Condos of the Day: Price Cuts at 192 Spencer

Not suprised at all this isn't selling.

It's in a horrible section of town.

You can get a 1 bedroom in Park Slope for 400K.

Why would you spend 325K in this section of Bed Stuy?

These prices are absurd. I don't mind the building itself, but these will sit for a while. I'd say more like 225K for the small unit and 500K for the largest ones.

Posted by: guest at November 28, 2007 12:49 PM

agreed. i saw hem- they are fine- but not a store in sight unless you call home depot and the live poultry factory stores.

Posted by: guest at November 28, 2007 12:55 PM

why live here? stuff avail in east williamsburg.

not sure the comparison is to PS btw...

a single person in PS?

Posted by: guest at November 28, 2007 12:57 PM

There are too many condos! Everywhere. This building would appeal to Pratt students and twenty-somethings not yet making big bucks. They should have marketed them as rentals, perhaps with option to buy, at a later date. Two people, as roommates or a couple, could afford to rent, even at market rate, but may not have the wherewithal to buy at this point. Hefty down payments, closing costs on top of maintainance fees make condo buying, even relatively inexpensive condos, next to impossible for most younger people, especially if Mom and Dad aren't helping.

There's nothing wrong with a cool rental building. Better than an empty cool building.

Posted by: guest at November 28, 2007 12:58 PM

This is a nice and quiet area. Tiny cup is an avenue or two away and the G at Bedford-Nostrand is a block away. There is a lot of development going on around here. In five years this area will be very nice.

Posted by: guest at November 28, 2007 12:58 PM

"You can get a 1 bedroom in Park Slope for 400K. Why would you spend 325K in this section of Bed Stuy?" Because you can't afford the other 75K and would rather buy now than rent and buy later?

I'd rather be in a "no-mans-land" between Williamsburg and Fort Greene than in East Williamsburg, at least as I am used to using the latter place-name.

Posted by: guest at November 28, 2007 1:03 PM

G train. meh.

Posted by: guest at November 28, 2007 1:03 PM

Lower prices would be better for the community. To be fair, the market is slower. Wouldn't call this a referendum.

Posted by: guest at November 28, 2007 1:04 PM

"In five years this area will be very nice."

I believe that was said 5 years ago.

If it didn't happen during the latest housing bubble and economic expansion, you think it will happen now with a possible impending recession and housing downturn???

think again.

Posted by: guest at November 28, 2007 1:04 PM

I'd rather be in a studio in Park Slope.

Posted by: guest at November 28, 2007 1:05 PM

Park Slope is becoming too boring.... Its like the kid of the UES

Posted by: guest at November 28, 2007 1:13 PM

"a single person in PS?"

Yup, it's true.

This is the demographic for 11215. Yes more singles than married, actually.

Never Married 23104
Married 20318
Separated 3659
Widowed 2390
Divorced 3730

11217 has an even higher ratio of singles to married people. Do some research. The internet is a great tool.

Posted by: guest at November 28, 2007 1:13 PM

This location is not exactly prime.
I would rather live just about anywhere else.
Even Williamsburg.

Posted by: guest at November 28, 2007 1:13 PM

I don't find neighborhoods to be boring.

I find people to be boring. Especially those who would call a neighborhood boring.

Posted by: guest at November 28, 2007 1:15 PM

all the single people that you see in PS are lesbians that really live with other women.
So really do your HOMEWORK!!!!

Posted by: guest at November 28, 2007 1:18 PM

Riciculous for this are at this time. Need to fall at least another 20% to spark any kind of interest.

Posted by: guest at November 28, 2007 1:19 PM

If you're bored in PS, 1:13, try living in the area where this place is...

Not really sure what about street after street of stores, restaurants, movie theatres and a huge park you find boring, but sounds like you could use a hobby.

Posted by: guest at November 28, 2007 1:20 PM

someone always chimes in with: You can get a 1 bedroom in Park Slope for 400K, but as we all debated the other day, you really can't get much more than an alcove studio for that price.

someone else always chimes in with some comment about how park slope is all old and married- look around 5th avenue on a weekend night- it's teeming with younger single people. That's why Union hall does so well, for instance. There's a whole new kind of demographic that's been in the slope- especially the far north and far south slope.

These comments seem to be coming from people who haven't been to park slope since last century.

Posted by: guest at November 28, 2007 1:20 PM

I'll bet these move at the new prices, but it might take until spring to get the job done.

It's now just a slow time of year for sales, until feb 1, really. surprised that more people don't accept this as the perpetual reality of RE; instead we always hear that slow sales on new condos means the market's tanking - when in reality there are not huge numbers of buyers serious about getting a deal done during the holidays.

Posted by: guest at November 28, 2007 1:22 PM

If you had ever been to Park Slope 1:18, you'd know that many of the lesbians who settled in Park Slope in the 80's and 90's have since moved south into Kensington, Ditmas etc.

In any case, lesbians maybe make up around 10% of the population in Park Slope.

I do do my homework. That's why I know more than you do.

Posted by: guest at November 28, 2007 1:23 PM

I don't find stores for babies appealing at this time.
the restaurants in PS all suck and most of. the time when you leave your still hungry.
the movie theater is crapy.

Posted by: guest at November 28, 2007 1:27 PM

Park Slope is, and probably continues to be, the oldest and the largest lesbian community in the country. 1/2 my block in North Slope are lesbians.

Posted by: guest at November 28, 2007 1:30 PM

OK mister lesbian census taker 1:23 PM. I live in PS near 6 and St. Johns and have lived here for 10 years and I know what I see everyday. The girls even have families now.

Posted by: guest at November 28, 2007 1:34 PM

Yup and 10% is a helluva lot of lesbians for any given community.

The point here...and all you have to do is look at the statistics above...there are more singles in Park Slope than there are married people.

All you have to do is look at the businesses in the North Slope....the new Flight001, Blue Ribbon Sushi, Southpaw, Union Hall, Patio Lounge....these places cater to singles.

Don't see too many moms spending $500 on an aluminum clad carry on luggage.

You can continue to take your news about Park Slope from Gawker and NyMag, but those of us who know anything about it, know what the neighborhood is really like.

Posted by: guest at November 28, 2007 1:36 PM

The folks on this blog who think that grown-up neighborhoods like Park Slope and Brooklyn Heights etc are boring are either very young or have stopped evolving intellectually and emotionally at some point in their late teens or early twenties.
They probably also have too many piercings.

Posted by: guest at November 28, 2007 1:38 PM

good article about the lezzies in the slope...

http://www.nytimes.com/2005/01/16/nyregion/thecity/16lesb.html?pagewanted=print&position=

Posted by: guest at November 28, 2007 1:41 PM

I kind of like the look of this building. It's sort of the demon spawn of a public school from the 1960s and a Mondrian painting.

That said, I think some more serious chopping will be required before these things move.

Posted by: guest at November 28, 2007 1:42 PM

I think people just might be scared of the street and the developer's group.

http://www.nytimes.com/2005/08/28/realestate/28deal.html

Posted by: guest at November 28, 2007 1:47 PM

I would argue that many of the "singles" listed in the prior commenters "never married" statistic are skewed due to the fact that Co-habitating couples, both straight and gay, are counted here. I certainly don't consider Park Slope a great place for straight up singles--namely those who are not in Co-habitating or in otherwise committed relationships. Park Slope is definitely a place where people move once they want to settle down a bit--so though it may not be the Upper East Side, it is certainly no Lower East Side, rife with singles, nightlife and hook-up opportunities. Whether or not this is good or bad, I'll leave for you to judge!

Posted by: guest at November 28, 2007 1:50 PM

Wait those 'guys' with those girls are actually girls?

That explains a lot, I always just thought Park Slope was full of manly women and feminine guys....who were all unattractive and all bad dressers!

Posted by: guest at November 28, 2007 1:51 PM

I agree that Park Slope can't be compared to the singles scene on the Lower East Side, but I don't agree that all singles in Park Slope are co-habitating as you say.

Most cohabitators don't hang out at bars too often and if you'll notice along 5th Avenue on any given Friday or Saturday evening, every bar is packed to the gills with singles. Real singles. Those looking for ass.

I'd liken the singles scene to that of Hell's Kitchen more than the Lower East Side.

Posted by: guest at November 28, 2007 1:53 PM

I've seen some HOT lesbians in Park Slope.

The gay dudes aren't bad either.

Posted by: guest at November 28, 2007 1:55 PM

Um, I am a co-habitator (seven years and going) and my boyfriend and our fellow co-habitating friends can be found at bars quite often. We're coupled not dead!

Posted by: guest at November 28, 2007 1:58 PM

then maybe i've hooked up with your boyfriend.

cause i pick up guys regularly in the slope.

Posted by: guest at November 28, 2007 2:00 PM

next time call me then, cause I'm down with the three-way

Posted by: guest at November 28, 2007 2:07 PM

Hey, Brownstoner (1:37), don't get it. You think this building is 'fugly' but in your earlier post (May 31) you were complimenting it (which, according to you, surprised you!). Your earlier semi-approval, by the way, was refreshing given your reflexive dismissal of everything new-build. What gives? Don’t like it any more?

Posted by: guest at November 28, 2007 2:10 PM

oh cool. that sounds fun.

and someone said park slope was boring....

pshaw!!!

Posted by: guest at November 28, 2007 2:10 PM

I'm not surprised these aren't selling better and I don't know why you are, after posting the other day about falling prices all over Bed-Stuy, even on the most desirable brownstone blocks.

This location is a very long walk from anywhere you would want to buy groceries or go out to dinner or have a drink. It's still fairly desolate. Your transportation to Manhattan is either two trains, or a bus and a train. Much of the surrounding real estate is run down, and there are still plenty of vacant lots within just a couple of blocks. New construction in the vicinity mostly tends towards crappy, small windowed two-families with front yard driveways. Long story short, the immediate neighborhood is pretty ugly.

To buy into a particularly marginal part of Bed Stuy whilst staring a Brooklyn condo glut and a credit crunch in the face? I don't think so.

For $300,000 you can get a 750 sq. four room apartment in a pre-war co-op in Sunset Park, catch one of two express trains to Manhattan, shop in a very decent supermarket or get your fresh vegetables at ethnic produce markets, eat out Mexican or Chinese, and live in a neighborhood that never burned to the ground like this part of Bed-Stuy did, ie, a neighborhood that looks and feels in tact.

Posted by: guest at November 28, 2007 2:12 PM

thank you for some common sense, 2:12.

Posted by: guest at November 28, 2007 2:18 PM

why are all the slopers so touchy?

if people CHOOSE to live at this armpit location - it's on them.

not too hip to defend your hood against others that will also eventually move back to the midwest/cal....

get a life.

Posted by: guest at November 28, 2007 2:22 PM

MORE PARK SLOPE!!!!

GAAARRRRRRRRRRRR

seriosly though, the only music venues that regularly feature big name rock/indie/hip hop in brooklyn outside of williamsburg are in Park Slope.

those apartments are pricey. The only people who will buy then are recent grads and hipsters and they cant afford that kinda cash.

Posted by: guest at November 28, 2007 2:23 PM

touchy?

everyone is NYC is touchy with where they live.

Shit about everything for that matter.

the reason most people in park slope are so touchy is because they get ragged on by manhattanites and burgers. Its kinda stupid.

Posted by: guest at November 28, 2007 2:31 PM

a mortgage of $2000 a month to live HERE in a 1 bedroom???

hells no.

Posted by: guest at November 28, 2007 2:37 PM

lower the prices to 250k for the 600sqf and they might sell.

Posted by: guest at November 28, 2007 2:39 PM

2:12

i agree with your assessment of the location.

i also agree with 12:57 about east of the BQE in Williamsburg. Sumac gourmet grocer, L train 2 or 3 stops to manhattan. union pool, dumont, barcade, huckleberry's, cheers, the yummy gimme coffee shop, brand new Il passatore, lazy catfish ETC.... the list goes on.

plus quick walk to the other side of the BQE with more ....

if you're single, why put yourself so far out?

also, agree that PS is the new UWS.

Posted by: guest at November 28, 2007 2:41 PM

I must be missing something. Could someone tell me where in PS you can buy a decent 1-bed for 400K? $600K, just maybe. $400K, not so much. Location's a bit out there, but I don't think these prices are completely out of line.

Posted by: guest at November 28, 2007 2:47 PM

look at brownstoner from monday, 2:47.

there's an entire thread on a 1 bedroom on president street in park slope for sale for 400K.

there's another on garfield for that price.

600? are you on crack?

Posted by: guest at November 28, 2007 2:51 PM

whats decent?

i wouldnt call this sinder block and glass thing decent no matter how large the apartments are inside.

someone is going to put a brick through your window.

Posted by: guest at November 28, 2007 2:54 PM

to be fair the 400k 1bed was alittle over 400sqf.

but most the time I cant tell the difference between 600sqf and 400sqf if the layout sucks.

Posted by: guest at November 28, 2007 2:56 PM

The garfield place 1 bedroom was more like 600 sf.

and 400K.

I think it's with corcoran.

Posted by: guest at November 28, 2007 2:58 PM

seems we're getting story after story of price cuts on here.

Posted by: guest at November 28, 2007 2:59 PM

Not surprised at all. The neighborhood is fine and quiet. It's the units themselves that are grossly overpriced given their quality and layout. Who puts a ground-floor unit bedroom facing the street? Plus the pricier units with outdoor space get light now because there is a vacant lot adjoining the building. The problem is that lot is now a construction zone so there is no telling how that will affect this building. I would also echo concerns about any project that would allow The Developers Group to do their marketing.

Posted by: guest at November 28, 2007 3:00 PM

mostly in the fringe neighborhoods, 2:59.

we don't see a lot of price cutting in the prime areas yet.

i still see such low inventory in the more prime areas with fewer new construction condos.

if you want a pre-war 1 bedroom in park slope, you don't have much of anything to choose from.

Posted by: guest at November 28, 2007 3:01 PM

are they leaving it like that with bare cinder blocks???

how classy.

Posted by: guest at November 28, 2007 3:02 PM

if these go rental, i'm so in.

i currently live in a brownstone on bedford and love the neighborhood after attending pratt and living there as a student.

Posted by: guest at November 28, 2007 3:02 PM

This place is only a few blocks from Le Toukouleur, Tiny Cup, Myrtle ave and the G train.

Posted by: guest at November 28, 2007 3:30 PM

you are saying proximity to murder avenue and the g train like they are pluses.

Posted by: guest at November 28, 2007 3:44 PM

g train access = lifetime of frustration

Posted by: guest at November 28, 2007 4:02 PM

ok this may be the nicest area of park slope but JESUS...

http://www.bellmarc.com/search/profile.asp?list_num=bs119508w#

for 375k with maint its 2797 a month. You could rent a place 4 times the size of this place for that much in park slope and split it up among 3 or 4 people. I rent a place in area for 1500 a month which is about the same size.

unless prices go down maybe Bed Stuy is the place to go. Still tho the monthly payment on the bed stuy place is going to suck balls. might as well rent.

Posted by: guest at November 28, 2007 4:09 PM

um....the place you just linked has sold, 4:09. it says in contract.

the bed stuy place would work out to around 2100 a month. the park slope place, 2797 as you say.

based on that, do you REALLY think bed stuy is only 700 a month behind park slope??

i think not.

Posted by: guest at November 28, 2007 4:13 PM

yeah but the bed stuy place is 3 times bigger. Or so they say, I havent seen the floor plan for the glass house.

Posted by: guest at November 28, 2007 4:14 PM

i don't think it's 3 times the size.

in any case, these places are absurdly overpriced for what you get.

a young single person i would think would rather have a studio in ft. greene, slope, cobble hill or prospect heights before taking one of these places.

these are not going up in value anytime in the next 5 years. guaranteed.

Posted by: guest at November 28, 2007 4:17 PM

I live not too far from here - on Dekalb, and I would never live on this street. The building isn't bad looking, but Spencer street is a dingy little street in the middle of nowhere. It's not close to bars, restaurants and cafe's on Myrtle. There's tons of Hasidic apt buildings being built all around this (nothing against the Hasids, but they build UGLY apt buildings, and there is constant construction). Tiny Cup and Le Toukouleur are MANY blocks from here and as a G train rider, though it has gotten better, it's still one of the worst trains in the city. Developer's Group have a reputation of marketing crappy buildings that always have problems.

If this building was further east towards Ft. Greene, or further south towards Fulton, it would maybe be interesting. My prediction is Pratt parents from overseas are the only interested buyers or that it goes rental just like 99 Gold did.

Posted by: guest at November 28, 2007 4:30 PM

You do realize these are studios you are pointing out, right?

329k and 375k for STUDIOS in Park Slope.

Both are sold.

What is your point?

Posted by: guest at November 28, 2007 5:01 PM

i may not be able to afford that and its pretty small but thats an awesome block and a great spot in park slope. A couple could make that happen pretty easily.

Posted by: guest at November 28, 2007 5:01 PM

someone has already made it happen.

studios in park slope fly off the market pretty quickly.

Posted by: guest at November 28, 2007 5:07 PM

so studio on park slope's best block = 1 bed in shitty block in Bed Stuy.

Posted by: guest at November 28, 2007 5:21 PM

not sure 8th avenue is park slope's best block...there's a bit of traffic and i'd prefer a side street, but basically you've got the idea.

Posted by: guest at November 28, 2007 5:22 PM

^^ my 10 year old cousin could take better pictures than that.

and whats the location. I hate it when people leave the location blank.

u suck

Posted by: guest at November 28, 2007 5:51 PM

Anyone else notice that this building has been advertising right here on Brownstoner? Aside from the communist-housing-block panels, I don't see much that "overdelivers" here Bstoner. Shill I stop now?

Posted by: guest at November 28, 2007 11:54 PM

Actually Spencer St is a rather cool place to live--relatively quiet, buildings being fixed up, stores coming in. I;ve been on the block for 3 years and have seen real change!

Posted by: guest at December 21, 2007 9:26 PM