Price Cuts Lead to Feeding Frenzy at Warehouse 11
Evidently if you price condos at $550 a foot in prime Williamsburg they will sell. That’s the lesson from last week’s open house at Warehouse 11, the 120-unit, Karl Fischer-designed condo that’s staging a remarkable turnaround. Earlier this month, aptsandlofts.com relaunched the building’s sales process by slashing average asking prices from over $700 a foot…
Evidently if you price condos at $550 a foot in prime Williamsburg they will sell. That’s the lesson from last week’s open house at Warehouse 11, the 120-unit, Karl Fischer-designed condo that’s staging a remarkable turnaround. Earlier this month, aptsandlofts.com relaunched the building’s sales process by slashing average asking prices from over $700 a foot to the mid-$500s (with some as low as $450). Last night was the first time buyers could step up, and step up they did. According to a NY Post article today, 34 offers at full asking price were accepted last night (while another 20 or so below asking price were rejected); thirty people were lined up ahead of time to get in the door first. Don’t get too excited though—at some unknown milestone, prices are going to be raised again.
Open Fire [NY Post] GMAP
34 Accepted Offers in One Night [Curbed]
20% Off at Warehouse 11 [Brownstoner]
Warehouse 11 Seeking a Savior [Brownstoner]
“Winelover, yes, that building is crap”
Heather, sorry, but have you been inside? I don’t like the building, but I haven’t really checked it out to be honest, so unless you’ve really visited, calling it “crap” is lazy sensationalism, which seems so very contagious in the blogosphere. Same goes with the oil “field” comment. There’s a whole lot of speculation on here considering no one has actually seen what’s under there at this point. It’s tired.
tybur6 – liberal guilt much????? People (even not so rich people) are retarded – they know that Buffalo of Fresno (for example) are cheaper but they also have decided that being in NYC and/or their community and/or near their family and/or better job prospects and/or great public amenities and/or temperate weather and/or thousands of other reasons, makes NYC a better choice for them…..
Stop assuming people are dumb and or incapable of looking out for their own welfare (there are some like that but few) and you will view the world in a different light,
Has anyone else heard the rumor that in fact the sponsors of Warehouse 11 failed to get approval from their lenders for this price decrease (required under their loan documents), and Sponsor will not actually be executing these contracts?
(btw, I purposefully didn’t use the term “working class” because I really don’t know if that exists in this town anymore…. it seems you’re either above the line or below the line. I’d almost characterize my financial situation as “working class,” but since I have a job that doesn’t usually fall under the category of ‘worker’ — i don’t know.)
Heather… it all depends on where you’re commuting TO. If I moved to Bushwick, my commute would go from 9 mins to well over an hour… Both my neighborhood and Bushwick have (basically) equal commuting times to Midtown.
fsrq – The point of my last hyperbole and exaggeration was to illustrate that there are LIMITS to what makes New York City ‘desirable’. Would most people on here that can afford to live within 4 miles of Prospect Park find New York City desirable and “full of opportunity” if they had to live in Brownsville or Canarsie? Or would *visiting* the city be more attractive?
And if the things that make NYC desirable are only convenient for the very well-heeled, then the “New York has more opportunity than other places” position starts to lose its luster. No doubt, it has great opportunities for folks in $100,000+ “creative professions” and things like banking and finance.
Honestly, for the poor and lower middle class of this city, it strikes me as VERY similar to a horrible welfare cycle or abusive relationship that they can’t break out of. They’ve always lived here and their family has always lived here, so they don’t know any different/better. They don’t realize that they could live in a similar crappy neighborhood (and live cheaper and probably have a better quality of life) in Buffalo or Baltimore or Tuscon. So they stay here.
To 11217: You can buy a very nice two-bedroom in NYC in Jackson Heights, Queens for $350-400k. I know–I live there.
The Pearl District in Portland is the most expensive area in the city. You can currently buy a 4-bedroom house in South Florida for WAY less than $350-400 (which may have been the price of a really nice house at the HEIGHT of the boom). I think you are the one who is out of touch with prices in the rest of America.
I’m guessing the “young professionals” buying their own home in NYC at under 30 had parents who paid for their college. My husband makes almost $200k and I am paid decently, and because of school loans we didn’t buy until our mid-30s, because saving the down payment took a while. Sadly, even with our income, we are squarely middle-class in NYC. We COULD buy a $600k apartment, but that would be stupid of us.
Tybur, there are plenty of working class neighborhoods with the same commute times as, say, prime Slope.
tybur6 You can try hyperbole and exaggeration as your next strategy to make a point but that isnt going to change reality either….
there is a major issue with affordability but it isnt going to destroy the city or result in the Armageddon (cultural or otherwise) you are predicting.
A lot of people want to put down roots on the Northside and unfortiunatley, all these new construction condos is the only ticket in town.