Brooklyn Bargains? Condo Price Cuts

925 Pacific Street #401
1,125-sf, two-bed, two-bath
Original listing: $825,000, 5/2/07
Price as of 10/3/08: $698,000
Listed by Elliman

283 Washington #1
1,813-sf, two-bed, two-bath
Original listing: $1,150,000, 3/14/08
Price as of 10/3/08: $999,000
Listed by Brooklyn Properties

457 Atlantic Avenue #2A
980-sf, two-bed, two-bath
Original listing: 8/27/07, $786,000
Price as of 10/3/08: $768,000
Listed by Halstead

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"Brooklyn Bargains?"

Nope. Brooklyn reality. Price cut[ting]. It's dynamic, baby! Keep the cameras rolling.

Posted by: DOW8000SP800 at October 6, 2008 2:40 PM

Not the time to buy. Fire sales are on the horizon. Wait if you can.

Where's The What? I thought he was living for these days to come? Maybe he lost his home too?

Posted by: Guvna at October 6, 2008 3:01 PM

All 3 places were way overpriced to begin with so these are not really bargains. More drastic reductions to come in the next few months. For example Atlantic Ave place will be a bargain when it drops to $625K in our opinion....

Posted by: pierre de taille at October 6, 2008 3:01 PM

Keep 'em comin, keep 'em comin, keep 'em comin!

Yeee HAW!

Posted by: Prodigal_Son at October 6, 2008 3:13 PM

Mr. B, can you look for price cuts on houses too? I too think there are many more (and deeper) cuts to come, and sellers would be wise to sell sooner rather than later. It's not going to get any better any time soon. I'm not one to panic and think the sky is falling, but I do think this recovery will take several years, if not longer (though of course, it will eventually happen)... But, as I know I remind people often, many many sellers will still be OK if they bought their property more than, say, 5 years ago. The main people to get hurt are the flippers/speculators/developers.

Posted by: Miss Muffett at October 6, 2008 3:24 PM

Transposing 2 digits for a 2% drop on Atlantic Ave isn't a serious reduction. Take 15% like the other 2 if you want to even approach bargain pricing. If I was a buyer, I'd hold on to cash and wait.

Hey DOW8000SP800,
Getting awfully close to your targets today.

Posted by: Bklnite at October 6, 2008 3:30 PM

Dont forget for any consults for a mortgage email benjamin.levin@wellsfarego.com or call 917-837-5794.

Posted by: Blev9701 at October 6, 2008 7:04 PM

The Pacific Street condo is really on the very far edge of Prospect Heights - and it's right up alongside Atlantic Yards' footprint... this place was never, ever worth the original $825K - even back in 'the good old days.'
Expect to see more price chops across-the-board, but this one was a long-time coming.

Posted by: parkedslope at October 6, 2008 8:13 PM

^ i agree

its going to go for under 500k.

Posted by: Santa at October 6, 2008 10:30 PM

I was most surprised by the "garden" level apartment (read, half basement) 2 bedroom in Clinton Hill for 1 million. And that already reflects a cut.
Seriously?

Posted by: Nokilissa at October 7, 2008 8:54 AM

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October 6, 2008

Brooklyn Bargains? Condo Price Cuts

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