Sales prices falling short in Soho and Nolita

Highballing sellers rather than shrewd buyers are the likely cause

New York /
Aug.August 13, 2015 12:30 PM

Just because you paid below the asking price, doesn’t mean you got a deal.

Sales prices in Soho and Nolita fell short of asking prices in the second quarter, according to a new Streeteasy report, though the cause is likely to be sellers’ inflated expectations.

Asking prices in Nolita have jumped 26 percent year-over-year. Those in Soho rose 23 percent. Given those increases, sellers need not worry much about the 2 percent gap between asking and sales prices found in the report.

“It could be that their strategy is aim high and bring it down only if necessary,” Streeteasy data analyst Alan Lightfeldt told DNAinfo.

Prices are high in part because much of the area is landmarked. Buyers looking in the neighborhoods are also seeking a very specific sort of apartment, lofts in the case of Soho and townhouses in Nolita. These factors and others constrain supply, allowing sellers to keep prices high.

The high prices have attracted major developers as well. DHA Capital entered into contract to pay $50 million for a Nolita development site at 75 Kenmare Street in July, planning to build a 68,000 mixed-use building with residential, retail, and parking. KUB Capital filed plans earlier this week for an eight-story condo building at 146-150 Wooster Street in Soho featuring apartments that average 4,895 square feet of space. [DNAinfo]


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
New York Ranger Jacob Trouba (Getty)
Rangers’ star Jacob Trouba nets Tribeca condo for $6.7M
Rangers’ star Jacob Trouba nets Tribeca condo for $6.7M
Chrissy Teigen and John Legend with 374 Broome Street (Credit: Karwai Tang/Getty Images; Google Maps)
John Legend and Chrissy Teigen selling penthouse apartments in Nolita
John Legend and Chrissy Teigen selling penthouse apartments in Nolita
No Joke: Pete Davidson (left) and Colin Jost just purchased a Staten Island Ferry boat. (Getty)
Floating real estate: Colin Jost, Pete Davidson buy Staten Island Ferry boat
Floating real estate: Colin Jost, Pete Davidson buy Staten Island Ferry boat
(Gladstone Ridge Farm, iStock)
Suburban Chicago horse farm could be put to pasture
Suburban Chicago horse farm could be put to pasture
 Buckhead City Commitee's Bill White and Atlanta Mayor Andre Dickens (BEC, Getty)
Atlanta’s wealthiest – and whitest – neighborhood continues effort to secede
Atlanta’s wealthiest – and whitest – neighborhood continues effort to secede
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...