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]
quote:
Most of my group of friends are not in their early to mid 30’s by now and all of us started at 25-40K 10 years ago when we first moved here and most have now at least doubled, if not tripled their sala
🙁 im early 30s, been in nyc about 10 years and i am SO not part of that demographic, nor are any of my friends.
*rob*
Yeah, 11217, but some of us would rather get more for that money than 900 square feet above an oil spill? I mean, am I crazy here? You know I love Williamsburg, I really do. But this crap isn’t it.
Tyburg,
I think you’re naive about the salary of NYC’s young professionals. I really do.
I don’t think these folks think that prices are going to shoot up anytime soon, I think they want to lock in their housing costs at a fixed rate because they know they want to live in NYC long term and don’t want to move from apartment to apartment every year looking for a new deal on rent.
There is a subset of young 20’s and 30’s people in this city doing varying things making 80-150K a year. Trust me on this one. I realize the median income for NYC is lower than this, but we are talking about a small minority of people, just like we are talking about a small minority of people who even own real estate in NYC in the first place (35% or so).
Most of my group of friends are not in their early to mid 30’s by now and all of us started at 25-40K 10 years ago when we first moved here and most have now at least doubled, if not tripled their salary. And some now, after working as a publicist or creative director or whatever for 5-7 years and have some experience, these same folks are landing 150k a years jobs and CAN afford these places.
Just realize that not everyone is like you.
most teachers, cops, and firemen make more than i do! (and deservedly so i will add)
*rob*
don’t worry tybur – everyone will be underwater soon so no need for firemen.
“at some unknown milestone, prices are going to be raised again”
From the bottom of the abyss.
***Help Haiti***
This is shocking.
Wine lover pwned us all.
And what I really mean is… You want policemen, fire fighters and teachers to work in your neighborhood, but you don’t want them to live there! They can commute an hour or two each morning from outer Queens or Newark.
Even there is oil spill and people are still willing to live there?
I went to the opening night and talked to a few people. I was so surprised that nobody knows about the oil spill situation of this building.