Price Hike At The 14 Townhouses
On the heels of the yesterday’s Adelphi Street price hike comes news of a price increase at the 14 Townhouses on State Street. Despite the fact that sales have been on the slow side, the developer has decided to boost the asking price on the larger model from $2,750,000 to $2,900,000. This is a surprising…
On the heels of the yesterday’s Adelphi Street price hike comes news of a price increase at the 14 Townhouses on State Street. Despite the fact that sales have been on the slow side, the developer has decided to boost the asking price on the larger model from $2,750,000 to $2,900,000. This is a surprising turn of events but the folks behind this development are seasoned real estate pros so we can only imagine they have good reason for the move. Unless it’s purely a Corcoran pricing ploy.
269 State Street [Corcoran] GMAP
14 Townhouses Update: Slow Going, At Best [Brownstoner]
I love these, and to the person who said developer should have coughed up more money for cornices…puh-lease. That would have been ridiculous here. The truly simple modern facade is wonderful. Enough with pastiche!!!
the developer owns the entire block. what is going on will be tastefully done and will include high end retail. if you all don’t know what you are talking about, why to you always comment?
it is not a skeevy area, rather there is a building boom that is and will continue to make it even more wonderful. brooklyn law school is there, now top ranked, david walentas is doing 110 livingston, old buildings are being turned into lofts, transportation is unparelled, there are police all over the area.
it’s a fantastic location and no i am not the developer or friend of, just someone who passes by daily.
A high-rise was probably not an option on this site because across the street is a row of Brownstones that are all on the National Register of Historic Places. Then again, I don’t know if that could have been used to control what went here or not. Regardless, I think building these beautiful, modern interpretations of the rowhouse is a fabulous idea. Clean design, great materials (who was bitching about copper?) nice floating stairs. Can you imagine how hideous it would be if today’s builders attempted to replicate 1879 Neo-Grecians? I shudder to imagine. But I wouldn’t buy one of these bad boys–even if the price were low. We had once planned to go to an open house at one of the old ones across the street, and we didn’t even bother to go inside after we saw the neighborhood for all the reasons cited above (loud, commercial, prison, skeevy downtown). Buyers are probably (and justifiably) especially concerned about what’s going to be built behind them. An office building? Bad. A McDonald’s? Suicide time.
6:57, Does calling someone “ignorant” on a blog for amateurs make you feel smart? I hope so. Because you are.
West – I am not sure but I think the developer is driving the process here, not the brokers. Developers land costs were extremely low, carrying costs are probably below average which allows them to be less sensitive to pricing. Different price points have different marketing times. Being that this is new construction in a previously fringe residential zone I expect that they are prepared to wait it out. This is not a typical marketing situation. When someone uses words like “trick” I think that person is more than just paranoid, they are ignorant as well.
5:18 – You are definitely bitter. What successful real estate developer isn’t wealthy? One of the reasons they are is that they are good at what they do. The business of real estate development is very competitive and risky. Disparaging someone for being good at what they do is one way to express bitterness.
3:26
The Hated Broker – Maybe you should buy one for yourself too while you’re at it.
Absa-effin-lutely…
3:56 – It’s not a matter of being bitter, but an opinion that the property is priced too high for a persons who are most likely not interested in that area. I suppose we’ll just see if it takes another 18 months to sell… In terms of being behind the times, here is a quote from the very article in your link – “Of course, it’s just one quarter and the prior two fourth quarters also saw large declines.” No matter, I do agree with you that it’s still a strong sellers market. As to you last comment, keep in mind that “finding out what a property is worth to you” can go either way, a person could love a place enough to pay above market. That was the point. It’s a personal decision as to value.
The Hated Broker – Glad to see the market is improving in Bed Stuy. It’s good for Brooklyn. But this property is like 3 times that amount, somewhat of a different market, no? Do you think you can sell these properties for $3M?
Sure, brokers just want to move the product but what happens when it doesn’t move right away? They look bad unless they do SOMETHING. You could lower the price but maybe the seller doesn’t want to do that. It’s then that these pricing tricks we’re talking about come into play.