More Price Cuts on State/Atlanti
7.9% drop on 2 bedroom/2 bath (900+ square feet) at 556 State Street. Still room to fall! (And for some reason, I get irrationally angry at ‘juliette’ balconies. What’s the point?) http://realestate.nytimes.com/sales/detail/2323-4D-S/556-State-Street-Brooklyn-NY-11217
7.9% drop on 2 bedroom/2 bath (900+ square feet) at 556 State Street. Still room to fall! (And for some reason, I get irrationally angry at ‘juliette’ balconies. What’s the point?)
http://realestate.nytimes.com/sales/detail/2323-4D-S/556-State-Street-Brooklyn-NY-11217
The math is simple. Those condos are worth no more than 200,000 at best. Anyone that was sucker enough to buy then at more than 500,000 is sitting on a time bomb just waiting to explode. Do you sell it at a lose right away or do you sit on it bleeding cash month by month by paying triple the amount others are paying because that is what the condo market is going to be. 200,000 and not much more but I still see real estate brokers trying to ask 545,000. Those brokers are just like Madoff who tried to sucker in the last buyers of his great Ponzi scheme. Sellers get real or continue paying and don’t ask for my taxpayer money to help you iether
Interesting. I recall looking at these condos back in Late 2006 or so. I also recall that they were priced in the 540 – 580 range and that we were told that they were only accepting “Back-up” offers because all units were in contract or sold. The back-up bid had to be at least asking price because they already had more offers than units.
So what happened to this spot? Is this a re-sale or something? Did they never close on a number of units?