THE GRAND MADISON

3.5 YEARS TO FIND THE ONE

10.06.2024

Real estate can feel overwhelming. You’re not alone. I’ve been on every side of a deal, including my own purchase. What I have found is that behind every transaction is a story. Sometimes the path to a deal is straight and quick, but most times, it’s long and meandering. You can feel like it’s consuming your life and time. I get it.

Today’s Riff is the first of a new series about the “arc” of the transaction. These will be case studies on HOW the deal got done, not just the end result and stats behind it. I'll be sharing transaction stories in an effort to pull back the veil on buying/selling a home and maybe provide a bit of relief on the journey that is “Transacting in NYC.”

This is the story of 225 5th Avenue #8K at the iconic Grand Madison; a beautiful 2 bed in NoMad that took us through an odyssey of 3.5 years, 40+ viewings, 6 offers, and 3 outbids until we finally found my client the one.

EVERY TIMELINE IS DIFFERENT

MAY

A very good friend and client introduces me to her colleague.

I meet the client. They are all business. Not certain she likes me.

↓

JUNE

Search commences.

↓

SEPTEMBER

We find a BIG, fully renovated unit at London Terrace.

We present an offer. But we decide it’s too dark. We pass.

More listings, tours, viewings, feedback.

14 properties viewed.

JANUARY

We pause the search. (Have we lost momentum altogether?)

↓

APRIL

Search continues. 13 properties viewed the rest of the year.

Flatiron and Western Gramercy Park are the focus.

Budget increased to $2.5M.

APRIL

We find an exceptional property-

Flatiron, loft style condo, no work needed, pristine renovation.

We lose a bidding war.

↓

MAY

We target New Developments.

↓

JUNE

Offer presented on another unit in the same Flatiron building. Our offer is accepted $2.625M… it's ours. Due Diligence uncovers litigation with the owner of the Penthouse over a faulty pool installation. Attorneys and I advise: "we need to pass on this.”

We pass. More listings, tours, viewings, feedback.

Rates rising, climate is less favorable.

Momentum is lost.

FEBRUARY

We re-ignite the search. A new job and a new budget:

$3,500,000 - $4,000,000.

↓

MARCH

We visit 225 5th Avenue for the first time. It feels good.

↓

APRIL

We make an offer at 10 Madison Square West.

Listed for $3.65M, we offer $3.4M. They counter. We pass.

Pre-war is the preference and focus now.

↓

MAY

We get outbid on two units at 225 5th. We are bummed.

↓

JUNE

We see 8K hit the market for $4.5M. We are first to see it.

We make an initial offer of $4.2M and land at $4.25M.

↓

OCTOBER

October 1, 2024, we close 8K at 225 5th Avenue, The Grand Madison.

3.5 years is not the norm, but each client's process is their own. I say this all the time: "I'm here to help as you need, when you need." I'm here to support you. I am your advisor, the sounding board, your truth-teller. Every client is unique and has their own set of criteria, objectives, and timelines. These will vary from client to client, but my approach remains the same: listen—really listen; ask more questions; provide context (and sometimes reality); and create a space for clear thinking. Lean on the data and “trust your gut, it has a lifetime's worth of learnings”.

Need someone to listen? Help with a plan?

Get @ me. I’m down to join the journey!

Michael Kahler

Licensed Real Estate Salesperson

M: 972.935.7904

michael.kahler@compass.com

Office: 646-982-0353

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.