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February 5, 2008
Athena Prices a Big Fat Myth?
A reader writes in to say he feels misled by how prices were determined for 245 16th Street, aka the Athena:
I was one of the first to be shown the new 245 16th St. building. We met with the listing agent prior to the internet launch and saw all units, which were listed at 695K. After two weeks of being advised of considerable interest, we submitted our bid. After two days of deliberation, we received news that the units were now being offered at 795K and not 695K. This may be legal, but wrong. Buyers beware that this building has gone up in price only after testing the market.
On the one hand, this sounds like some welcome positive news about the market (though it's hard to imagine a whole lot of buyer enthusiasm for this place). On the other, it's tough luck for the buyer above. What do you think? Uncool on the part of the seller or just a case of "You snooze, you lose" for the buyer?
BK Developers: What Are They Thinking? [Brownstoner]
245 16th St. Listing [Douglas Elliman] GMAP
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Comments
The buyer is going to have the last laugh in this case. He/she should check back in four months when none of the unites have sold and they've lowered their prices to 595k.
Posted by: guest at February 5, 2008 11:25 AM
the buyer should thank god they got greedy
and please see 11:25 for end result
Posted by: guest at February 5, 2008 11:27 AM
that's more than $700 per foot...next, please.
Posted by: guest at February 5, 2008 11:28 AM
That joint looks retarded. I walk by all the time.
Posted by: guest at February 5, 2008 11:29 AM
i think that the price is fair - also, elliman is only listing one place - are the rest sold? or, just not listed yet?
Posted by: guest at February 5, 2008 11:30 AM
They can raise the prices all they want, but it doesn't mean the units will see at those prices. If you look around, there's a ton of competition on the block. A couple walking past this building on sunday were over heard saying, "now THAT, i'll never understand." The man was commenting on the front ground floor unit's slanted window.
Posted by: guest at February 5, 2008 11:31 AM
i like how this building looks. if you lived there, seems like it would be bright and you'd have outdoor space.
Posted by: guest at February 5, 2008 11:34 AM
I don't think this building looks too bad. The huge windows set at angles does bring in way more light than a standard front-facing window. The balconies are at a size that can actually shockingly be used for something! You can fit like 4 people on it. Unlike the heinous "juliette balconies" all over Williamsburg and on Fedders specials. But the triangle window with smoked glass on the garden level is weirding me out. It's so 70's. What is that thing?
Posted by: guest at February 5, 2008 11:49 AM
Why would you buy this even at 695k? are you crazy?
Posted by: guest at February 5, 2008 11:59 AM
I ownder if that window will support skateboard traffic. Someone's going to try it out at some point.
Posted by: guest at February 5, 2008 11:59 AM
With a running start you can bolt up that weird slanty glass and end up on the second floor balcony. Who on earth 'designed" this fugliness?
Posted by: guest at February 5, 2008 12:00 PM
This is a piece of crap. It should be torn down and they should start again.
Posted by: guest at February 5, 2008 12:27 PM
No it's not worth $795,000. For the original $695,000 price in this location and the low monthly CC, it would sell quickly and not sit empty for months. They're making a mistake raising the price so much.
It's not absurd people would buy this. The 2BR coops in Park Slope typically have only 1BA, not 2BA, priced $650K to $800K (depending on location and renos) and the coop maintenance is $600-800 per month, which includes taxes and you get to write off around 50% of the maintence but still, it's hefty monthly nut along with mortgage payments. Plus you have to get approval from the board of your buyer anytime you sell, which condos don't require. Also many coops don't let you rent your apt out if need be. I think this is why all these similarly priced and sized newly built 2BR condos will fly off the shelf in Park Slope. But this should be priced $725K max.
Posted by: guest at February 5, 2008 12:29 PM
$395K tops.
Posted by: guest at February 5, 2008 12:42 PM
this is a POS. wait for a few months and we will see the prices cut by about 20-30%
Posted by: guest at February 5, 2008 12:43 PM
It will look worse in a year when all the birds crap on that window.
Posted by: guest at February 5, 2008 12:53 PM
dodged a bullet, my brother.
Posted by: guest at February 5, 2008 12:55 PM
You guys are kidding yourselves - It may not look asthetically pleasing to you, but for 1100+ sq feet with terraces and a private garden in this neighborhood, it is really not that bad. 795 may be a little too pricey but I bet this will go for over 700.
I would have definately considered this place if it was avaialable when I was looking. Show me a comparable apartment in this area for much less...
Posted by: guest at February 5, 2008 12:58 PM
How does this compare with the 24 Montgomery coop of the day? I mean, 16th St may have more square footage, but I would MUCH prefer the old charm and location of Montgomery. I think the developers are silly to raise the price on these units when Corcoran is showing that they are the sage ones pricing correctly for much better quality properties (i.e. 24 Montgomery).
Posted by: guest at February 5, 2008 1:03 PM
Also the tax abatement of $300-400 per month is worth around $40K in savings over 10 years.
Posted by: guest at February 5, 2008 1:04 PM
Mongomery doesnt compare - 230 sq feet smaller, maintenance & common charges are $500+ a month more, only 1 bathroom vs. 2,no laundry in unit, no terrace, no outdoor space.
Sorry, for a young family such as mine, the place on 16th street is a no-brainer over Montgomery Place.
Charm and a fireplace dont make up for all of the above.
Posted by: guest at February 5, 2008 1:08 PM
But why would you buy in a building that is so ugly?
Posted by: guest at February 5, 2008 1:29 PM
F this place. Seriously!
Posted by: guest at February 5, 2008 1:29 PM
You may think it is ugly, but I have seen a lot worse looking run down crap in the Park Slope/ South Slope coop universe.
Plus, you live inside, not outside. So if you think it is ugly, you only have to see it for 30 seconds a day.
Posted by: guest at February 5, 2008 1:53 PM
Mr. Brownstoner, do you actually know the tipster? Are you sure that he or she is not a shill?
Posted by: guest at February 5, 2008 1:53 PM
"Uncool on the part of the seller or just a case of "You snooze, you lose" for the buyer?"
Zzzzzzzzzzzz...
Posted by: guest at February 5, 2008 2:28 PM
I'm with 1:53 (the 2nd one)...
The comments at 11:30, 11:34, 11:49, 12:29, 12:58, 1:04, 1:08 and 1:53 ALL sound like brokertalk.
Posted by: guest at February 5, 2008 2:59 PM
Yes, good thing you are here 2:59 to protect us from any possible positive comments (i.e. "Brokertalk")that could be a guise for someone that may have a difference of opinion or someone who doesnt think everything is an overpriced piece of crap!
Keep up the good work Champ.
Posted by: guest at February 5, 2008 3:56 PM
i say 350k tops
Posted by: guest at February 5, 2008 4:01 PM
Well I'm with you 2:59. And I'll add 3:56 to your distinguished list of broker-talkers.
Posted by: guest at February 5, 2008 5:45 PM
Wow--a little slice of I.M. Pei right there in the Slope!
Buyer should, indeed, be grateful that he doesn't live here. I mean, yeeeeeesh. Fuglypalooza.
Posted by: Rehab at February 5, 2008 5:56 PM
I.M. Poo. Actually, it is poo.
Posted by: guest at February 5, 2008 6:07 PM
Raising the price is an interesting strategy, given that not a single one of the units is in contract.
$795,000 for a 1BR in an ugly building like that. It does boggle the mind.
So, any bets on how long it is until this building goes rental?
Posted by: guest at February 5, 2008 9:10 PM
That first-floor window is a joke. You look right into the kitchen and there's no way to get curtains to cover it up. The whole building is ugly and overpriced. The morons at Eliman who priced it should be shot. If market forces ever really come to Brooklyn, a 2BR in that place should go for $625.
Posted by: guest at February 6, 2008 10:45 AM
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