Unsellable Manhattan

Manhattan is the golden hub of New York City and home to some of the most influential people in world. The real estate market here has been extremely competitive for a number of years now. Million dollar homes are lapped up by the rich and famous almost every single day.  On average, a Manhattan condo stays on the market for a mere eighty two days. However, despite being so well established, there are still quite a few condos here that remain unsold.

Take for example that of the top advertising executive behind L’Oreal’s ‘Because you’re worth it’ campaign. Her four bedroom co-op in Manhattan’s Dakota has been on the market for the last 3400 days and has dropped in price by about 5 million, and still no takers. Why though? Well, for the 19.5 million asking price, most buyers want to look at Central Park. Also, the décor of her home leaves a lot to be desired.

Apparently, no matter how posh the area or big the celebrity, there are certain things such as an eerie history, garish interiors and undesirable layouts, that buyers are unwilling to look past.  One top fashion designer’s Plaza Hotel pad has a rather over personalized décor. The penthouse has a turret that has a custom ‘Eloise’ mural and has been on and off the market since 2008. It’s currently priced at 68.95 million, down from 80 million. Most of the properties that never seem to come off the market tend to be grossly overpriced. Any property that’s on the market for a couple of years has a very low chance of being bought. 

Another such overpriced property belongs to a top real estate mogul who priced his five bedroom townhouse at 35 million in 2008, without even consulting a broker. Today, the price has dropped to 23.9 million and has shuffled through six different brokerages. A reasonable price for this property is closer to 14 million. Also, its location is a lot further from Fifth Avenue than what a buyer paying that price would want it to be.  Yet another factor that is off-putting for buyers is a haunting. In Staten Island, there is a 1.74 million mansion that is apparently haunted. It was once owned by Gustave A. Mayer and word has it that the spirits of his daughters still roam around the place.

No matter what the history of the place, every listing needs to put its best face forward. Attractive photos are a necessity, something that the Staten Island property really lacks. Most experts agree that the only way out for these downtrodden properties is a price reduction. Hiking up prices without validity is another recipe for the property to remain unsold for a long time. Prices need to be set in accordance to the rise in the market values.

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