Desperation Leads to Sealed Bids at Shangri-La
The developers of the Shangri-La at 710 Sixth Avenue in Park Slope have, evidently, lost patience with the lack of buyer interest in the building. (Not surprising: Only one out of 16 units has gone into contract, according to Streeteasy.) According to these cries of desperation that appeared in the New York Times this weekend,…
The developers of the Shangri-La at 710 Sixth Avenue in Park Slope have, evidently, lost patience with the lack of buyer interest in the building. (Not surprising: Only one out of 16 units has gone into contract, according to Streeteasy.) According to these cries of desperation that appeared in the New York Times this weekend, they’re accepting sealed bids until 5 p.m. today. How low can you go?
‘Shangri-La’ No Paradise for Buyers. Or Brokers. [Brownstoner] GMAP
New Development: Greenwood’s Shangri-La (Not) [Brownstoner]
Listings: 710 Sixth Avenue [Prudential Douglas Elliman]
615k for a one brm in greenwood hghts. i can’t imagine why these aren’t flying of the shelves.
I feel bad for the one and only buyer. They should have done their homework, they would not be sitting on negative equity. positive side is no noisy neighbors. The developers should come down on price, half a million for a 1 bedroom is retarded.
Btw – is this location even still considered Park Slope? The asking price sure is…(and that’s what the add says)
I hope the lone buyer talks to a lawyer to see if they can get back their deposit, then put in a lower bid! how would you feel opening up the sunday papers to see that?
Well gee maybe if they did not lie and say this is in PARK SLOPE more people would be interested. LIARS!! LIARS!! LIARS!!!
It is these fringe developments that go first. It is only a matter of time that other developers large and small have to face up to the reality of a new financial reality. It is that reality that will bring many busts. Wall St has only just announced the start of lay-offs.
I would not feel so bad for the greed of these developers littering our town whith a legacy of cheaply constructed crap!
I don’t think they are really desperate as yet. When they are really desperate they will cut the asking price about 30% at least.
We’ve been here 3+ years and it’s a great neighborhood. Now that the prices are coming back to reality, hopefully people will be interested.
I don’t understanding listings that say “all reasonable offers accepted.” What’s the difference between that and any other listing? If you bid lower than they want to sell for, they just say it’s not reasonable. They need to actually change the asking price, if they are serious about selling.