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
What’s the debate? Obviously this isn’t selling because no one wants to live opposite the biggest building site in NYC for the next 10-15 years.
Sure, AY may not happen. But who’d gonna take that risk?
Next.
2:37 – I was the one that brought up the 25K equity build, and you’re right, I didn’t figure in closing costs. My only point was that you can’t do the rent vs own monthly payment calc like you suggested. First, if you want to figure in the opportunity cost of income on the down payment, you should use an after tax risk free rate (3% at most) which turns into $1800 per annum. There are many other numbers to crunch, including tax break on mortgage interest etc. Again, the point is $3000/month rent can’t simply be equated to $3000/month mortgage & maintenance payment
What does it cost in their local currency? Cost comparisons that don’t adjust for the weak dollar are meaningless.
4:54 — absolutely wrong for comparable neighborhoods in London. AY is not Knightsbridge.
It costs a million dollars for a 1 bedroom in Tokyo.
About the same for a 1 bedroom in London. 600sf.
And you all are bitching about less than that for a 1400 sf penthouse.
I like this comment:
“perhaps if NYC is so different from the rest of the country, prices here will continue to climb. Just like they do in London, Paris, Tokyo, Syndey, Dubai and Zurich.”
Posted by: guest at March 19, 2008 3:12 PM
Dubai = Las Vegas. I hope NYC isn’t that bad yet. London is at the end of its own bubble — it had a nice plunge after the last one. Paris hasn’t done anything like what NYC has done, except perhaps in depreciating dollar terms. Zurich – hardly a world class city!
Tokyo — ah, there’s the rub. Bubbled along with NYC in the late 1980s. Dropped to 10% of peak values when the bubble broke, and has behaved reasonable well since then.
If we follow Tokyo, we can look forward to Park Slope priced for professors and Brooklyn Heights for junior lawyers, just like the old days.
there are no facts to back that up, 4:16.
asking prices may be chopped here and there, but that has nothing to do with the recorded selling prices.
you people are like total real estate virgins.
3:48 and the rest of you who think prices are going to keep going up in the next couple of years – what rock do you live under? it is simply astounding.
Prices are dropping everywhere in the city. Except perhaps the super-high luxury end in Manhattan, which is a world unto itself.