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]
“there was no government intervention”
Are you kidding me? What was the New Deal?
The location of this building, in the central business district, could actually be a plus after it defaults and is conveyed to government ownership. It could then be used as emergency shelter for some of the many thousands in the Boro who will be jobless and homeless in the opening years of the Obama Administration.
DOW8000SP800,
We are not even close to a depression because during the depressions there was no government intervention and obvioulsy with the $700 billion bailoutthats another story. The credit markets will eventually start lending and the market will come back.
11201,
Not a broker but an owner in the area though.
“Boerum, Cobble, Carroll, P-Slope, B-Heights will be ok over time.”
You do not get it (nor inflation). We will never see 2008 prices again, adjusted for whatever year you pick, in our lifetimes. This has, HAS, been a once in a life time RE resale opportunity. If you bought anywhere near the top, save a few rare exceptions, you got got!
Somebody please link that historic 1890 to present Case-Shiller graph.
Like anywhere else, Boerum, Cobble, Carroll, P-Slope, B-Heights prices will get murdered.
Snark, you funny.
I’ll take those tulip bulbs in exchange for some Cisco and JDSU stock I bought in 1999. Or the oil and gas participation interest I bought back in July. Or the $1.2 million 3-bedroom park slope condo conversion I bought in 2007.
“This is how it’s always worked in NY. Buildings turn rental during downturns and buyers hold.”
Maybe since WWII but we are now entering a depression (if the question pops up, as we have seen so far, it’s a done deal – i.e. subprime contagion or not, housing bubble or not, recession or not, bank failures or not, the list goes on). Jonathan Miller, Noah Rosenblatt, The Real Deal, etc., have no idea. It is not automatic that more than half of all buyers hold. They have to remain solvent. Leverage is unraveling and the tax man cometh. We are living in different times my man.
Like all RE busts, this will be a long, slow downturn. Market tops might be inverted V-shaped but market bottoms are L-shaped. No rush to catch a falling knife. To do so is to be very confident of where the bottom is. No one knows for certain. One thing is certin: the NYC Case-Shiller YOY has to be aimed at zero and has to go through zero in order for the market to rebound. It’s not happening right now (and that index has a two-month lag!!!). No bottom in sight. The best deals will not happen this year, probably not even this decade.
DOW–as I said, an OK location if you have no kids. Its convenient and all but if you have kids you are really not going to want to live there. Obviously just my opinion, but you need some green space around you with children.
THAL wrote:
“BH76, 53 Boerum is in a great location with great access to subway and B-Heights, Court and Smith street. The Be@Scher is in a pain in the ass area but building looks ok. I like 53 Boerums location much better.”
Let’s see…Be@Scher is closer to all the subway lines and is further from the jail than 53 Boerum. Odd that you think that constitutes a “pain in the ass area”, especially when the two buildings are a only a couple of blocks apart.
I suspect you’re either a broker with a 53 Boerum listing or a rather defensive owner.
It’s true. Brownstone Brooklyn will be totally immune to the housing bubble that is collapsing worldwide and taking the global economy down with it.
Tulip bulbs, anyone?