In May, I wrote about something that didn’t make me proud: the expiration of my exclusive listing for an apartment I loved at 309 W 86th Street.
For the last nine months one of my exclusives has been my pet project. It is an absolutely amazing penthouse duplex property that is located in a building that my wife and I called home when we had our first child.
Maybe it’s my affinity for the building, at 309 West 86th Street. Maybe it’s the fact that my wife and I miss the incredible people there. Whatever it was, something tainted my reasoning when it came time for pricing.
Whatever the reason, when I priced the apartment last fall, I truly believed that I could sell it for $1.995M. By January, I knew I was wrong.
And when we dropped the price to $1.795M, I believed then that we could sell at this price or better. Two failed contracts later… I was proved wrong again.
Still, I remained confident (perhaps even a bit cocky after an eight year booming market) and proceeded with a marketing plan that exceeded any I had done in the past. Again, I was wrong.
Although I "had a hunch" that the market was changing, I proceeded with the marketing of this property for the past nine months (yes, the sellers were even gracious enough to give me an additional three months to sell their place) the same as I would have during the "boom."
I was wrong.
In that original post, I even linked to the broker with the new exclusive.
A client of mine attended the open house for that apartment yesterday. It’s now on the market for $1.495, and swears that the broker holding the open house told her it had been on the market for eight weeks. UNREAL!!!! Try 14 months! And the industry wonders why the public continues to distrust us? That said, I believe it is VERY attractively priced at $1.495M and should sell now. (I know, I know, who would believe me on this topic at this point?)