A caller describes woes of her underwater condo

(Flickr photo by hamad M)

Call her June.

A mutual friend had put June and me in touch with each other a couple of months ago. She’s has on the market her Manhattan condo, a loft of close to 2,000 square feet that she and her husband had extensively renovated after their purchase a few years ago.

When the couple ran into financial straits, they listed the apartment for approximately $2.2 million about a year ago. That level, June confessed, was against her broker’s recommendation to ask less. Had she followed his advice, the place would be long gone.

Something on the order of 75-100 potential buyers looked at the place, but there were no offers. That number of lookers who didn’t even bid defines a property that is priced too high, and June now appreciates Continue reading