Should We Feel Sorry For Novo Contract Holders?
Say what you will about the Novo’s architecture or finishes, or about its developer, or about the fact that it won’t have the most exciting commercial tenant in the world. All of a sudden, we’re starting to feel kinda bad for the 4th Avenue condo’s contract holders, some of whom have been waiting a looong…
Say what you will about the Novo’s architecture or finishes, or about its developer, or about the fact that it won’t have the most exciting commercial tenant in the world. All of a sudden, we’re starting to feel kinda bad for the 4th Avenue condo’s contract holders, some of whom have been waiting a looong time to move into the building. While everyone knows that new-construction delays are possible, or even likely, we’re hearing some desperate stuff from contract holders these days. One person posting on the Novo Yahoo group last week had this to say: “I heard a somewhat worse scenario from my mortgage broker who called the sales office today. They said the TCO is now expected in July with closings 30 days later – that potentially pushes closings to August. What does that mean for move ins? I’m assuming September. Sorry if you think I’m being too pessimistic, I’m just reacting on what I’ve been told. Trust me, I just want to get into the place, I’m in a studio with a year old child! Mucho fun. Been in contract since early April last year so I’ve heard it all by now. Wish I’d have seen through the BS back then. This is business to them, a potential home to us…” Meanwhile, the contract holder who sent us the tip a couple weeks ago saying he and 11 other buyers were about to be released from their contracts because Novo developer Shaya Boymelgreen hadn’t finished work on the adjacent public park by late June wrote to say he hasn’t seen Boymelgreen’s workers making any significant progress on the park. (Neither have we). With all the delays, he’s ready to throw in the towel. “Finding an affordable 3br apartment in Park Slope is a Herculean task,” he writes.” We are so disappointed with what has happened with the Novo as it had affordable 3br units. I believe now at this point we will start looking for a new rental and perhaps look at options outside of Park Slope or perhaps the city altogether.”
C-of-O Woes for the Novo? [Brownstoner]
Novo Takes a Nosedive [Brownstoner] GMAP
How is the Argyle doing down the block? Units are still selling according to StreetEasy.
Less of you would be more 11:20/49.
Benson,
At least I added SOMETHING to this thread.
Unlike yours, which neither has to do with this article, not anything else for that matter.
11:20
11.20 AM;
Were you interested in discussing the matter at hand, or did you merely want to pontificate in general?
After you finish your call with Al Gore, we await your further pearls of wisdom.
Benson
Prices in New Jersey are not expected to regain to their 2006 value until 2030. So if you move out there, better prepared to stay A WHILE!!! Oh, and NJ is bankrupt, so not sure how 20K a year taxes and $7 a gallon gas in 3 years is going to be a win win. Some people value human interaction a little more than they do 3000 sf.
You get what you pay for.
Of course I feel bad for the new owners, but anyone who walked up to one of those open houses and signed on the dotted line needs to have their heads examined.
This country has lost ALL sight of quality. This age of people buying crap from Walmart, crappy homes built with twigs and 3 course meals out of a can, disgust me.
Doesn’t ANYONE have the feeling that less is more in this day and age? Quality over quantity??
I dont see how this can be. We looked at Novo months earlier than we ended up at One Brooklyn Bridge Park — at least 9 months earlier. We ended up at 1bbp and move in in three weekends (we could close now, but we have to finish up here first)
Prices have PLUNGED in N.J. and Westchester. While a significant number of people are reluctant to leave the city, I think that when the price disparity is considered, and the better schools and already built parks, many more people are going to be “looking for options outside the city.”
You’re going to see a lot more people breaking their contracts as more condos come on-line and prices drop.