Condo of the Day: 11 Terrace Place
Are sales starting to slow in Windsor Terrace? When we first checked in with 11 Terrace Place in February, people left comments saying the open houses were hopping, and a couple folks noted that the units seemed nice and the development not so bad. While Corcoran’s website shows that seven of the condo’s 18 units…
Are sales starting to slow in Windsor Terrace? When we first checked in with 11 Terrace Place in February, people left comments saying the open houses were hopping, and a couple folks noted that the units seemed nice and the development not so bad. While Corcoran’s website shows that seven of the condo’s 18 units have gone into contract since then, Natefind just lodged a price cut on one of the apartments, a two-bedroom that’s dropped from $625,000 to $599,000. That brings the per-square-foot price down to $505; most of the other listings, including the ones that’ve gone into contract, are in the mid-$500-a-foot range. Not exactly a fire sale, but think it’s indicative of a cooling market in the Terrace?
11 Terrace Place [Corcoran] GMAP
Getting a Clue About 11 Terrace [Brownstoner]
David,
I admit that I was merely a grade schooler in the 80s so I did not see anything close to what you are talking about. I guess I see your point, but doesnt the population growth and future growth have any influence on the scarcety of housing?
Not sure how many people lived/worked in NY in the 80s and early 90s but isnt there alot more here now and growing?
“never 10% declines for sure” in NY.
Um, you were obviously not alive or in New York between about 1987 and 1994. Prices in the City as a whole declined about 35% between 1989 and ’94. See http://www.fanniemaefoundation.org/programs/jhr/pdf/jhr_1401_schwartz.pdf (chart at page 120). My house declined about 50% in value, probably due to its odd location. (It has now quintupled since that interim low.) And housing was a lot scarcer then, particularly given the current condo boom. I know lots of people who had to sell for losses because they had to move.
I have no idea what will happen now, of course, but neither do you. Whether we suffer even lower unemployment rates in marginal neighborhoods due to a recession may make the difference — that would certainly adversely affect the crime rate, and property values, all over the city.
David
Hah, Siler.
+1 for 5:27p.
That broker looks like the bad guy in Heroes.
I agree with 3:24 – NY is exactly like London. Shortage of Housing always = high prices. Maybe not 10% annual increases in tough times, but never 10% declines for sure.
Prices cannot go down in NYC, because of circumstances that are unique in the U.S. Just as in London, real estate only goes up.
http://www.bloomberg.com/apps/news?pid=20601102&sid=aGUTrqoewzlM&refer=uk
7/13 = 53.8%
7 of 13 units are in contract. Thats about 35% and this building has been on the market for about 8 mths now.
I think they will need some serious price cuts to get any inteerest if at all.25k will not do it.
isn’t this right across from the cemetary? a little creepy, don’t you think? almost as creepy looking as the broker!!