90 First Place Knocking Cover Off Ball
Another one for team bull: According to an email from the developer last week, 90 First Place, the five-unit brownstone conversion reached the 80-percent-sold mark after just eight weeks on the market. (For the innumerate, that’s four units in contract.) Considering that most of these units were priced at or above a million bucks, that’s…
Another one for team bull: According to an email from the developer last week, 90 First Place, the five-unit brownstone conversion reached the 80-percent-sold mark after just eight weeks on the market. (For the innumerate, that’s four units in contract.) Considering that most of these units were priced at or above a million bucks, that’s a pretty impressive achievement. Could it be the layouts? The finishes? Or maybe it’s the ad on Brownstoner! GMAP
Oh stop it, chris! All I’m saying is that it’s a Carroll listing at a Cobble price (an overprice even there). Wasn’t trying to shit on the nabe.
***Bid half off peak comps***
“Cobble fringe”? What?
It’s Carroll Gardens. No fringe about it. And while it may not be desirable to you it is a long standing quality neighborhood that has always generated interest.
“Cobble Hill or Carroll Gardens or whatever that is”
This is what I’m talking about, lechacal. It’s Cobble fringe. Cobble prime is close to Atlantic, near the Heights. And financial/economic details cannot blind me. Whole move-in brownstones in even Brooklyn heights were had for the price of just one of these puppies during the late 90’s. So prices don’t go back there, fine. But how can they avoid a “correction” to 2003 levels which would have to put this building at 2.5 tops? That’s 0.625/unit. Yes, I think you have it wrong (am I missing a synogogue?).
***Bid half off peak comps***
Here’s an example of a developer that hasn’t gotten the memo. Until a week ago the asking price for this place was over $1.5 million. Do not be fooled by the square footage – it feels much smaller than the raw square footage would suggest. http://corcoran.com/property/listing.aspx?Region=NYC&ListingID=1532135 Compared to
why is the developer emailing you it’s success rates? Something is fishy. Maybe they’re trying to create the illusion of an over 70% sold building, so fearful buyers won’t think their loans will get declined!
BHO – I don’t know this area very well but thought this was a pretty desirable part of Cobble Hill or Carroll Gardens or whatever that is. I also generally expect prices in that area to be higher than the slope, which is the market I know best. At the top of the market a developer in the slope would have been asking $1.5 for that 3 br penthouse. This developer is asking $1.15 or something. Seems pretty far off peak to me. Do you think I got that wrong?
“BHO will NOT be happy.”
I’m furious! This single brownstone development will send Case-Shiller skyrocketing!
Nice units though. The “newborns” will be happy.
“prices are well below peak”
4-6 big ones for the whole building? This far from Atlantic? You’ve lost me, lechacal.
***Bid half off peak comps***
I haven’t seen this place either but I agree with Ledbury that these prices are well below peak. And good for them for pricing their units to reflect the lower market. Developers who do this deserve to sell out quickly. Compare this to the new brownstone chop-up job on Berkeley between 6th and 7th, where the developer apparently smoked a big back of crack before coming up with his asking prices.
The market is fine and units will sell — at the right price. This developer got the memo. Good for him.
I haven’t actually seen these places, so I could be way off, but I would imagine they would be comepeting against the Brothel and Vermeil type places. Given that the Vermeil has been around $920 a foot and the brothel is at $840, I am not sure how selling at around $680 (with lower monthlies to boot) is particularly bullish. That being said, good on them for apparently pricing an attractive product properly.