Condo Buyers Not Biting in Greenwood Heights
Is the building boom in Greenwood Heights resulting in too much supply or is the quality of the projects turning buyers off? That’s the question in the wake of price cuts at three new condo projects in the area. Prices have recently been reduced by about 10 percent at the Green Hill Condos (top left)…
Is the building boom in Greenwood Heights resulting in too much supply or is the quality of the projects turning buyers off? That’s the question in the wake of price cuts at three new condo projects in the area. Prices have recently been reduced by about 10 percent at the Green Hill Condos (top left) at 324 22nd Street where all seven units are still available. With only one out of eight units in contract, prices at The Minerva (top right) at 352 21st Street were recently trimmed by 3 to 5 percent. Likewise, at the Greenwood Hill Condos (bottom right) at 313 23rd Street, where about half of the 32 units have been spoken for since hitting the market over six months ago, four units were reduced by more than 10 percent last week.
Here are the reductions listed on Streeteasy:
324 22nd Street
352 21st Street
313 23rd Street
New Development: Greenwood Hill Condos [Brownstoner]
Anon 12:30pm, I agree with you for the most part, with the exception of the 23rd st Greenwood Hill condos. Their location across the street from Green-Wood Cemetery is killer. The views from the upper units are the selling points.
In these condos the problem is the size. The majority top out at 600 sq ft. for a one bedroom w/ a “den.” the bottom and top duplexes are a bit larger, but still feel cramped. The Corcoran guys actually had a full size bed, not a queen, in the show room unit.
And As I mentioned above, the finishes are sub-par. However, you are dead on on who’d buying…young crowd for the most part.
As far as marketing goes, well…
What’s needed, and I hope some developers or would-be developers in this neighborhood are reading, are 2-3 bedroom condos. We see a lot of young families show up at these open houses and leave sighing since they are mostly 1 bedrooms with no room to subdivide the space after closing.
We lost an Aguayo orchestrated bid on the Nantucket Charmer on 23rd St. Loved that house. Love the area …. except the uphill climb from the subway & the power plant right there.
I agree with 12:01 about the marketing; I live nearby and didn’t know that some of these places were even for sale yet! There should be twenty foot long banners draped over the side, just like every other new development you actually NOTICE.
LOL about the “we have a glut folks” comment from 12:18. The drama! Some of these places haven’t even been available that long, it’s the summer (probably slowest time of year for sales) and it takes a long time to sell out most new developments just about anywhere.
Drama will be felt and “a glut” might be believable if these guys were trimming the prices 35% or 40% off from the original list – but 10% off?
Geez, people, come on! these are entry-level condos that got banged-up as quickly as possible and were likely way overpriced to begin with…if they can’t sell ’em they’ll likely rent ’em.
Actually, this area of Sunset Park is doing really well; a very nice new wine bar recently opened on 5th between 17 &18th st, a sushi place is going in next to that, and a new upscale restauarant is coming to the building next to aaron’s (other side of the new wine bar.)
This is funny that he lumps all these buildings in together. They are actually very different. And some of them have been on the market much longer than other ones. Also new construction doesn’t typically sell out overnight.
Location is an issue, too. People looking to find some value in a fixer upper home are finding it in GH, given that the same house needing TLC is several hundred grand higher in south slope north of the highway, but given the number of condos coming on line along 4th ave, infilled in south slope and elsewhere around the Slope’s margins, I am not sure the condo market, which skews younger, sees much cause to go another 8-10 blocks south. I’m not down on GH as a neighborhood; having fixed up a south slope frame recently, I am more sympatico with those that have gone south of the highway to do the same than my mroe affluent brownstone owning peers to the north, but I don’t see GH as an attractive condo location yet.
i think a lot of people are now realizing after a couple years of living in a crappy new construction condo, that they’d like something old and charming.
it’s been the case with a few people i know.
these younger kids want something new, then realize they don’t like it.
i think we’re seeing a shift back to prewar.
anything nice that’s prewar is sold within weeks.
Quality is in the eye of the consumer. Have not seen “The Minerva” (geeze!), but the quality of the finishings and the work 324 22nd St. blows away anything in the Green Hill Condos (in any of the 4 buildings). Nice views, but they cheaped out on the finishings.
I agree with anon 11:56pm, though I would focus more on the quantity.
Remember there’s the 7 story Shangra La on 6th Ave btwn 23rd/22nd Sts., another smaller 4 story building next to it (6-8 units). Then “211” at 211 23rd St. (an on hold Scarano design Mr. b posted about earlier this year). Additional developments that will be coming on-line soon include 3 buildings on 21 St St between 5th/6th Aves, approx 20-30 units (one is the brother to the sister site reported on here at 324 22nd St.).
We have a glut folks in Greenwood Hts. Then you can just cross the Expressway into the South Slope and gander at another say 100+ units.
I think folks are just being picky with so much stock out there.
I think it’s a matter of crap quality and lack of marketing!I never even heard of any of thee projects. There aren’t even banners on the building with basic information. I’m surprised at the lack of effort, it seems like someone missed marketing 101.
isn’t it a mixture of supply and quality?
if supply were really tight, low-quality construction wouldn’t matter so much.
if supply isn’t so tight, then buyers have more to pick from and can get better quality for the same price.