Co-op of the Day: 16 Lincoln Place
The asking price on this third-floor 2 1/2 bedroom co-op at 16 Lincoln Place in Park Slope was just trimmed from $615,000 to $599,000. The apartment next door, which is of a similar size but probably not identical layout, sold for $615,000 back in September of 2006 so this has to be in the right…
The asking price on this third-floor 2 1/2 bedroom co-op at 16 Lincoln Place in Park Slope was just trimmed from $615,000 to $599,000. The apartment next door, which is of a similar size but probably not identical layout, sold for $615,000 back in September of 2006 so this has to be in the right ballpark. The apartment is pretty non-descript, though we suspect most potential buyers will at least think about tweaking the bathroom and kitchen. The maintenance is a reasonable $611 per month. We suspect a deal will get done pretty quickly at the new price. Agree?
16 Lincoln Place [Corcoran] GMAP
The “condo glut” is not softening prices, 4:47. If you look at historical trends, inventory is at one of it’s lowest points in history in NYC.
The problems of oversupply we hear about in other markets simply have not been the same as what’s happening here in the city.
The credit crunch and publicity about the rest of the country are what has affected any softening of prices in New York, of which I have seen very little.
“I think a million more people are expected to move to New York City over the next 20 years or so.”
Maybe. Not sure what jobs they might find when they get here. Once the finance industry is largely relocated to the middle and far east, what will be the economic engine in this town?
NYC currently has 8.25 million residents.
250,000 more than in 2000.
Seems to me that more housing is needed.
With a rental market vacancy below 1% and the inventory of homes for sale at record lows, I see no reason to believe that we in danger of oversupply.
This ain’t Riverside, Ca.
AY is a slow process also. There will not instantly be thousands of new buildings for sale at one time. The last buildings were not slated to be completed until 2014 and that was given a starting date of 2006. I don’t think the first buildings will be available until sometime 2010 (at absolute the earliest) with probably means some of the later buildings in all reality coming online in 2018-2020
“How about all of the construction of thousands upon thousands of housing units in Williamsburg or Dumbo or Downtown or Tribeca?”
You mean the condo glut that is now beginning to soften prices? Check back in a few years and we’ll see how prices have held up.
I think a million more people are expected to move to New York City over the next 20 years or so.
Since AY will not be built for at least another 5 years from now (considering it hasn’t even broken ground yet) I’m not sure how your “logic” makes much sense either.
So we agree to disagree.
Comparing NYC to the inland empire of LA is like comparing apples to tangerines. The world is becoming less suburban and more urban as we speak, so I don’t actually think there is a “read-across.” I simply think they are completely different entirely.
To the person saying that they make roughly 200k between them and their wife and that they could not afford this place, I can’t believe that is true.
You monthly take home should be at least 8-9K. You can’t spring 1/3 or slightly above of your take home on your mortgage payment? Do you have a lot of other debt and/or loans?
4:24, your “logic” holds as it relates to the past 5 years, but maybe not so much in the next 5. i would argue that oversupply just hasn’t really hit the collective consciousness yet. did you see nytimes article about the center of the sales falloff in the inland empire (admittedly a different market, but there is a read-across)? sales down 78% and huge increase in supply, but sellers not willing/able to capitulate. it takes time, but a lot less moving in nyc these days and there is an onslaught of inventory just waiting for the march “selling” season. i think a lot of people are going to be in for a rude awakening this spring. where’s the what when you need him…
“In 5-7 years w/ AY coming on, prices will head to $1000 sqft”
Actually, there are apartments in Park Slope and BH that have been getting $1000/sg ft. for a while already. It depends, of course, on the unit and the location. It’s the highest end, but it’s already been happening.