More Price Cuts at The Vermeil
When Corcoran took over the sales effort at The Vermeil in July, there were seven units left. The Big C managed to quickly sell three of them, leaving, all you mathematicians out there, four unsold apartments by October. Since then three of the four units have received multiple price reductions, including a round of 5…
When Corcoran took over the sales effort at The Vermeil in July, there were seven units left. The Big C managed to quickly sell three of them, leaving, all you mathematicians out there, four unsold apartments by October. Since then three of the four units have received multiple price reductions, including a round of 5 to 10 percent cuts on Monday. The remaining listings range in price from $1,150,00 for a 1,642-square-foot three-bedroom on the second floor to $1,495,000 for a 1,758-square-foot three-bedroom on the fifth floor. At this point, the developers must be dying to put this baby to bed.
Checking in on The Vermeil [Brownstoner] GMAP
Changing of the Guard at The Vermeil [Brownstoner]
First Closing at The Vermeil [Brownstoner]
Condo of the Day: Price Cut at The Vermeil [Brownstoner]
Update on the Vermeil [Brownstoner]
I went to the first open house a couple years ago, they had one unit finished to show, the rest of the building was a construction site. The 3rd BR was really small. The broker even called it an office not a BR. The LR/DR was not a large room and the kitchen was small and stuck against the wall in the corner of the LR/DR like in the listing Brownstoner linked to. They were originally asking $1.695 mm for that unit. Now a similar one is priced $1.150 mm. It just shows how ill conceived this development was. Everybody said it was priced too high and nobody listened, not the developer and not the slew of brokers over the years who have been involved. I politely told the original BHS broker at the open house it was too expensive for what it was; she just threw me attitude like I was an idiot. They deserve to have lost money on this place being so greedy and stubborn and not knowing their market before building there.
Thanks Benson. Good to be back. I just needed a little time-out.
11217 and all;
I’m with you on this. I happened to walk by this place a few days ago, and I was shocked to see what the outside looked like. I’m in sales myself (not real estate) and if I had to represent a business that didn’t even take the time to make a decent presentation of their product, I wouldn’t be bothered with it. Someone should be fired for the lack of care in this building.
By the way: good to see you back, 11217.
They also need to powerwash the Sterling Place side where the copper residue has seeped onto the concrete. It looks horrible.
For a thousand bucks they could make this place SPARKLE!
You listening Corcoran…!!??
I agree with the comments about the outside. I walk by this place often, and the cracked sidewalk and filthy windows make it still look like a construction site. I frankly wasn’t even aware anyone had moved in yet. Seems like the developers are being penny wise and dollar foolish. Making the place actually look inviting might actually encourage people to look at, and consider buying, the remaining units.
I agree that the outside needs to help. The sidewalks around the building are crumbling and the windows in the ground floor are filthy and one was cracked. It just doesn’t present itself well for a new building. These little details sometimes make ALL the difference.
I also noticed that the cornice seems to be cracking.
They REALLY need to pay attention to the details on this place. Fix the sidewalks, get some huge planters out front and plant two bushes, put up a nicer light fixture out front and clean the place up. Make it worthy of the prices they are asking.
With that said, I’m glad they’ve managed to sell a few. I think the building itself is not horrible and blends much better than most new construction. I also like the copper on the Sterling Place side.
Went to an open house recently after visiting a year or so ago with the old brokers. not impressed and it makes sense that they have to lower prices. nothing has been done to any of the common areas except an addition of a disturbingly shocking red wall in the lobby. exterior still looks beat up, making it look unsafe. would be curious to hear from any tenants on how the developer is to work with considering they must have no ???.
Can’t bring up the floor plans. What up wit dat? These seem like nice units. They must be getting SOME decent bids. Take the highest one and be done with them as BH76 says.
Irrational logic? Hmmm…
***Bid half off peak comps***
Thes kinds of cuts are nutty. Take the smaller one down to $990K and sell it for $975 and be done with it. The nickel and diming is silly in this market. The other to $1295K and see if it moves… At this point, developers should want to get out at break even on remaining units.