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
Apartment and housing prices are not going up, not this year, not next, and not for the year after that. Just as they did after 1987, housing prices are going to fall or stay flat for four or five years. So if you have enough money for a down payment for an apartment now, and you invest it, you’ll have the down payment for a much better apartment five years from now.
And as for Mr. 350%, I’m so happy for you. Your experience has absolutely nothing to do with what we’re talking about on this board, which is whether it makes sense to buy today, after prices have already gone up 350% in the last seven years. What kind of idiot thinks that makes sense as an investment strategy?
Same situation as 3:26 here, graduated in 2003 and have managed to save a good chunk for downpayment. My sentiment is that there is no reason why I will rush in now to purchase a home. I wouldnt’ say the RE market has nowhere to go but down for sure but I think we can all agree the RE market is flattening off.
You can argue that Manhattan apt prices may retain some momentum but can you say the same about Brooklyn?
can somebody point me to an updated map of atlantic yards’ footprint? i thought this building would be smack dab in the middle of it, did they scale it back?
but yeah i think AYE is only one facet of why this place hasn’t sold, belts are tightening.
let’s be careful out there!
3:34 – wrong. I can save faster than apartment prices can go up, even in good years. And 2008 is not a good year. For me, buying the size place I need right now means buying in Fort Greene or Prospect Heights. Buying next year means buying in Prime Park Slope or Brooklyn Heights with a bigger down payment and for a lower purchase price.
“Lets be real the longer it takes you the save, the deeper in Bklyn you will end up. Then you’ll forever moan and complain about PS prices and how silly they are.”
Wisest statement of the day.
By the time you’ve save that 50K downpayment, you’ll need 100K to get in on a neighborhood you want.
So buy something smaller and sacrifice or stop your bitchin.
Lets be real the longer it takes you the save, the deeper in Bklyn you will end up. Then you’ll forever moan and complain about PS prices and how silly they are.
No, I insulted you for being an asshole, not being a buyer of real estate. I do plan on being one of those myself someday. When I choose to do so is my business, but you will always be a douchebag.
“not insulting people for having the courage to advise caution in purchasing real estate.”
You mean kinda how you just insulted me FOR buying something.
A wee bit hypocritical, no?
“Just FYI douchebag – you are stuck with a an illiquid asset whose value is going to be declining steadily (if not plunging) for the foreseeable future. When you are ready to sell, I’ll be the one submitting lowball bids at your open house.”
Um…in the past 8 years, my home has appreciated approximately 350%.
Is that how much of a drop they are predicting?
If so, then yeah…I’M SCREWED!!!