The last time we took a look at this property we were trying to figure out what was wrong with it. The 1.5 acre (pending lot line modification) had been on the market for more than a year and after more than half a million in pricechops was asking $1.395M. Curbed readers weren't overly impressed with the house (they rarely are), but they weren't overly critical either. One went so far as to call the four-bedroom a good investment "at the right price".
Two months later, a few things have changed. The listing is no longer claiming 1.5 acres. It seems as if the lot line did not get modified, so it's now stating the property is .92. This is why the house is the newest member of our illustrious Under $1M club?.58 fewer acres translated into a pricechop of $400K. The current $995K pricetag is almost 50% less than what it was asking in March of 2011. While this new ask is certainly an improvement, the lessened lot size is not. It feels like the real estate version of a zero-sum game.
We're curious to know what Curbed readers think. Will these new numbers lead to a sale or is the price too high now that the property has shrunk?
· Listing: 28 Cedar Street [Douglas Elliman]