Eighteen offers on a single property ought to be all the proof anyone needs that the market is king when it comes to valuation.
Shown above, a Tribeca loft received the offers in a mere week, one of which already has been accepted. With two bedrooms and baths, the third-floor condo was listed at $1.375 million this month with 1,305 square feet, or 1,054 per square foot.
The asking price per square foot is lower than the most recent comparable in the converted commercial building. Last summer, a larger third-floor unit sold for $2.35 million, 9.3 percent higher than its listed price and $1,077 per square foot.
Of course, price per squar ein the abstract ignores many issues such as condition, sunlight and quality of finishes. Another factor is inventory, and Tribeca supply at that price level is scarce, indeed.
Lucky and smart is the owner who has the luxury of asking for best and final offers: It is inconceivable that the sold price will be lower than the asking price.
The market triumphs again. And always.
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022