Condo of the Day: Price Cut at 38 7th Avenue
Corcoran just whacked about 14 percent off the asking price on one of the units in the brownstone condo at 38 7th Avenue. Some readers may remember that this development got some nice press from the New York Post back in May of this year. And from where we sit, they didn’t a decent job…
Corcoran just whacked about 14 percent off the asking price on one of the units in the brownstone condo at 38 7th Avenue. Some readers may remember that this development got some nice press from the New York Post back in May of this year. And from where we sit, they didn’t a decent job on the reno. Looks like the apartments haven’t exactly flown off the shelf though. In addition to the 841-square-foot place that Corc just marked down from $729,000 to $629,000, Aguayo & Huebener has a 1,733-square-foot duplex with roofdeck on the market for $1,199,000 (at which there’s an open house on Sunday). Since Aguayo started out as the exclusive broker, we wonder whether the developer has brought in Corcoran or whether the unit it is selling is a flip. Update: Turns out Corcoran and Aguayo have been the co-exclusive agents from the get-go and that the price cut was building-wide and driven by the owner.
7th Avenue Condos [Corcoran] GMAP
Co-ops and Condos [Natefind]
38 7th Avenue [Aguayo & Huebener]
Sales Start at 38th Seventh Avenue [Brownstoner]
Sellers reduce prices not agents.
12:24, what I meant is it’s at least an option for those who own and not rent, the equity loan. It could be anything, an expense that wasn’t planned for. Catastrophic illness. You name it. This is literally the first time in my entire life I’ve ever heard that it’s better to rent than to own your home. So like the bubble bursts and all normal rules go out the window? I’ll tell you who the suckers are – all those who change everything they’ve ever believed simply because of a normal correction and a drop is housing sales (which was predicted years ago btw, no biggie). A few years from now after all this is over, there will be people who listened to all the silly gossip and speculation who will STILL not own a home and be at a point where it is more difficult for them to do so. I have a friend older than me who is nearing 50 years old (not in NYC) never married, is on his own, used to make more money but no longer does, and he is the only person in his entire circle of friends who does not own his home. Wanna know how anxious that makes him? Go ahead and live that way if you want. I choose not to. Difference is I’m actually trying to help people by my statements in this discussion, whereas you all are trying to justify not-buying simply to protect your egos. Real nice of you.
to 12:51PM….they do in NY.
Unfortunately, rents are constrained by current income, so they don’t rise in “bubble fashion” as do houses.
To Anon 10:11, every heard of college savings plans or student loans – which in some cases have lower interest rates that home equity lines. If you are planning a house just so you can borrow money to pay fro your kid’s education then you need to engage in better financial planning.
Well then that means rental market goes up up up. (Most new development being condos not rentals). Which means people start buying again.
“Throwing money away renting” is an uninformed statement. There is always a trade-off between buying vs renting. In essence the interest + taxes + expenses (net after tax deductions) is equivalent to a rental payment. When that number is higher than what it would cost to rent an equivalent hous/apt then you should rent.
For the last couple of years (since short term rates have risen at the same time housing prices have risen)it probably makes more sense to rent, if you can find a suitable place. My guess is that this relationship comes back into line, either by home prices falling or by rates dropping.
Okay do this – what do all the stock brokers and bankers do, buy or rent? They buy. Nuff said.
Are you kidding me? Every time the stock market crashes, suddenly you same people are saying “buy real estate”. You have short memories. Anyway, you can’t look at the situation for “flippers” and apply it to regular normal families buying a home to live in all their lives. If you own a home long term in NYC, you do well. Think of all the Brooklyn natives who live all their lives in a house, then sell it and are able to retire and move to a condo in Florida. My parents are retired in Florida and trust me the place is crawling with aging former New Yorkers and not just the rich ones. They’re people of all income levels who owned a home in NYC and could sell it to fund their retirement. As for having a huge mortgage, it’s called being reponsible and not buying what you can’t afford. That rule applies to everything, not just buying houses. There is a property for everyone at every income level – if you can’t afford prime Park Slope then buy elsewhere and stop whining real estate is a bad investment.