. They received some great PR and possibly attained a few luxury buyer clients, but unfortunately they were unsuccessful selling the Ritz Penthouse.
Fast forward to the present day. As I was reading the Banker & Tradesman yesterday, I came across some interesting news. Manny decided to list that same condo for $8.5 million, but with another agency! Here's what I'm thinking. It's been over 2 years since the property was taken off the market. The US is currently facing the worst housing crisis in my short lifetime. It didn't sell at $6.9 million, yet Manny thinks his place has appreciated $1.6 million or over 23% in those 2 years, . Am I crazy? How does that work? What do you think?
Maybe I'm wrong. Maybe this place will sell for $7 or $8 million. Maybe some sucker will come around and shell out $1900/sq. ft. for the 4500 sq. ft. Penthouse, but I doubt it.
Remember this. Whether it's the biggest piece of junk or the nicest house on the block, if it's priced accordingly, everything will sell!