Right On – 85 Mercer Was WAY Over-Priced!

I was scrolling through the 6sqft website and saw a new article posted about 85 Mercer Street in SoHo.  The apartment is listed for $3.25M and after looking at the photos, I remembered the unit!  Originally listed in May 2014 for $3.95M, it was now re-listed at 20% off at $3.25M.

85 Mercer Streeteasy 1

In the article, CRAZY MARKET: $4 Million Mercer Street WALK-UP Loft, I wrote how overpriced the walk-up apartment was.  85 Mercer was purchased for $2.675 in 2007, and has had no renovations.  It was pretty crazy how much of a mark-up the owner & broker agreed to list it.

85 Mercer Streeteasy

The market must have outsmarted the owner & brokers and now the unit seems a bit more “fair” although I still think $2.9 is the fair value (increase of 10% since 2007).

The unit was originally marketed by Douglas Elliman and is now listed by Corcoran.