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November 9, 2007
More 118 State Street
Corcoran listings on the 2.5 bedrooms are now down to $1,695,000. That $300k off their original listing. Brownstown Brooklyn might not be AS affected by the housing downturn as other parts of the country, but the situation does seem to have injected some common-sense back into the market. I sense that this developer is a bit desparate here (I think 118 State condos have been on the market since late July), so I still say wait for $1.2.
Comments
OH MY GOD.....1.7 million for a 2 bedroom in Brooklyn.
THE MARKET MUST BE TANKING!!!!!!
Posted by: guest at November 9, 2007 4:42 PM
4:42 - you don't read much do you? There were no claims about the market tanking in that pose. However, when 118 State Street came on the market at over $1200 per square foot (these are big 2 bedrooms), commenters on this board were pretty evenly divided as to whether that was achievable. Clearly it is not. Now that the apartments are listed at just over $1000 per square foot, we'll see if they sell. I personally don't think they will, even on a prime block and with a fairly decent reno job as condos go. I think prime Heights comps are closer to $800 sq/ foot, which will get you closer to $1.2.
Posted by: guest at November 9, 2007 4:52 PM
Agree with 4:52 and original poster. They just lowered the price $200K two weeks ago, so a further $100K drop so soon is the sign of no movement whatsoever. And mostly agree on the comps. High-end townhouses in the neighborhood are only averaging $950-$1000 sq/foot (these are SOLD houses, not all those fancy houses that have sat on the market through the spring and summer at higher rates). A condo will go for a good bit less than a townhouse, although the fact that this is new reno and a lower price point edges up the number - $900 is probably realistic if they have some luck. Still, that's only $1.4M -- still another $300K drop to go.
Posted by: guest at November 9, 2007 5:03 PM
6:10 - what are you talking about?
Posted by: guest at November 10, 2007 10:08 AM
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