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]
You all win. I give up. This city is just fine how it is. Everyone makes plenty of money because they can live where they *should* live. If they don’t make enough money, they probably just aren’t working hard enough or have an aversion to success. I don’t know what I was thinking. If I were a secretary making $32k, I know I would be thanking Jesus every day for the special opportunities that this city affords me! And if my commute required 3 buses and a mile walk, I probably could help but smile!
And, ya know what, when you live over an hour away from Manhattan, you can’t help but experience the cultural wonders of living in New York City. Cuz, you know you will… how can you help it? It’s all so convenient. Living in a place like Richmond Hill or Hollis, Queens is soooo much better than living in ANY OTHER crappy ass city in the country…. just because I can say I live in New York City! (Not that it can actually be differentiated from a neighborhood in, say, Baltimore or Buffalo.)
It’s also really great to find out that the dozens and dozens of civil servants I know and work with are just the anomalies and most make huge salaries. I should tell them all that they’re delusional and they should move to better apartments and probably should talk to a mortgage broker…
11217, that neighborhood is Portland’s Soho, of course it’s expensive. It is hardly representative of the rest of the city. NE or SE, (which, again, are comparable to Brooklyn in terms of commute and atmosphere), aren’t that expensive.
11217, that neighborhood is Portland’s Soho, of course it’s expensive. It is hardly representative of the rest of the city. NE or SE, (which, again, are comparable to Brooklyn in terms of commute and atmosphere), aren’t that expensive.
Ty – no offense but you are delusional:
Oh. And $300,000 (plus monthlies) is affordable? That would require about $45-50,000 salary just to pay for roof over your head. Never mind your other family expenses
What do you think teachers, firefighters, city workers make?????
EVERYONE (especially everyone who is buying a home) is a 2 income family – and the STARTING SALARY for a 20 yr old cop is +30K (YEAR ONE)
-EASILY any civil service type family (2 workers in civil service type jobs) who have been working 8 years ( making them 30yrs old) will be making 60K each – and thats without anything crazy, no major promotions, no massive overtime – just punching the clock. = 120K a year – sorry brother but at today’s interest rates they could easily afford a 500K home! and there are PLENTY of them around.
You have a (small) point about affordability and the effect it has on a city if noone but the rich could afford it – but 1. That isnt the case today and with prices falling that is even less so. No one is making the case that NYC is cheap – but the idea that it is totally unaffordable to civil service level pay is just WRONG.
I AM the peasant class, Rob. I work in the arts. I bought my (small!) apartment by myself with no help from parents or a trust fund, I save money, work hard and do my best to keep my street clean.
Posted by: 11217 at January 21, 2010 4:55 PM
wow, you really are perfect 🙂
“Wake me up when 2 bedrooms are all going for 350-400K.”
You can’t even get a decent 2 bedroom in Portland, Oregon for that much. This one is is $570,000.
http://pearl-district-lofts.com/propertydetail.html?mls=RMLS&listingid=9075852
Has everyone lost touch with how much it costs to live in one of the other decent cities in this country?
Wow, you guys have been all over this argument today!
Winelover, yes, that building is crap. Even if you discount the oil stories, there’s still the old cadmium factory around the corner and the superfund site up the street by Meeker. Okay, perhaps it isn’t a superfund site, but it is on one of the contaminated lists.
Secondly, and perhaps this is just a reflection of our fiscal irresponsibility, but… ah, we make MORE than the numbers being thrown around here and we can’t afford this horrific piece of crap condo. True, I guess if we cut out cable and preschool and skimped and saved we could, but… ick, why? Why when we could get a house for the same amount of money about a mile away? (Bushwick or BedStuy.) Okay, maybe we could afford it, but it’s marginally as nice as what we rent now (except on an oil field) and would cost us about $600/month more. Equity, schmequity, it just doesn’t seem worth it. Wake me up when 2 bedrooms are all going for 350-400K.
Thirdly, when I was poor in this city I lived in several interesting and fun neighborhoods that did not involve 2-hour commutes. Bed Stuy. Washington Heights. Jersey City. It’s pretty easy at this point to find a decent rental (1 bedroom anyways) for as little as $1200. Yes, you may not have seven wine bars within a five-block radius of your house… but is this a bad thing?
(one last thing… quick look at craigslist, Jackson Heights is still going to run you $1200 a month for a 1-bed. It’s not like it’s magically cheap there. And hopefully you work in manhattan.)
OK. I’ll take Dirty Hipster’s advice… Hugs everyone! 🙂