Prices Falling in Greenwood Heights and Bed Stuy

Sales are sinking pretty dramatically in at least two Brooklyn buildings.

Greenwood Heights' 282 21st Street, a modern, 10-unit condo with off-street parking, sold a one-bed, one-bath unit on September 14th for the asking price of $465,000; it had been listed since March with Corcoran. Hope the buyer doesn't feel too remorseful now that other units have been trimming $10,000 to $80,000 off the units in the last few days, according to Streeteasy. One plus of this building: pretty low common charges.

Over in Bed Stuy, all five units on the market at 860 Dekalb Avenue (a "Manhattan-style condominium project") have dropped: Unit #5, for example, went on the market at $564,400 back in February and has been whacked at ever since. Yesterday, another $65,000 was chopped off the asking price, and the two-bedroom, two-bath is now $399,999, per Streeteasy. Twenty thousand was taken off the price tag for the least expensive unit yesterday: that two-bedroom is now going for $359,999. This building is handled by Corcoran, too.

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Comments

Has anyone been inside the Greenwood Heights place? It looks pretty nice from the outside. There are a couple of other newish condos on that street, and one in progress right now, but it looks like the economy will stall the spread of the Slope into the area.

Posted by: Caecilia42 at September 23, 2008 11:11 AM

We've only lived around here for a few months, but it would seem that the slope has already spread to this area- if you mean that it attracts the kind of people who would otherwise have bought in the slope.

There are plenty of ex-slopers already here, and there are plenty of other 'greenwood first wave condo people' who have now traded to full houses. There seems to be a pretty big segment of the current neighborhood that is newly arrived, it it seems to be mix of renters just out of college and families with young children who are either renting or owning. This seems like the kind of newly arrived mix that used to be in Park Slope before it got very fancy.

The area SHOULD retain a bargain price compared to the actual slope- and price chops like these are definitely necesarry. Look at the old price on that 1120sqft unit- it was almost a millon- the current price is still at around $800/sqft. That's very high still...

Posted by: Park Place at September 23, 2008 11:19 AM

The header should say CONDO prices falling. Having experienced first-hand the increased popularity and success of two local public schools, ps 10 & ps 295 (both of which just received A grades from the DOE), I would say that the neighborhood will continue to grow.

These falling prices just show that they were overpriced to begin with. My gut feeling from living here for the last 5 years is that since these 2 schools are now really desirable, the neighborhood will continue to improve.

Posted by: ellis at September 23, 2008 11:28 AM

im going to take a guess and say these greenwood places have a alot more money to shave off before they sell.

or go rental.

Posted by: Santa at September 23, 2008 11:33 AM

I think prices are dropping elsewhere, closer into Manhattan, as well. I just received a postcard in the mail from Belltel Lofts that promises 50% off closing costs through mid October.

Posted by: bookistan at September 23, 2008 11:49 AM

I think bayridgegirl has been talking down the Bed-Stuy condos because they have GE appliances.

Posted by: 11233 at September 23, 2008 12:08 PM

I got the same Belltel postcard. It reeked of desperation.

Posted by: SnarkSlope at September 23, 2008 12:16 PM

the greenwood area should be priced way lower. the area has value but closer to $650 psf tops.

Posted by: wine lover at September 23, 2008 9:58 PM