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]
53 was planned to be a rental — there was an article in either the Post or News about the developer. It sold out easily as it was one of the first new condos in downtown brooklyn (about 5 years ago). And there is little difference in distance to subways, Smith St. etc. betweeen the two “be@s”. This second be@ was late to the market. The developer had already tried to sell the entire project.
Prime Brooklyn will hold its the people that specualated in Bushwick, East New York all those shady areas and East Williamsburg…Boerum, Cobble, Carroll, P-Slope, B-Heights will be ok over time.
Oh c’mon, THAL and Prop. Lenny means anything at comps. Of course you’d be smoking crack to pass up a good deal.
“That building was planned as rental and went condo as the market turned up. This one is doomed to the reverse.”
Welllllll…if they planned to rent, then they should be okay if they bought low enough and can hold on (but they probably added a bunch of bells and whistles, didn’t they?). Rents will get hit by this slow-motion housing crash but not quite as hard as sales. RE will still be a money-maker going forward but mostly by rental income (residentially and commercially). Sales too but not for a while and not as easy as we’re used to.
Fatlenny is a renter, fo’ sure.
“Yeesh, gotta be smoking crack to buy anything right now.”
Ridiculous.
The smart money is buying and making deals RIGHT now. By the time we finally deflate, Brooklyn real estate will have passed by most. No one is selling on the cheap in Prime Brooklyn. If anything, most will wait it out. This is how it’s always worked in NY. Buildings turn rental during downturns and buyers hold. We don’t live in AZ or FL, my fat bagel-eating friend.
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.
FatLenny, This is the time to buy so you keep renting buddy. Prices are way too negotiable to pass up some deals.
Yeesh, gotta be smoking crack to buy anything right now.
2 months 7andfive
Rentals in 6 months