Condo of the Day: Prices Cut at the Fusion
Corcoran’s marketing materials for the Fusion in the South Slope note that the 421-a tax abatement combined with the low common charges make these units very affordable! But it seems like maybe they’re not affordable enough to actually, you know, sell: StreetEasy is showing that the 20th Street building was just hit with a third…
Corcoran’s marketing materials for the Fusion in the South Slope note that the 421-a tax abatement combined with the low common charges make these units very affordable! But it seems like maybe they’re not affordable enough to actually, you know, sell: StreetEasy is showing that the 20th Street building was just hit with a third round of price cuts. Units are now listed between $458,100 and $1,012,500; when they hit the market in May, they were running between $555,000 and $1,159,000. The building itself doesn’t look so bad on what’s basically an ugly-duckling block, so we’re assuming ho-hum interior finishes may have a lot to do with the lack of interest here. Anyone have an insider’s view?
New Development: Fusion on 20th Street [Brownstoner] GMAP
Fusion at 286 20th Street [StreetEasy]
286 20th Street Listing [Corcoran]
pre-war = bergdorf goodman
new construction = walmart
you choose
Interior finishes, sure… also, maybe people don’t want to pay half a million or a million bucks to live in a “not so bad” building” on an “ugly duckling block.”
Plus, psychologically, those price cuts are basically meaningless. The low end is still about $500k and the high end is still a little over a million. Why not take it to $450k even, and $999k? And, in one price cut rather than three? It would attract buyers much more effectively, and given how long these have sat on the market, probably end up saving the seller some money.
Agree about the negative aspects of 20th street.
I’ll bet these would have sold already if they had been on 21st, which is a very nice quiet block w/ a good mix of new condos, in both new and old buildings.
Please 2:06 keep deluding yourself, the prices of pre and post war housing move in tandem. The reason why you can so easily see the price drops on the condos is because the owners cant delist them, since they are vacant.
Pre war preference or not, the overall housing market (except for maybe some fringe stuff at the real bottom and extreme top) move together and while a nice pre-war apartment may get a premium, the spread will remain fairly consistent so that as the new stuff falls, the old stuff will be bound to follow.
Sorry but except for a couple of freaks here, most people are pragmatic enough to realize that when shopping for a home for their family, a 30% premium for some pre-war detailing just isnt worth it.
if these get to $400 psf, they’ll be a better deal. they are over priced for that location, that’s all.
actually what is happening now with the price chops are not what’s going on in the pre-war market.
there is VERY little inventory of nice pre-war homes for sale.
not the case with new condos.
i’ve been sayin it for years. give it another 2 years and pre-war will once again be the preference of most new yorkers.
not only are these places ho-hum to start with…imagine what they’ll be like in 5 years???
keep on chopping, we’re almost halfway to the sweet spot
gimmie another 100k off
I don’t think the point is evil developers, it is about stupid and/or greedy developers. Not just Brownstoner, but the NYT has published articles about the large number of condos with sloppy finishes and unhappy owners. Why do builders think that people will pay $$$$$ for cheap and shoddy work? This is a capitalist society, people who produce the best product will be rewarded. Unfortunatlely these ugly buildings, once build stay around a long time.