Price Cuts at 125 North 10th Street
The new condo building at 125 North 10th Street in Williamsburg got some nice ink in The Times last month when The Hunt column featured a couple opting for a two-bedroom in the building. The press couldn’t have hurt, but it wasn’t enough to remove the need for a little pre-Christmas price-cutting. According to StreetEasy,…
The new condo building at 125 North 10th Street in Williamsburg got some nice ink in The Times last month when The Hunt column featured a couple opting for a two-bedroom in the building. The press couldn’t have hurt, but it wasn’t enough to remove the need for a little pre-Christmas price-cutting. According to StreetEasy, two units had their asking prices reduced by more than 10 percent last week. A 1,048-square-foot two-bedroom went from $754,500 to $649,000 and a 1,054-square-foot penthouse went from $1,100,000 to $945,000. The broker’s website shows that 24 apartments are still available. Out of 86 total, that’s still not too bad a batting average in this market. GMAP
I don’t think prices are going to fall in half. That’s what you are missing. I think RE has bottomed.
Also by the time they get to me they already know that they are buying as most already have a property in mind.
“Keeping clients happy has nothing to do with home values”
Right. Try doing what Morgan Stanley, et al, did to pension funds: Short what you sell. In other words, try telling your clients, right after they close on a home after the dog/puppy show about historically low rates and the reGOVery, that you think prices will fall in half. Would they be happy about that? Not that you would do that but just negating your quote above.
***Bid half off peak comps***
just got back. Yes I think prices have bottomed but I don’t consider that a bullish statement. A bullish statement would be stating that we will see a 5% or more increase in values. I have yet to say that I expect values to go up anytime soon. When prices bottom there will be a period of sideways values with some prices going for over ask and others going below. It depends on the condition of the property, the location, and the seller’s motivation.
Keeping clients happy has nothing to do with home values. I can’t control home prices and the vast majority of my clients know that. I wish that I was that special but my powers are alas that of a mere mortal.
***Bid what you want, the market will dictate the price****
still super pricy.
“I wouldn’t call myself team bull.”
I would, Adam. We had a comment session about Leffert’s Place in Clinton Hill and you made a point about brownstone prices bottoming. I consider that bullish. Team Reasonable is Team Copout. Bull or Bear? Which one is it?
Yeah, you want to pay less but you also have past, current and prospective clients on here that you have to keep happy (i.e. ‘no half off’). A ‘half off’ proclaimation by you would piss off a lot of people and kill a lot of leads as spreads would be wider than the Amazon.
***Bid half off peak comps***
Oh. Wait. I’m on Team I Don’t Know. But that seems reasonable to me.
Doesn’t everyone think they’re on Team Reasonable?
I’d love a view of the russian orthodox cathedral, the domes look great with snow on them.
BHO- I wouldn’t call myself team bull. I don’t own a brownstone and I would love to get into one in the next few years so it would actually be better for me if they continued to slide. I’m just a realist and don’t think that they will come down to the values that you are predicting.
It’s nothing personal, my comment was just that it’s just getting old listening to the same thing day after day, week after week.
I’m with Wasder, Team Reasonable.