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]
no. pairing up is f’cked up
*rob*
@ Rob: Maybe I’ve happened upon the solution. Everyone should pair up.
and by elsewhere i mean somewhere outside of NYC where they don’t need to commute an hour to work and still maintain the same level of pay
what tybur makes sense – if the quality of life gets worse for those in NYC that aren’t highly compensated – they will move elsewhere.
quote:
My partner and I are both under 30, and both come from pretty modest backgrounds (i.e. no trust funds).
barf. that’s cuz youre combining TWO incomes and milking off each other’s teats ala DINK! what about SINGLE people?
*rob*
Well, now we’ve gone off on the hyperbole train (I know, I started it)… I’m just suggesting that what is forming is NOT a *healthy city*!! That’s all.
Blackie is right, jobs and wealth are not distributed evenly so it makes it tough. But when anyone of more modest means has to live a very far distance (relative to the city) from the centers of business… this includes various places in Brooklyn and Queens…. that is a major problem.
Do I think everyone should be able to live in a penthouse, roofdeck place in Bklyn Hts? Absolutely not. BUT, if I’m the manager of Connecticut Muffin in Bklyn Hts, I should be able to find a place to live that doesn’t require 1/2 hr or more on the subway.
Or perhaps I’m crazy and a healthy city is one in which the rich create an economic bubble… and everyone else just visits each day.
@dieselfuel222: That’s both inaccurate and insulting.
My partner and I are both under 30, and both come from pretty modest backgrounds (i.e. no trust funds).
We are buying an apartment, and paying for it with our own money.
We didn’t win the lottery or rob a bank.
Neither of us works in the financial services industry.
He is a non-practicing attorney, and I am a CPA.
The biggest stereotype bandied about on this board that we both actually fall into is that we are not from here.
There are a lot of people like us, in our age group. People like this are buying apartments.
quote:
Hippie dropouts that sell bracelets and $1 earrings on the street to pay for green – We can make room for you too.
i’d be happy to make some room for them
*rob*
What about the illegal Mexican Dishwashers Ty? Where should we ship them in from each day? What about the Chinese menu people? Can we have a place for them on our block as well. Hippie dropouts that sell bracelets and $1 earrings on the street to pay for green – We can make room for you too.
In fact, I have the answer, everyone everywhere gets to have the same access to housing, income, and stuff that everyone else has. We will all just share equally so that everyone gets exactly the same thing. We take from one and give to the other so that is all fair and equal. I wonder if that has ever been tried before…