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]
Antidope:
So you don’t think 1.7 million for a 3 bedroom in Park Slope was priced too high??
I certainly did. I think they were shooting for the moon here, and even the prices these places sold for (WITH some pretty substantial price cuts) have been rather shocking to me.
Like I said…over a million for a 2 bedroom. That’s a pretty penny for this area. I can’t imagine how the developer hasn’t made some money on this one.
Looks kinda like a Fordham dorm. (that’s not a bad thing)
time will tell dibs. slow motion crash imo. like MOST housing busts. hellloooooooo. history tells a story. read it…
so so—definitely needs a drop in the prices to sell in this market…..
I’m not even sure what Ironballs comment even means since only 2 units are left for sale.
One of the most recent purchases in November was a 2 bedroom which sold for 1.104 million dollars.
Is a 2 bedroom for over a million in Park Slope the sign of a terrible market? I don’t know…you can be the judge of that for yourself.
if the developer was asking for 1.7 w/o parking spots and ended up selling for 1.15 with 2 parking spots then either s/he was initially looking for an egregious return on his/her investment which is possible i guess or, more likely, the bank is now making the decision to sell at reduced price points and release the collateral, in which case it’s not at all clear that the developer recoups one red cent and likely the bank is also taking a haircut. also, were there early buyers who paid a higher psf? if so, that makes three parties that might disagree with your characterization.
As the stock market tanks, the housing market will follow.
50% off sale, here we come.
Potential buyers with patience and cash are sitting pretty.
Posted by: IronBalls at February 9, 2010 11:14 AM
We’ve been hearing this “50% Off” crap for what, 18 months now???????
ROTFLMMFAO, get a grip on reality, folks. Some condo developments, yes. Brooklyn brownstones and properties like this, you wish!!!!
Yes, antidope.
Probably all of those things.
what does that mean, “not bad?”
not bad that ppty moves at all?
not bad for the developer?
or not bad for the lender?
or not bad for the buyer?
or not bad as in the neighborhood breathes a huge sigh of relief that the ppty won’t sit distressed and attract squatters?
or something else?