Price Cuts at Be@Schermerhorn
Well, that didn’t take long. Sales at Be@Schermerhorn began one month ago, and 33 of their 34 active listings just had their prices cut. Penthouse B, a 965-square-foot two-bedroom, cut $30,000 from the price tag, to $1.02 million. The least expensive unit, studio #9J, got a $20,000 cut, to $325,000. One unit, however, just got…
Well, that didn’t take long. Sales at Be@Schermerhorn began one month ago, and 33 of their 34 active listings just had their prices cut. Penthouse B, a 965-square-foot two-bedroom, cut $30,000 from the price tag, to $1.02 million. The least expensive unit, studio #9J, got a $20,000 cut, to $325,000. One unit, however, just got pricier. Penthouse A, 937 square feet and two-bedrooms, increased by $30,000, to $1.125 million. Will this get sales moving, or is the building doomed to be a victim of bad timing?
Inside Be@Schermerhorn [Brownstoner] GMAP
Be@Schermerhorn Hits the Market [Brownstoner]
Be@Schermerhorn Website Fleshed Out, Still No Pricing [Brownstoner]
Lenny is correct.
This is the time to buy in the burbs and exurbs. the time to buy in the city will be 12 months from now. I think brownstone Brooklyn will be especially hard hit as the prices here had spiraled up so insanely and many of the newer buyers (and those who re-financed) will find themselves having negative equity.
…Case-Shiller YOY that is.
Oh I will, overpaidinbedstuy. Only because my wife has a gun to my head. But I will not, WILL NOT, be paying anywhere near comps until Case-Shiller approaches zero. Until then, all my pitches (bids) will be breaking ball sinkers.
Spoken like a true renter DOW.. “You don’t NEED to buy a house…” NO, but you should.
I’m practically the most bullish poster on this blog. I’m just saying you gotta be Warren Buffet (i.e., loaded with cash) to be buying right now. We’re in the eye of the hurricane. Anything you buy right now is a total gamble. It’s hard to tell what awaits. Things will no doubt look different in a month but we’re in for a tough stretch. If I were a renter waiting to buy, I would wait at least a year and wouldn’t buy until a string of good news hits the RE market. Don’t try to buy at the bottom; wait for the bottom, then buy shortly thereafter.
“DOW8000 has never heard of hyperinflation. Real estate will boom once again”
PropJoe has never heard of Japan’s lost decade. Real estate is not a member of the “Hyperinlfation Club”. You don’t NEED to buy a house (especially with all the rental conversions coming on line). Nice try though.
DOW8000 has never heard of hyperinflation. Real estate will boom once again
“He’s already appointed another Goldman Sachs guy to parcel out the booty.”
Oh man! Instead of free tubes of lube, the House should have negotiated oversight for the selection of this advisor. Would it matter anyway? I’m telling you, Paulson and his boys manipulated the markets into that -777 last Monday as a scare tactic to the 401k- and pension-holding constituents. In short, they bit.
All revelations originate from conspiracy theories.
(full disclosure: I don’t know what the hell I’m talkin’ about)
“the $700 billion bailout” will disappear into the pockets of Paulson’s cronies. He’s already appointed another Goldman Sachs guy to parcel out the booty.
That big sucking sound you hear is your money traveling from your pockets to theirs.