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July 11, 2008
Richard Meier Building On Prospect Park
June 19, 2008
Has anyone bought in the On Prospect Park (Glass) building? Does anyone know what is happening with prices there since pre-construction prices of 2005-2006 will not get appraisals today?
In 2005-2006 Developer was requiring buyers use their mortgage company and appraiser to have "mortgage contingency." That was because other banks would not appraise units at $1,000 plus sq ft.
Interested in talking to folks with deposits or who are considering a purchase at the development.
Comments
bought but paid cash. have you heard of an updated move-in date?
Posted by: guest at July 11, 2008 3:52 PM
3:52, since you're a guest maybe you won't mind saying. How much and for what?
As a side note, I have friend who's very interested in the 1 bedrooms and studios and he's having a surprisingly difficult time getting any information from the brokers. It's hard to tell if something fishy is going on or if they're just not so good at their jobs.
Just curious.
-charleshenry
Posted by: guest at July 11, 2008 4:06 PM
My wife and I bought an apt. (i.e. signed contract and put deposit down) in November of 2007. We received an update to the offering plan in January, 2008 saying that they were increasing the price range that they could potentially offer the apartments. I am not sure if that has had any effect on the actual prices. We have not received anything since. From our conversations with the sponsors, move-in is scheduled for late fall 2008. We went by last month, and that date seems appropriate (although, since move-in has been delayed already, I would not be surprised if that gets pushed back). Not much is complete on the inside, although they have removed the construction elevator. I used to live in Prospect Heights (1997 - 2004), and I am looking forward to moving back. I love the neighborhood. Excited about the building too.
Posted by: guest at July 11, 2008 5:58 PM
I have a deposit down on an apt. I have heard through a broker that they are now offering incentives. I have heard they are offering to pay the Transfer Tax and pay for window treatments.
Typically, the seller pays a transfer tax except in a New Condo, where the Developer can have the buyer pay it.
I dont think it will be ready before next year. I'm concerned that the values are not what they were when the offering plan first came out. Now that Treasury has put out new proposals which prevent appraisers and mortgage companies (today) from inflating values to assist developers, and Federal Govt is likely to include these changes in the Housing Legislation that will pass shortly--I dont think any legitimate bank will appraise at asking price. What do you think
Posted by: Oldlady at July 15, 2008 4:28 PM
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