Condos of the Day: Dewitt Actually Selling! Or Not

What is "The What" going to do if the credit crisis only results in a moderate recession followed by sustained growth?
Can he take it if the world doesnt come to an end? No revolution? No rioting in the streets.

Will he be able to live through it?

Posted by: guest at April 2, 2008 1:22 PM

"Impressive, especially given the state of the market over the last few months. Wish we knew what some of the contract prices were!"

You've lost me. How are you impressed without knowing the contract prices, especially before closing? Would it still be impressive if they went for half comps?

Posted by: guest at April 2, 2008 1:29 PM

There's a flip side to that, 1:22. What are you, and every other housing bull, going to do if the recession gets deep and depressing? I'm sure you will survive but will you regret not liquidating your positions when the getting was still good?

God knows what the future holds.

"Mortgage application volume tumbled 28.7 percent during the week ending March 28, according to the Mortgage Bankers Association's weekly survey."

Wow! Within one week! Maybe everyone is paying all cash with their stimulus checks and Wall St. bonuses.

Posted by: guest at April 2, 2008 1:34 PM

The phase one units were not market rate.

Posted by: guest at April 2, 2008 1:47 PM

Thanks 1:47. Mr. Brownstoner, you may want to update the post.

Posted by: guest at April 2, 2008 2:26 PM

1:34 - I am no housing Bull - I actually assume heavy duty price depreciation - but believing that housing prices (including nyc) is/was a huge (now bursting) bubble - doesnt mean that I believe (like The What) that the entire country is coming undone and we are entering a long-term depression with massive social&economic dislocations......so as evidence mounts that while things are bad, they may not result in the (literal) end of the world (or U.S.) as The What seems to be rooting for - and I have to wonder how he and his ilk will handle the news.....

Posted by: guest at April 2, 2008 2:29 PM

I have seen this condominium and they are not worth the asking price. Do not get me wrong the amenities are good, an elevator that goes straight to you apt. the bad thing about these condo’s you are paying $600,000 – 800,000, and there is not parking garage you still have to park on the street, the way the bed rooms are situation the master bed room is toward the back while the second bedroom is by the front door. Now if you do not have any children then the guest/second bedroom is ideal if you have a child it no good. In addition, believe the second room is not that big. It would be perfect for a den instead of a second bedroom. For the money, they are asking for any, the gab that they are giving you the rooms should be bigger and they should have parking somewhere, go take a look. Even if I could afford it I would spend the kind of money they are asking for on a condo, I’ll look around and for a few thousand dollars more buy a single family townhouse.

Posted by: guest at April 2, 2008 2:46 PM

I think you're mistaken, 2:46. I don't believe the elevator opens directly into the units. Also, this building offers deeded parking. Problem is, the "courtyard" is actually a parking and car turn-around area.

Posted by: guest at April 2, 2008 3:43 PM

"the "courtyard" is actually a parking and car turn-around area"

How lovely. Impressive.

Posted by: guest at April 2, 2008 3:49 PM

I sincerely wish PACC luck with its affordable housing experiment, but the remaining units are still way overpriced for this location and this market.

Posted by: guest at April 2, 2008 4:21 PM

who gives a s..t of whatever happens to the market, I maybe would have found the same house for a little less in the next year but the banks then wouldn't have gave me that amount of money that I borrowed 3 years ago, so I couldn't buy the cheaper house, I live in a nice home and in twenty years when I'll sell it I'm pretty sure it will be a nice profit! if not I lived the way I wanted to! enjoy your life!

Posted by: guest at April 2, 2008 6:59 PM

"What is "The What" going to do if the credit crisis only results in a moderate recession followed by sustained growth?
Can he take it if the world doesnt come to an end? No revolution? No rioting in the streets."

Well... Let the Chairman of the Fed tell you.

Bernanke Says U.S. Economy May Slip Into a Recession (Update5)

http://www.bloomberg.com/apps/news?pid=20601087&sid=awB_asncdFXM&refer=home

Federal Reserve Chairman Ben S. Bernanke acknowledged for the first time that a U.S. recession is possible because homebuilding, employment and consumer spending will deteriorate.

The key word here is deteriorate. Lets look at the definition of that word, shall we.

Deteriorate –verb (used with object), verb (used without object), -rat·ed, -rat·ing.
1. to make or become worse or inferior in character, quality, value, etc.
2. to disintegrate or wear away.

And...

"No revolution? No rioting in the streets."

20,000 Vietnamese workers go on strike at Nike factory

http://www.chron.com/disp/story.mpl/business/5664161.html

More than 20,000 Vietnamese workers have walked off the job at a Taiwanese-owned plant that makes shoes for Nike Inc., demanding higher pay to keep pace with skyrocketing prices, officials said today.

And...

Discover(R) U.S. Spending Monitor(SM) Falls in March

http://biz.yahoo.com/bw/080402/20080402005250.html?.v=1

The Discover U.S. Spending Monitor reached a new low in March as consumers grew even more concerned about the economy and their personal finances in the face of rising monthly expenses. The March Monitor fell to 85.1, down more than a full point from the previous month and lower by 11 points than just six months ago.

Yep, everything is OK. And...

"Will he be able to live through it?"

I went to buy a radio for my car today. I want to play my Ipod and listen to some good music. I went inside the store and talked with the salesperson. The Radio would've cost 35.00 less last year but, I had to grin and bear it. Anyway, we started to talk about inflation and the economy and agreed on one thing, something has to give. See people understand what is going on and have no part in this Mutant Asset Bubble. I cant see why people still defend this position. America has major economic problems and yes I will live thru it.

The What

Someday this war is going end...

Posted by: guest at April 2, 2008 7:05 PM

Hi BrooklynLove, I thought you was captured by the enemy. Anyway I'm 45 years old, not young like these Asshats (Yep I said it). I have seen what a real recession will do, the 70's and 1981-1984.

The upcoming DEPRESSION is going to be real nasty. BTW don't waste your energy posting on this blog. these people have a vested interest in this Mutant Real Estate Bubble and will remain irrational. You don't see me here too much and I feel good.

Just protect your assets and have some cash on hand. When the crash goes down, you will be OK.

The What

Someday this war is gonna end...

Posted by: guest at April 2, 2008 11:11 PM

"who gives a s..t of whatever happens to the market, I maybe would have found the same house for a little less in the next year but the banks then wouldn't have gave me that amount of money that I borrowed 3 years ago"

I and many other equity-counters (potential losers) and buyers (potential winners). If you have saved during the run-up and crisis, you could put more money down on a cheaper house and beat interest rate spikes.

Posted by: guest at April 3, 2008 4:33 AM

"Update5"

Nice.

Posted by: guest at April 3, 2008 4:34 AM

The What provided good entertaining insight during a time when Brownstoner had nothing to report. I say he should take the position. He deserved it.

As for his theory,,well like I said, good and entertaining. Its wrong. All you intellectual bloggers are about to witness the beginning of the end of the buyer based market. Don't believe me? Wait till late June numbers. Buh bye, so long, auf weidersehn, it's all over, the party is over, now you can go back to your wormy rentals and little apartments and continue blogging :)

Posted by: guest at April 3, 2008 7:53 AM

oh goody - can I buy a condo where the person downstairs from me with the same layout bought for 200K less?

No thanks.

Posted by: guest at April 3, 2008 8:13 AM

"You don't see me here too much and I feel good."

Not as good as the rest of us feel tWhat.

Posted by: guest at April 3, 2008 9:07 AM

7:53 = Barbara Corcoran

Posted by: guest at April 3, 2008 9:17 AM

THE INFO HERE IS NOT CORRECT. THIS BUILDING HAS BEEN A PRUDENTIAL ELLIMAN EXCLUSIVE SINCE NOVEMBER AND THERE ARE ONLY 4 UNITS LEFT. HERE IS THE CORRECT LINK: www.prudentialelliman.com/STH

Posted by: guest at April 22, 2008 5:49 PM

One more unit went into contract since Mr.B's 4/2 post. Otherwise the info here is still correct.

Posted by: guest at April 28, 2008 8:52 PM

One market rate unit sold and one in contract. Wow.

Posted by: guest at April 29, 2008 12:27 PM

Interesting that so many of the experts commenting here actually have no factual information.

I live in the building. I have one of the "affordable units." As for this comment:

"oh goody - can I buy a condo where the person downstairs from me with the same layout bought for 200K less?"

It's not even close to the truth. The market rate units are ALL significantly larger than the affordable units. They also have multiple bathrooms and washer/dryers in the units.

As for the blogger's opening salvo:

"After hitting the market last spring, the market rate units just sat there for most of last year, until the prices began to get reduced. As of November, not a single unit had gone into contract; now, lo and behold, all eight units in phase one are listed on Brooklyn Properties as being in contract along with another two in phase two. Impressive, especially given the state of the market over the last few months. Wish we knew what some of the contract prices were! Update: According to a commenter, the Phase 1 listings that are showing up as sold out are actually the affordable units sold by lottery. That explains a lot!"

This is somewhat disingenuous. The building was finished (for the most part) in 2007, but they didn't have a C of O until the end of October. As a purchaser, would you go to contract on a unit without a C of O? I doubt it. Also, would you start to advertise units at what you hoped to get or what your knew you could get? Call me crazy, but when I try to sell something I mark it up as high as I can with the hope of someone buying it at that price. If I need to lower the price I can then do it. Better to start too high than to have someone snap it up too cheap. But that's just me and apparently the people commenting on this site would rather sell for the lowest possible price they can.

Here are a few others:

"...Do not get me wrong the amenities are good, an elevator that goes straight to you apt. the bad thing about these condo’s you are paying $600,000 – 800,000, and there is not parking garage you still have to park on the street, the way the bed rooms are situation the master bed room is toward the back while the second bedroom is by the front door. Now if you do not have any children then the guest/second bedroom is ideal if you have a child it no good. In addition, believe the second room is not that big. It would be perfect for a den instead of a second bedroom. For the money, they are asking for any, the gab that they are giving you the rooms should be bigger and they should have parking somewhere, go take a look. Even if I could afford it I would spend the kind of money they are asking for on a condo, I’ll look around and for a few thousand dollars more buy a single family townhouse."
Posted by: guest at April 2, 2008 2:46 PM

WOW! Where should I start? The elevator does NOT go to the apartment, but rather the floor and then you have to walk about 4 feet to your door. There is parking in the building, but you have to buy one of the 7 spots available. The bedrooms in the "B" units (floors 2-5) are ALL in the back of the building. Short of having your kids sleep in the same room with you they can't be any closer at night. I also don't think a 10'10"x16'10" 2nd bedroom is small when you consider a typical NYC apartment. If you can find a single family townhouse in this area for a "few thousand dollars more" you'll have to spend twice the purchase price to make it livable.

Now for the next two:

I think you're mistaken, 2:46. I don't believe the elevator opens directly into the units. Also, this building offers deeded parking. Problem is, the "courtyard" is actually a parking and car turn-around area.
Posted by: guest at April 2, 2008 3:43 PM

"the "courtyard" is actually a parking and car turn-around area"
How lovely. Impressive.
Posted by: guest at April 2, 2008 3:49 PM

This is the one issue I have. At first it looks like it's a nice courtyard and then you realize people can use it to turn around. They can't park there, and they can exit without using the courtyard to turn around, but the fact they built a new building in an area with good public transportation that is car friendly in an age when pollution, global warming and dependence on foreign oil is a problem seems incongruous. It's still a very nice backyard area, but eliminating the parking, expanding the first floor common area and adding plants to the backyard would have been my choice over what we currently have.

And the final bit...

THE INFO HERE IS NOT CORRECT. THIS BUILDING HAS BEEN A PRUDENTIAL ELLIMAN EXCLUSIVE SINCE NOVEMBER AND THERE ARE ONLY 4 UNITS LEFT. HERE IS THE CORRECT LINK: www.prudentialelliman.com/STH
Posted by: guest at April 22, 2008 5:49 PM

One more unit went into contract since Mr.B's 4/2 post. Otherwise the info here is still correct.
Posted by: guest at April 28, 2008 8:52 PM

One market rate unit sold and one in contract. Wow.
Posted by: guest at April 29, 2008 12:27 PM

In typical NYC communal living fashion how many units have been sold EXACTLY is a bit hazy... Considering there are 16 units in the building and 8 were sold as "affordable" that leaves 8. I met people who have bought 2 of the market rate units. That brings us to 10 of the 16. I saw movers moving someone into another unit so that brings us to 11 of the 16. I also think I heard someone in a unit I had thought was unoccupied, so that's 12 of the 16. Looks like the poster at 5:49 was correct. Considering the first person to move into the building moved in in mid-February, I don't think having 4 units empty three months later is that bad. Especially considering the current market.

Oh, and how many of us said things like this "$285,000 for a ONE bedroom? That's CRAZY." then watched a building go up a few years later where one bedrooms were going for $630,000?

Posted by: guest at May 12, 2008 9:41 PM