First Closings Recorded at the Satori

OMG more idiots.

Whatever will we do?

Those prices seem quite strong for that nabe, especially given the undersold condo situation. There is a whole batallion on this site that would tell you $300/sqft would've been a clearing price.

Posted by: antidope at September 1, 2009 10:27 AM

what would the deity snark have done? i mean i know you never never would have signed a contract at $700/sqft, but if you had? play with us here, would you walk from your down payment or play the idiot and close while telling yourself you love your apt and you will live their a long time. in other words, unless you'd be willing to walk from what is likely your entire networth, you've magically transformed yourself into a real estate bull.

Voila.

Posted by: antidope at September 1, 2009 10:53 AM

Oh Deity, is it not within your power to answer the question?

do we know that the $700/sqft apartment isn't worth an extra $100/sqft more than the apartments that are taking longer to sell? how much is a parking spot worth? personally, i have seen plenty of buildings where lower units price worse than that versus upper units. think half cellar. think garden. think private roofdeck. think views. obviously i haven't seen the inside of these apartments but there are plenty of ways apartments price differently.

if it's such a bad deal those buyers would have walked. ergo, not everyone in the brooklyn real estate market is as pessimistic as this site.

they may be wrong too as the market may further decline. but they may be right and the market may stop falling. it's even possible that the market may improve. that's true whether you think so or not (that was for you moneyfornothing).

i take these sales on the face. they are strong strong prices for what many many people would consider a fringe nabe. in an undersold, new condo no less.

Posted by: antidope at September 1, 2009 11:25 AM

uncle deity. i give up.
i bow to your omniscience.

except with respect to the brooklyn real estate market.

Posted by: antidope at September 1, 2009 11:44 AM

Oh Deity, are you freaked out by a 0.2% chance of annual flood? In an apt building? Really?
Probably there are greater worries in the world, not to mention NYC.

inconceivable.

and perhaps, what is the eight letter word we're supposed to be afraid of? is this some sort of riddle? gowanus? no. superfund? no. i give up.

Posted by: antidope at September 1, 2009 3:29 PM

i get it Deity. these are 3 idiots who have somehow accumulated enough cash in their life (lotto?) that they can afford to buy these (overpriced) apartments. chalk that up to dumb luck. could happen to anyone.

also there are three really dumb banks lending to three idiots at 80% ltvs (measured by their closing price not your market price). in your calculation the buyer is immediately flushed and the ltvs at closing are 110%. how did these banks survive the global financial crisis?

but they are really really dumb because these buying idiots didn't notice that they could walk away from their 10% deposits rather than put up another 10% to close into a negative equity situation.

so either they are the dumbest doorknobs on the planet or it is possible the satori is not 30% off one day to the next.

you've never seen buildings price diff apts at different price points? see 1125a.

with idiots like these running roughshod in the market, we should have another bubble in no time ;)

Posted by: antidope at September 1, 2009 4:52 PM

Oh Deity-
methinks your faith in brownstoner accuracy may be the issue. i think he got his square footage numbers wrong.
streeteasy is messed up, but there seem to be two categories of apts. one in the 750-900 sq ft range and another set in the 1300-1400 sq ft range. this would explain the $/sqft issue.

of course you can still argue the buyers are idiots.

and i can still argue that these are strong sales.

Posted by: antidope at September 1, 2009 7:27 PM

King Smart Ass-

I like your style, but as usual your pen got ahead of your brain.

The comps are priced to current asks. Brownstoner did not count the mezzanine level in sq ft calcs. I'm fine with that, however, the Streeteasy listings are counting the mezz as part of the total area.

You know, something about comparing apples and oranges.

Voila. Price did not collapse $200 sq ft overnight.

QED

Posted by: antidope at September 2, 2009 9:27 AM

you were the one jumping to (wrong) conclusion.
i think that those are strong prices still.
you still think the buyers are idiots.
perhaps the reason you can't even carry on a logical discussion is that you're too busy down your alice and wonderland hole. i can see you enjoy your alternate reality, reina.

details matter; smart ass comments from a loose cannon...not so much. occasionally good for a giggle, but not much else.

Posted by: antidope at September 2, 2009 10:19 AM

PPS

rely on Streeteasy at your own peril. in this case it's wrong.

and it takes a split second to realize that those histories don't pass a smell test. (except they passed your smell test. LOL.)

and it takes about two minutes of clicking to see what's really going on. it's a little confusing if you're unwilling to dive into the details, so i understand why you don't get it.

Posted by: antidope at September 2, 2009 10:24 AM

Can’t just serve you your meal, now I have to chew it for you too?

Detail: Schedule A, p34, 35 of Condo Declaration. Available publicly at ACRIS website. You can follow links in Gabby’s post.

Math Lesson # 1: A3E total sq ft = 1483 (excluding outdoor space) at $733,000 is $494/sq ft

Math Lesson # 2:B2A total sq ft = 886 at $481,650 is $494/sq ft

Math Lesson # 3: A3A total sq ft = 1575 (excluding outdoor space) at $789,000 is $501/sq ft

If I recall that is exactly the price of the current Streeteasy asks. So no overnight collapse and no collapse in two months.

These are undeniably strong sales for a new condo on the edge of a strong neighborhood in a building that is less than 50% sold. Further, $500 sq ft under values the property as it gives full value to mezz level. If you apply a 50% haircut to mezz area, each of these sold for the equivalent of $600 sq ft. I defy you to show me local comps that traded 20% above these levels…ever.

Posted by: antidope at September 2, 2009 11:32 AM

same as current ask. no debacle. (yet?)

who's the idiot now, the seller?

who moved the goalpost?

congratulations to you too.

Posted by: antidope at September 2, 2009 12:01 PM