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September 29, 2008

Brooklyn Bargains? Condo Price Cuts

bedford.jpg 342 Bedford Avenue
760-s.f. one-bed, one-bath
Original listing: 3/11/08; $675,000
Reduced price as of 9/28: $600,000
Listed with The Developers Group

16th8.jpg 162 16th Street #8C
927-s.f. two-bed, two-bath
Original listing: 10/10/2007, $725,146
Reduced price as of 9/24: $675,000
Listed with Aguayo & Huebner

935pacific.jpg 935 Pacific Street #401
1,210-s.f. three-bed, three-bath
Original listing: 5/2/07; $900,000
Price as of 9/27: $799,000
Listed with Elliman.

maple3E.jpg 384 Maple Street #3A
1,834-s.f. four-bed, 2.5-bath
Original listing: 11/03/2007, $741,000
Reduced price as of 9/24: 569,000
Listed with Aguayo & Huebner




Posted by lisa at 1:33 PM | Comments (17)
Categories: Market

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Comments

Wow, major price drop on Maple Street. It was priced tooooo high to begin with.

They can all use more trimming.

Posted by: bayridgegirl at September 29, 2008 2:28 PM

This is "amusing" to me in a very dark schadenfreude sort of way. Why doesn't the inventory seem to dry up? These can't all be people that are having personal emergencies and *must* sell... or is that what's keeping the sales portfolios flush?

Can't people just stay put? Obviously the make-lots-o-cash-by-flipping ship sailed a little while ago... are these properties so terrible that the owners can't just live there?

If these are "business" properties -- i.e., bought in order to sell -- this is the source of my amusement. Though I don't have a whole lot of sympathy for folks playing the $700/sq ft game anyway.

Posted by: tybur6 at September 29, 2008 2:29 PM

There are always people who need to sell: job relocation; moving out of city for other reasons i.e. wanting a different enviroment; death; divorce; trading up after outgrowing a space; downsizing to drum up cash, etc. Inventory is actually quite low right now, but maybe that will change as people realize it might be better to sell sooner rather than later.

Posted by: Miss Muffett at September 29, 2008 2:34 PM

hold the presses people, the u.s. congress just voted down the bail out package.
Good night sweet prince.
Let the exodus of jobs from n.y. begin.
we are looking at a big down cycle staring us in the face.
real estate is sunk.
who ever thought the what could have been right?

Posted by: sam at September 29, 2008 2:53 PM

Dammit, sam, ya beat me to it. Cut the price of every single listing mentioned on this site that hasn't already been sold by 1/2. It is a wrap. Bush will not be able to escape blame and put it on Obama (who you all know by now will win barring another Florida episode).

Posted by: DOW8000SP800 at September 29, 2008 3:00 PM

...this breaking news needs its own thread.

Posted by: DOW8000SP800 at September 29, 2008 3:01 PM

DOW, they put this deal together in around a week. It's not over 'til it's over. This will be reworked and there will alternative suggested solutions. They have already identified the issues and will come back with another proposal very soon. But you're hopefully right about Bush not being able to escape blame and Obama winning the election.

Posted by: Biff Champion at September 29, 2008 3:07 PM

I just went to thebigpicture.com and everyone there is happy the bail out didn't pass. Not sure I understand why anyone who knows about finance wouldn't want the bailout to pass? anyone know?

Posted by: gkw at September 29, 2008 3:12 PM

heeeeeyyyyoooooooooooooo

Posted by: Santa at September 29, 2008 3:13 PM

"It's not over 'til it's over."

Overzealous I was. The key issue is price and stake. At what maximum price will The Treasury be able to buy this mortgage-backed junk for and who will enforce that price? Exactly how much stake would we have in which companies? Bush and the central banking cartel are merely trying to price-fix these assets which is supposed to be illegal. Why didn't they let Sotheby's and Christie's get away with it? They want us taxpayers to buy high and sell low. Inevitable disaster. Fundamentally flawed.

Posted by: DOW8000SP800 at September 29, 2008 3:24 PM

@tybur6 (back on original topic) I can't speak for the other properties on this post, but the Maple St building (and perhaps Pacific, too) is a new construction. My understanding is that when a seller is the developer (and not the resident), then they want to sell out the building in order to move on to new developments/investments. Very different from resident sellers.

Posted by: happierman at September 29, 2008 3:26 PM

"Not sure I understand why anyone who knows about finance wouldn't want the bailout to pass? anyone know?"

Because bill or no bill, we are slipping into a depression. The bill cannot stop it. It would simply be a waste of taxpayer money and fuel a hyperinflationary spiral. It will make it worse.

Despite the smoke-and-mirror details of the crisis, it's all about home prices. Prices need to crash and burn. Only then will we have stability. It will be painful to the economy and therefore all of us, but it will be necessary.

Posted by: DOW8000SP800 at September 29, 2008 3:32 PM

It sure ain't good news for the stock market.
or for anyone with retirement savings.

Housing prices need to re-adjust big time, I agree, I just hope the downturn doesn't wipe us all out in the process.

Posted by: sam at September 29, 2008 3:48 PM

Please keep the cuts coming, maybe one day i'll be able to afford something! I always wondered how people afforded things.

Posted by: Dora Chica at September 29, 2008 4:21 PM

seems like we are starting to reach the capitulation stage. no brokers hyping in the face of impending doom, no recent buyers trying to scream down the dissenters. this is going to be UGLY. bottom is falling out of NYC real estate. so glad i didn't get caught up in the frenzy. maybe i can even negotiate a rent rate reduction...

Posted by: jingle mail at September 29, 2008 6:42 PM

"maybe i can even negotiate a rent rate reduction..."

Slam dunk. You have no idea.

Posted by: DOW8000SP800 at September 29, 2008 11:21 PM

384 Maple St is lis pendens per PropertyShark

Posted by: babs at October 24, 2008 7:37 PM

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