Vermeil Inching Towards The Finish Line
Slowly but surely the Vermeil condo on 7th Avenue and Sterling Place is getting closer to selling out. There have been 17 closings in the 22-unit building, and StreetEasy is only showing two units on the market: A 1,602-sf 3-bedroom ($1.1 mil) and a 1,564-sf 2-bed ($1.075 mil). The building, which was pricey from the…
Slowly but surely the Vermeil condo on 7th Avenue and Sterling Place is getting closer to selling out. There have been 17 closings in the 22-unit building, and StreetEasy is only showing two units on the market: A 1,602-sf 3-bedroom ($1.1 mil) and a 1,564-sf 2-bed ($1.075 mil). The building, which was pricey from the get-go, hit the market in early ’07 and started closing in February of last year. There have been fairly substantial discounts on some of the more recent sales, like a unit initially listed for $1,700,000 that sold for $1.15 million with two parking spots thrown in.
Checking In On The Vermeil [Brownstoner]
More Price Cuts at The Vermeil [Brownstoner] GMAP
Checking in on The Vermeil [Brownstoner]
Changing of the Guard at The Vermeil [Brownstoner]
First Closing at The Vermeil [Brownstoner]
Condo of the Day: Price Cut at The Vermeil [Brownstoner]
Update on the Vermeil [Brownstoner]
DIBS, DIBS, DIBS!!!!!
Come on, do you really buy that argument???
The quality of construction isn’t necessarily related to aesthetics. Wouldn’t you say that Mier’s On Prospect Place is a top-notch project, even though it is starkly modernist?
Looks nice from the pic but cheap build when you get closer. Last time I walked by, there was a broken lamp fixture, bricks are leaching that white stuff, pieces of the cement were already broken off. Wonder what it’ll be like in 10 yrs, and really why would you pay those early prices to face 7th ave.?
The bottom is falling out of the market and this building has closed 20 of the 22 units. Sure, the last few had price concessions.
Which part of this don’t you understand compared to all thiose developments that stand 20%, 30%, 40% – 60% vacant.
it’s a different animal.
You should be happy that I’m singing the praises of at least one condo project.
fsrq, let my try a different approach. Obviously there’s some attraction to this particular condo since it’s practically sold out.
That attraction most likely consists of an attraction to the banal exterior appearance in that it looks like a 19th C building and doesn’t stick out like a sore thumb.
I would guess that the attention to detail that the developers paid to the exterior is also reflected uopn the interior finishes as well, and most likely the systems and the amenities, making it an easy sell (it’s been on the market sinc elast February).
“More importantly, the buyers liked it.”
It has been on sale for THREE YEARS and has been available for occupancy for over a year and it still has over 10% of its units unsold, despite apparently huge effective price drops of well over 30%….which is no better and maybe worse then many of the condo developments where you constantly post that the buyers will be underwater and crushed by a falling market over and over…so yes your logic is tough to figure out
You spend post after post decrying new condos in Brooklyn and predicting an almost Armageddon like price drop in that class of housing (and almost singularly in that class of housing) – then you pick this new condo construction to say well unlike “most” other condos this one wont fall like that – WHY
Posted by: fsrg at February 9, 2010 12:09 PM
BECAUSE IT IS SOLD OUT EXCEPT FOR 2 UNITS. THEY ALL SOLD IN WHAT LOOKS LIKE 14 MONTHS. MY GOD, MAN HOW HARD IS THIS TO UNDERSTAND??????
” I do stand by my banal comment, and the fact that a number of posters could not determine if this is new construction or not proves my point.”
Amazing!!!! But yet, banal!!!!!!
I like it, it looks like it could have been here forever without looking “space age” like…..
I give it a thumbs up !
No it isnt hard to understand, what IS hard to understand is…
You spend post after post decrying new condos in Brooklyn and predicting an almost Armageddon like price drop in that class of housing (and almost singularly in that class of housing) – then you pick this new condo construction to say well unlike “most” other condos this one wont fall like that – WHY