Sunday SoHo Open House Round-Up
Hard to believe there was time to visit three open houses this past Sunday! Here is the Sunday SoHo Open House Round-Up!
The first was at 242 Lafayette, unit 2S:
- This co-op unit was listed as of 10/1 and this was the first open-house.
- Asking price is $1.695M, at 1,350 square feet ($1,255 psf) with $2,350 per month maintenance.
- Elevator building that was constructed in 1910 (elevator was added in later)
- The sponsor of the co-op owns the retail space which is why the maintenance is so high (almost $2 per square foot!)
- The last apartment in this building that sold was unit 4S which was move-in ready and fully renovated and closed for $1.575M.
- This unit would require a full gut-renovation.
- While the original wood-plank floors classic to the early 1900’s make the unit very charming, the kitchen and bathroom are VERY outdated and old.
Summary of 242 Lafayette: The turnout was fabulous – around 20 people had already signed in 30 minutes into the 1.5 hour open-house. While this property seems to be overpriced by $300K, we have a feeling there will be someone willing to bid on this property and this will be in-contract by the end of October.
The second was at 85 Mercer, unit 2R:
- This co-op unit was originally listed on 5/8 for $3.95M and Soho Strut originally said it was “overpriced“
- This unit was re-listed 9/17 for $3.25M (you can read more here)
- Second Floor walk-up in a building constructed in 1856. The “Left” side units have elevator access while the “Right” sides do not.
- The square footage is not listed, however, it is safe to estimate around 1,700 square feet (50 feet X 30 feet plus 20 feet X 10 feet) ($1,911 psf)
- Maintenance is $2,385, which is a little high for a walk-up with no amenities
- Unit 2R was originally purchased in 2007 for $2.675M and has had absolutely no work done on it since then (although it is move-in ready with high-end kitchen appliances)
Summary of 85 Mercer: At the time of the open house, there was only one other open house attendee. We still think this apartment is over-priced, and should probably sell closer to $2.9M. We have a feeling this property will be sitting on the market until 2015.
Lastly, 123 Prince Street, unit #2:
- The co-op was listed on 9/26 for $3.25M at 2,125 square feet ($1,529 psf) and $2,910 maintenance.
- This was the second open house – around 10 people had signed onto the listing by the end of the open house.
- The entire apartment looks like it was renovated in the late 1980’s (ktichen, bathroom and obscene number of built-ins) so would require a full gut-renovation.
- Natural light in this unit is amazing – there is a two-story building across the street and it sits on the corner of Prince and Wooster Street.
Summary of 123 Prince: While this apartment has good bones (aka direct elevator access, natural light, two exposures), the crazy amount of built-ins and customization would require an extensive renovation. We think this unit will end up selling for $2,7M ($1,270 per square foot) and will be on the market into 2015.
In short, new listing pricing methodology seems to be all over the place in SoHo at the moment.