First Closings Recorded at the Satori
Last week the first three closings at the 34-unit Satori, the condo on Bond and Carroll streets, were recorded in public records. Here’s what went: Unit A3E, which, according to the building’s condo declaration, is 1,000 square feet, closed for $733,140, with the sale including a parking space; unit B2A, a 661-sf apartment, sold for…
Last week the first three closings at the 34-unit Satori, the condo on Bond and Carroll streets, were recorded in public records. Here’s what went: Unit A3E, which, according to the building’s condo declaration, is 1,000 square feet, closed for $733,140, with the sale including a parking space; unit B2A, a 661-sf apartment, sold for $481,650; and unit A3A, a 1,100-sf unit, fetched $789,000. StreetEasy shows 12 active listings in the building, with prices going from $299,000 for a 500-sf unit to $749,000 for a 1,550-square-footer. The condo got its final certificate of occupancy in May.
340 Bond Street [StreetEasy] GMAP
More Price Cuts at The Satori [Brownstoner]
“Does everyone forget that Satori is an “awakening of the senses”?!”
smell?
Oh Deity, is it not within your power to answer the question?
do we know that the $700/sqft apartment isn’t worth an extra $100/sqft more than the apartments that are taking longer to sell? how much is a parking spot worth? personally, i have seen plenty of buildings where lower units price worse than that versus upper units. think half cellar. think garden. think private roofdeck. think views. obviously i haven’t seen the inside of these apartments but there are plenty of ways apartments price differently.
if it’s such a bad deal those buyers would have walked. ergo, not everyone in the brooklyn real estate market is as pessimistic as this site.
they may be wrong too as the market may further decline. but they may be right and the market may stop falling. it’s even possible that the market may improve. that’s true whether you think so or not (that was for you moneyfornothing).
i take these sales on the face. they are strong strong prices for what many many people would consider a fringe nabe. in an undersold, new condo no less.
Based on closings on contracts for new condos that were signed before or at the beginning of the financial crisis and current asking prices for those not yet sold (or recently in contract), safe to say that 30-40% off of peak is where things are right now. Whether on a toxic waste site or in OBBP, looks like the “first movers” are taking a pretty quick hit to equity.
you’ve magically transformed yourself into a real estate bull.
This is what I find so confusing. You just laid out why these condos would close at $700 even if that isn’t market. So how are these transactions bullish and why do you think the person who just closed to avoid losing their life savings would be bullish at $700 a foot today?
What’s with all of the negativity? Does everyone forget that Satori is an “awakening of the senses”?!
> i mean i know you never never would have signed a contract at $700/sqf
You should have stopped writing there. Not walking away from a bad decision does not make these buyers any less idiotic.
They overpaid. Plain and simple.
Deity Snark, wrathful but merciful, has spoken.
I agree, total morons. Builing is in a flood zone and a prospective Superfund site. Apartment layouts are horrible, location is terrible, unless you like living in an industrial park. Enviromental safety is also questionalble- Wouldn’t want to breed kids here.
Hahah.. They must’ve bought that line from the broker “the neighborhoods changing, theres even new condos down the block”. Right, meanwhile the view of the gowanus industrial complexes will *not* be changing for years to come and the alternative view of a brickwall isn’t much more appealing. I had a hard time not laughing at the realtor since we both knew the place/price was a joke. Guess someone bought into it.
::sigh::
I wonder who’s going to buy the top floor apartment? $700k walkup?
Hahah.. They must’ve bought that line from the broker “the neighborhoods changing, theres even new condos down the block”. Right, meanwhile the view of the gowanus industrial complexes will *not* be changing for years to come and the alternative view of a brickwall isn’t much more appealing. I had a hard time not laughing at the realtor since we both knew the place/price was a joke. Guess someone bought into it.
::sigh::
I wonder who’s going to buy the top floor apartment? $700k walkup?