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]
Warehouse 11 doesn’t have FHA status do they?
***Help Haiti***
“Or if they wanted, they could move 2 stops farther and buy a 2 bedroom for the same price as their Park Slope 1 bedroom.
See how this works??”
I think you just unknowingly supported Ty’s thesis.
One day we’ll see what ACRIS has to say about this. And then Douglas Elliman.
Stop slandering me, 11217. I said nothing of that sort. You’re exaggerating my sobering but realistic forecasts.
***Help Haiti***
“Where does the fireman or teacher live?”
Well I know 3 teachers on my block. One rents, one owns a 1 bedroom and the other owns a studio.
Don’t know any firemen on my block, but I’m guessing there are some around.
But we’ve already discovered that you don’t consider a 1 bedroom or a studio a real home, so I guess those teachers who live in Park Slope don’t count.
Or if they wanted, they could move 2 stops farther and buy a 2 bedroom for the same price as their Park Slope 1 bedroom.
See how this works??
am i the only one who really wishes hardcore that people stopped wanting to move to nyc? they are the ones jacking up housing prices and stealing all the good jobs!! grrr
*rob*
11217 — thank you for that, but you should actually READ what I wrote. If you notice I said, “Only a certain stratum of people can afford this building or anything like it… never mind the $700-1200 per sq ft prices elsewhere.”
That’s your young professionals making $150k. I didn’t not contradict you and say “no one can afford these places.”
Right now there are two types of real estate in NYC. Either properties that require you to make $150k (or much more), OR heavily subsidized housing with absurd income limits that require a lifetime of financial discomfort (by design).
Where does the fireman or teacher live?
And before you say, “Not everyone needs to own!” PLEASE accept the fact that real estate prices DIRECTLY affect rental prices. Do you think a run-down 1-bedroom apartment in Park Slop would be $2,000/mo if the brownstones were selling for $275,000?
The real estate market is creating long-term damage to the fabric of this city. But I guess the housing in the city should be reserved for “young professionals” and the like. The desirability of a city can evaporate… And NYC has seen it many times.
Heather,
You know I don’t love Williamsburg, and I’m not at all commenting on this place because I think it’s crap too, but what I am saying is that if you lower prices enough, there seems to be a rather large demand.
In other cities, the crap (even for half this price) would not have a line out the door waiting and 34 some odd contracts in a day or whatever it is.
Especially when we have people like BHO on this blog who would lead you to believe that no people are left with money to purchase a gallon of milk, much less a home.
It clearly just isn’t true.
And one more point for Ty: Lenders have REALLY cracked down on their rules for getting a mortgage so I really don’t think people are overleveraging nearly as much as they were a couple years ago.
doesnt listen to him tyburg.. he just wants SOOoOOO desperately to cling onto the notion that brooklyn is beverly hills :-/
newsflash, 11217, it’s not, and never will be. your overpriced shoebox is nothing more than a shoebox that houses plastic loafers from Payless!
*rob*
“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.”
Lots of people commute, Tyburg. People in South Park Slope who spend millions commute an hour. Queens is not that far, nor is Kensington, Ditmas Park, Crown Heights or many other places where housing is more affordable.
I wonder if people in LA bitch and complain that their teachers and firefighters can’t afford to live in Bel Air, Santa Monica and Silverlake.
There ARE places close to Manhattan which are nice and affordable. You just continually judge everything by what you see on this blog, which highlights some of the most expensive parts of our borough.
2 stops farther on the Q train from me and one can buy a 3 bedroom apartment for 300K. Or one could go to Jackson Heights and find it even cheaper. These are very nice places to live. No, it’s not Brooklyn Heights, but that’s one of the most expensive places in the city!
You need to stop comparing everything to Williamsburg, Park Slope and Brooklyn Heights prices. There is a whole city out there beyond these areas which are nice places to raise a family on a limited income. Truly.