Mystery Downtown Development Going Affordable
The New York Post ran a story yesterday mentioning two luxury condo buildings in talks with the city to unload their unsold units as affordable housing. One building is in Harlem and the other in Downtown Brooklyn, according to the article, but officials cannot reveal where the properties are while negotiations are still occurring. Any…
The New York Post ran a story yesterday mentioning two luxury condo buildings in talks with the city to unload their unsold units as affordable housing. One building is in Harlem and the other in Downtown Brooklyn, according to the article, but officials cannot reveal where the properties are while negotiations are still occurring. Any guesses, readers? The article says that the city is in negotiations with “banks that have foreclosed on the properties,” and that the Brooklyn development is in Downtown. The leading guesses in the Forum are Forte and be@schermerhorn (above). What do you think?
City Dealing to Make Luxe Condos Cheaper [NY Post]
Brickoven,
For someone who CLAIMS to be so smart, your comment that you are surprised that the numbers keep going down shows what a total ignoramus you are. Yes, in a housing bust, the housing numbers will go down. Just like they have in EVERY housing bust in the last 200 hundred years.
And then guess what happens after they go down??
THEY GO BACK UP!!
What a concept!!!
Park place building: I subscribe to the “disagreable appraisal” theory. stated reason for cash-buyer preference was that seller already had a deal fall through and didn’t want to wait for a buyer to get financing. But they could easily wait a lot longer to find a cash buyer, so I’m not sure I buy it. Most buyers could buy this without a jumbo loan, so I don’t see the big closing risk. Saddest thing about this place: it smells like urine and mold from top to bottom, there are/were apparently a LOT of people living there, and instead of desperately needed repairs there are brand new flat-screen TVs on the wall. I really hope there weren’t any kids in there.
“I am a big bear but even I am amazed at todays housing numbers. They just keep going down and down. There should have been some sort of bounce in other parts of the country and yet its off another .7 percent.”
Brickoven the lending products of 2005 are long gone! The fuel that powered the Mutant Asset Bubble is gone and now we await the collapse! 2010 is going to be very very very bad….
The What
Someday this war is gonna end…
“I am a big bear but even I am amazed at todays housing numbers. They just keep going down and down. There should have been some sort of bounce in other parts of the country and yet its off another .7 percent.”
“The S&P/Case-Shiller home-price index declined 15.4 percent from a year earlier, the smallest drop since April 2008, the group said today in New York. The gauge rose from the prior month by the most in four years.”
Toren currently has:
34 completed sales
85 units in contract
23 units currently for sale
Yes, I would like to mark your words. Mark that they are wrong.
“Mark my words, this same scenario will creep up on Toren in 6-12 months time.”
Rewrite!
Mark my words, this same scenario will creep up on Toren in 3 months time.
The What
Someday this war is gonna end…
I am a big bear but even I am amazed at todays housing numbers. They just keep going down and down. There should have been some sort of bounce in other parts of the country and yet its off another .7 percent.
If you think you can qualify for a affordable condo purchase plan with little or no income, you’re dreaming! Here’s a guideline, if your downpayment would require you to get PMI – you have no chance in the current lending environment. If your debt to income ratio is worse than 40%, forget about it.
If one of these newly affordable 1 bedroom condos will now sell for 300K, that means unless you have 60K plus closing costs in hand, plus earn at least 75K/year or so, you won’t qualify. It satisfies a sense of victimization that many on this board have to feel that some welfare queen is getting a break that you’re not, but it’s time for a reality check. Affordable does not mean what you think it means.
Mark my words, this same scenario will creep up on Toren in 6-12 months time.