Condo of the Day: 535 Dean Street Penthouse Price Cut
Can you say Atlantic Yards Effect? There’s no other reason we can think of (other than that pesky global financial crisis, of course) to explain why this 1,400-square-foot penthouse at 535 Dean Street in Prospect Heights just had to cut its asking price from $899,000 to $799,000. In its current configuration, it’s also not much…
Can you say Atlantic Yards Effect? There’s no other reason we can think of (other than that pesky global financial crisis, of course) to explain why this 1,400-square-foot penthouse at 535 Dean Street in Prospect Heights just had to cut its asking price from $899,000 to $799,000. In its current configuration, it’s also not much of a family apartment either. Still, you’d think there’d be at least one childless buyer out there who would be digging the open space and views (and rather low monthyl maintenance of $701). What gives?
535 Dean Street [Corcoran] GMAP P*Shark
Agreed with 1:35. Sounds pretty reasonable, though painful if true. The recover to 2000 part is too low though. The last housing boom should have ended around then, based on historical cycles. I think ’01 – ’02 prices are more reasonable.
keep dreaming renters!!!
i’m raising the rent every year!
Ugly building? Check.
Bad location? Check.
Overpriced? Check.
I’m with 1:09. Rents are going up because the “side lines” are crowding. Sponsors/sellers will temporarily try to “hold on” by renting out. Rental market gets saturated. Rents drop to levels too low to offset carnivorous holding costs. Desperate sponsors/sellers cut their losses by dumping holdings back onto the sales market. Rents fully recover after recession. Sale prices recover only to 2000 levels.
Its also possible that landlords may have increased rents more than they should have, based on high home prices and consumer’s increasing use of credit to pay basic expenses. If that’s true, then yes rents might also come down as people move to cheaper, more affordable neighborhoods.
It also would mean that the economy is much MUCH more screwed than economists/pundits are currently projecting, and that the decline in housing is going to burn a hole in the floor!
crap
I’ll tell you what, overpriced or not, not a family-friendly apartment, whatever. I was going to look at another unit in this building and turned around when I got half a block away as the neighborhood was shady shady shady. I’m not having my girlfriend walking down Dean street at night on her way over any time soon. Maybe I just got a bad impression, but this felt way too edgy for my tastes.
1:19 – “no one” (or more accurately, fewer people) is/are buying anymore, so they are either 1) staying put or 2) leaving NY. Hesitant buyers don’t automatically become eager renters you idiot.
There will be downward pressure on rental prices, especially luxury 1 bedrooms, because the financial sector/law firms are no longer hiring anything close to the same number of the young professional types who live in these places. Watch rental prices in in late summer early fall and you’ll see. This will probably be be less of an issue way out in Prospect Heights that it is in Manhattan though.
or rents will go up to make up for the inflated housing prices.
that is what the government is hoping for.
People will rent as a hedge against a bloated residential property market. When owners rediscover the meanings of future value or opportunity cost, then property prices will come down, people will buy, and maybe rents will drop a little.