111 Monroe 70 Percent Sold
A little less than a year ago we checked in on 111 Monroe (also known as 1142 Bedford), a 29-unit condo development in Bed Stuy. At the time, the developer had just received approval to sell 50 percent of the units through FHA loans. As you may recall, this is a pretty sweet deal for…
A little less than a year ago we checked in on 111 Monroe (also known as 1142 Bedford), a 29-unit condo development in Bed Stuy. At the time, the developer had just received approval to sell 50 percent of the units through FHA loans. As you may recall, this is a pretty sweet deal for buyers, who are only required to put 3.5 percent down. 7 of the 10 closings have been with FHA loans, and 21 of the 29 units in the building have sold. The remaining one-bedrooms start at $345,000 and the two-bedrooms at $450,000.
111 Monroe Passes 50% Mark [Brownstoner] GMAP
Big Price Cuts at 111 Monroe Street [Brownstoner]
Price Cuts at 111 Monroe Street [Brownstoner]
111 Monroe Street: Let’s Do the Time Warp Again [Brownstoner]
1142 Bedford Avenue Nearing Completion [Brownstoner]
Development Watch: 1142 Bedford Avenue [Brownstoner]
Development Watch: Halfway There at 1142 Bedford [Brownstoner]
New Development: 1142 Bedford Avenue [Brownstoner]
Might be worth it if some Koreans open up a good market on that big ground floor.
A decent market would transform this stretch of Bedford.
That nice S! Mixed-use building kitty corner from here that Bridge Street Development has been trying to pawn off for 500K is finally in contract. (1133 Bedford)
Please keep in mind I do not share BHO’s cynical view on this matter…. my cynical views are in other arenas.
“The primary purpose of these sorts of social programs are supposed to benefit society, not individuals.”
Banks/developers/investors, not individuals. It’s a bailout. Why do you think Toren and Oro got on the wagon? Many of these buyers will be instantly submerged and will swim away.
You already know, DH.
***Bid half off peak comps***
“sweet deal for buyers”
Sugar dilluted when prices fall more than -3.5%. Completely sour after -37.5%.
“The Developers Group is listing this as Clinton Hill”
Deception: most powerful tool in business.
***Bid half off peak comps***
I seriously have an issue with only 3.5% down. I’m hardly a doomsday person like BHO — but I’m not sure if the social benefits of home ownership (not for the individual, but benefits for the community) outweigh the risks of such a low down payment. 10% or 15% doesn’t seem like too much to ask.
The primary purpose of these sorts of social programs are supposed to benefit society, not individuals. Giving opportunities to the individual (on the backs of the society as a whole) is just the vehicle for the greater social good. 3.5% down just strikes me not enough investment by the individual to reap personal rewards… and too much of a risk for society to bear.
As everyone tells me on this board — if you can’t afford it, you can keep renting.
bedstuymichael and ch renter,
Location has just been changed to Bed Stuy, but yes, The Developers Group is listing this as Clinton Hill.
Where’s BHO to tell us FHA is the new subprime?
Bedford Ave. as Clinton Hill? C’mon is Corcoran even going that far?
This is Bed-Stuy, not Clinton Hill.