Checking in on the Elan
We haven’t taken a look at the Elan condo, which is on 4th Avenue and 1st Street, since September, when the developer implemented sweeping price cuts and passed the marketing baton to Apartments & Lofts. The latest word on the building, according to current listings, is that FHA approval is pending. Ads are also touting…
We haven’t taken a look at the Elan condo, which is on 4th Avenue and 1st Street, since September, when the developer implemented sweeping price cuts and passed the marketing baton to Apartments & Lofts. The latest word on the building, according to current listings, is that FHA approval is pending. Ads are also touting unspecified “incentive packages.” (Requests for elaboration from Apartments & Lofts on what those incentive packages involve have not been answered.) According to StreetEasy, there were additional, though very minor, price cuts on a couple units earlier this month: A one-bedroom went from $599,000 to $567,500, and a two-bed went from $670,000 to $649,000. Also, if StreetEasy’s rundown on the Elan is correct, the price cuts haven’t done much to sell units here: Of the three condos that are in contract, all were spoken for before last fall’s chops and the building’s rebranding. This one just seems like it’s heading for trouble.
Broker Switcheroo, Huge Price Cuts at The Elan [Brownstoner]
The Elan [StreetEasy]
Condos of the Day: 255 1st Street [Brownstoner] GMAP
I’m psyched about living next to a McDonalds–it keeps the elitist snobs away.
Why is this place in particular having so much trouble compared with other similar places around (located in 4th Avenue) that sold at very high prices? The community realizes there is a problem. It is just 50% sold. To find financing for this place is hard (see previous comment)
The prices have been dropping constantly. I went to see this building and the agent told me it was not selling. They are renting some units already…
I am about to close on an apartment in this building on Monday (maybe) and you guys are making me nervous! But lately tons of things make me nervous. This is a lot of money. But my place is sweet. Huge terrace up pretty high (and away from the McDonald’s! – and we are vegans so McDonald’s pretty much doesn’t exist to us). It has been an ordeal to find financing but it worked out, and I think it was worth it because I love the apartment. I do hope they are able to get more people in the building. It is pretty nice. (Except that one blank wall that faces 4th ave… boo to that.)
obviously not!
Posted by: fsrg at February 2, 2010 5:22 PM
LOL I guess you are right. I am NOT sorry. So sick of all the fast food fatties – you know who you are! especially the ones who eat that junk on the subway and stank up the whole car with FF smell? pewwwwwwww.
obviously not!
Posted by: fsrg at February 2, 2010 5:22 PM
LOL I guess you are right. I am NOT sorry. So sick of all the fast food fatties – you know who you are! especially the ones who eat that junk on the subway and stank up the whole car with FF smell? pewwwwwwww.
Once you buy the apartment, you have no money left that you need to eat McDonald every day. It’s kind of convenient.
“sorry to be an elitist snob” –
obviously not!
sorry to be an elitist snob, and no offense to you gemini: but no way in effing hell would i live next to a macdonalds. You couldn’t even pay ME to live there. The idea of walking out my front door and seeing McDonalds as my neighbor every day is a really depressing concept. Any one else get skeeved out by Fast Food Nation?
In a foreclosure all leases are terminated so renters can leave if they desire to do so. They can remain on a month to month basis with the permission of the new owner which can then enter into new arrangements at its discretion. This would make sense until a longer term plan is structured.
Those who have bought can remain since they own individual lots not subject to the foreclosure; (when they closed on their purchase a proportionate amount of the sales proceeds went to the lender which then “released” the lien against that apt.) With respect to “fire sale” pricing the lender can do whatever it desires, ie. try to break even, discount to whatever it wishes, or sell the property to a new investor and relieve itself of operating and marketing what it owns. We have no clue at this time what the construction lender will do. Many banks these days are sitting and waiting out the storm to avoid taking losses on their books. It’s true that current comps for recently constructed “mature” buildings with few vacancies have not dropped below $500 per s.f. but this is an atypical situation. The few recent sales at the “Elan” are already under $600/ s.f. Time will tell how many units in contract actually close given the difficulty in obtaining lenders.
Marion