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

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Overall sales volume of condominiums and cooperative apartments in Manhattan has been off about 11 percent so far in the second quarter compared with same period last year, according to a Wall Street Journal analysis of the city’s data.

A year ago, the market was bouncing back strongly from the after-effects of the financial crisis.

Prices have remained flat. Data on closings show that median prices in the second quarter were 1.2 percent below prices during the year-earlier period, while average prices rose by 1.5 percent.

The average price for a Manhattan apartment was about $1.39 million in the latest period. The figures are based on closings filed with the city as of 15 days before the end of each quarter.

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