After hitting the market in June of 2009 for $3.5M, the 2900 sq. ft. modern saw its priced chopped all the way down to $2.395M before recently clicking over to "In Contract." Considering that the owner shelled out $1.587M for the place back in 2005 and then "renovated completely in 2007," we can see why the cuts weren't coming 2 fast and 2 furiously. Depending on the cost of that renovation, further movement south might have eaten up any potential profit and could have potentially turned the listing into a money loser. The final purchase price has yet to be revealed, but since the seller didn't seem to be in any rush, we would expect it to be close to the last listed ask. Anyone care to venture a guess as to what that might be?
· Listing: 527 Butter Lane [Prudential Douglas Elliman]