As we first reported in January:
Purchased for $2,700,000 in 2008; on the market for $2,550,000 in 2009; and listed for $2,100,000 last year, the 1,670 square foot St. Regis two-bedroom known as 188 Minna Street #33C has just returned to the market anew, now asking $1,995,000.
The sale of 188 Minna Street #33C closed escrow today with a reported contract price of $1,750,000. That’s still rather rich at $1,048 per square foot, but 35 percent ($950,000) less rich than the $1,617 per square for which the condo was purchased in February 2008.
As an eagle-eyed reader noted earlier this year, on the shelf in the closet sat a book titled “Seeing What’s Next.” While we don’t know if the sellers bought the book before or after they bought the condo, we’d have to guess they didn’t see this coming.
∙ Seeing Red At The St. Regis [SocketSite]
I mean seriously, is it that hard to include prior sales to give a complete picture. You go to the trouble to pull out an obscure pic from the prior listing, create an off center rectangle to highlight a book that is wholly illegible on a point that isn’t even that comical, relevant or ironic? But we can’t get anyone to substantiate an assertion by EBGuy (who I’ve found to be more than reliable and one of the better sources of information) that this sold in 2006 for $1.815? Really?
Looks like the original sale price in 2006 was for $1.815 million. Even odds that the 2008 sale to CH Limited LLC may be to a ‘family owned’ entity (agent for service of process does family wealth management).
Posted by: EBGuy at January 6, 2012 12:11 PM
The comments on the prior thread were pretty telling as to what this would fetch. I do agree with the Editor, however, that this is still a rich price for this box.
BTW, as I’ve said before, I appreciate the effort, time and dedication required to keep the site up and running; and for providing a forum to discuss the topic. But the seemingly overt omissions of critical data points is hard to understand. I mean, the 100k loss from 2006 to 2012, which I’m sure is like a 5 million dollar loss after considering inflation, interest rates, “real” dollars and every other argument surely to be made, is still a pretty hefty loss and worth of discussion.
In any event, there is probably much more “red” to bleed out of the St Regis. Lastly, “IF” I was going to go with the whole book theme as the topic of this thread, I probably would have used the “read” vs “red” play on words. 🙂
Cheers.
it was sold on the mls in 2008. Nothing secret about it. Listed for 2.85mm and sold for 2.7mm. Bottom line – price dropped by 35% in 4 1/2 years. And yes, inflation is real, and the real decline in over 40% since then. But let’s just pretend all that didn’t happen and all the realtors will feel better!
Is it that hard to take the plastic off dry cleaning when one hangs it up? Or is there some handy reason for leaving it on that I’m not aware of?
lolcat: dust.
@EH, it’s bad to leave your clothes in the bags. Chemicals and some such. Always remove it from the cleaning bags, even if dust is a problem.
Those are all shirts, and were maybe just laundered for all you know. Sheesh. What a thing to weigh in on! Quit fooling around and focus. Isn’t there some oh so important photoshop critiquing or similar that’s being left unsaid?