Price Hikes at the Sydney

Defying trend and perhaps logic, too, the Sydney, one of Hello Living's luxury condo buidings on the Prospect Heights/Crown Heights border, has raised prices on several units. Per Streeteasy, there are three recorded sales and three in contract. Of the 11 active listings, five just got price hikes. Unit 502, an 802-sf two bedroom, got a $20,00 bump a week ago, to $579,000. Unit 504, a similar model, got a $30,000 increase two days ago, to $599,000. Both have been on the market since April. Their last recorded sale on Streeteasy, Unit 301, went for $462,000 in October, $13,000 less than the asking price. So, um, what the heck?

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Probably some secretary just got the sign wrong and they got posted up instead of down.

Posted by: daveinbedstuy at December 9, 2008 10:17 AM

a head-scratcher, fer shure.

Posted by: guestula at December 9, 2008 10:18 AM

wait, so they're now selling a study+bedroom as a 2bd? yea, ok.

Posted by: chortik at December 9, 2008 10:34 AM

more like a ball-scratcher really

*rob*

Posted by: PitbullNYC at December 9, 2008 10:37 AM

Isn't this one of those deals where they raise the price back up just before pulling it off the market. This way when they come back on later they can do the same price chop and have it look like they are offering a fresh discount.

Posted by: Ledbury at December 9, 2008 10:53 AM

maybe they did it to make Montana on Dean look like a good deal.

Posted by: chortik at December 9, 2008 11:13 AM

They're reacting to the lowballers. Raise the asking price. Then the lowballer comes in with a 25% chop against the new asking price. At least they can start negotiations a little closer to what they're willing to sell for.

Posted by: Ozymandius at December 9, 2008 11:33 AM

@Ozymandius, valid point, but I think that would only work on new interest, that is people who have not seen the building yet. Do you think there are many of those people left?

The price hikes are also paired with cries of desperation: "Brokers Welcome!", "Rent To Own"

Posted by: chortik at December 9, 2008 12:05 PM

Are these 800 square feet two bedrooms with two bathrooms?

Posted by: Heather at December 9, 2008 12:56 PM

Nm, I checked layout. Wow, I actually like that layout for the size of the apartment. It sort of makes sense.

Posted by: Heather at December 9, 2008 12:57 PM

these prices are insane. They will never sell for these amounts.

Posted by: Polemicist at December 9, 2008 2:38 PM

"Defying trend"

Cutting prices is tres chic!

Posted by: bayridgegirl at December 9, 2008 2:57 PM

Maybe they drop prices to get to 50% occupancy, then after that try to get prices back up again? Just a thought. (Can't make any less sense than raising prices just because they felt like it)

Posted by: RaginCajun at December 9, 2008 3:27 PM

"...condo buidings on the Prospect Heights/Crown Heights border, has raised prices..."

McCain picks Palin.

***Bid half off twice the ask/peak comps you can afford***

Posted by: Brownstones Half Off at December 9, 2008 3:36 PM

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December 9, 2008

Price Hikes at the Sydney

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