Why the Price of Bobby Flay’s NYC Condo Keeps Changing
Why the Price of Bobby Flay’s NYC Condo Keeps Changing
Paul Marotta/Getty Images; realtor.com
The real estate company Bobby Flay hired to sell his Manhattan condo has a strategy behind the unit’s recent price increase from $7 million to $7.25 million after more than a year on the market.
“The strategy behind doing a price increase [is because] people who are shopping in the $12 to $10 million dollar range often set higher minimums than $7 million in their search results,” Tyler Whitman of Triplemint told Page Six on Wednesday. “So we weren’t really capturing that audience. And for the price differential between $7 million to $10 million – for a fraction of that you can take this apartment to an extreme high quality with renovations.”
The celebrity chef originally priced his Chelsea pad at $8 million when it first hit the market, and an insider previously told it was “purely a business decision” to shave $1 million off the asking price in May 2016.
Whitman said the property will soon drop in price once again.
“We’re actually about to do a pretty substantial price reduction for the same reasons,” he started. “To capture an audience who’s been capping their search at a lower rate to make sure we’re also showing up on their search results.”
“Eighty-five percent of marketing is basically how you price an apartment so it shows up on various search engines,” he added, noting there were no renovations done to the property since it hit the market.
While Flay is waiting to unload the massive 3,200-square-foot bachelor pad, he’s turning his attention to horse-racing. In June, he purchased a 25% interest in J Boys Echo.
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