Price Cuts Working at Northside Piers, Others to Follow
The price cuts at Northside Piers that we first reported here and then again here have been picked up by Bloomberg. And, according to the news service, the reductions (two-bedrooms in the waterfront development are now as low as $691,000) are working: Contracts have gone out on five of the remaining 60 units in the…
The price cuts at Northside Piers that we first reported here and then again here have been picked up by Bloomberg. And, according to the news service, the reductions (two-bedrooms in the waterfront development are now as low as $691,000) are working: Contracts have gone out on five of the remaining 60 units in the last week. There is a stirring going on in the market,” said CBHK CEO David Michonski said, “but only at a lower price point. GMAP
A long time Dibs, sorry you’re stuck in the ghetto
Condos that are at a sell price of 500-550,000 are not going to find sustainable buyers unless they reach 190-220,000 dollars. How long do you think we are going to home rates at 4 percent? If you bought a condo in Brooklyn before the bubble burst and payed more than half a million dollars you might be having particular thoughts if you were trying to flip it. Shame on you flippers. You have ruined our country.
How long exactly, BHO. Tell us.
Ringo is right about the favor (the sooner the capitulation, the better) but wrong about the implied quick turnaround. The crash will be “L”-shaped for quite some time.
***Bid half off peak comps***
Ringo is right. We were addressing aspects of this issue yesterday in talking about shoddy construction in new developments. Toll Brothers has been around for decades and are known to be pretty high quality. People know this and that’s why they may be selling units in an environment where other lesser quality developers are languishing.
Did toll slash prices in tower 2 also?
The thing is, if you can buy a shiny new 2br on the river for $691,000, how much is a shiny new 2br across from the sewer? or a cramped 2br carved out a 1br pre-war? or even a small 2br in a Scarano “boutique” building?
I think it will readjust all the prices & expectations, because it creates a new floor.
I’m sure you’re right, i’m expecting williamsburg and LIC condo prices to drop heavier than a Steinway piano off the Queensboro bridge.
Maybe it needs to be shaken, not stirred.