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
Toll Bros is doing the entire Brooklyn market an enormous favor: slash prices, create a bottom, and flush inventory. Once that happens, prices will stabilize and even start climbing. If only other developers would follow this example (and the gov’t would set mortgage rates at 4%), we’d be on our way.
The discussion thread on the big price cuts in Williamsburg was one of my very favorites on this site. For many months, I have seen commenters argue that various factors (Wall Street bonuses, foreign buyers, population growth, etc., etc.) make the New York City real estate market entirely different from markets anywhere else in the country, and thus protected from the dramatic losses in value. With prices in these waterfront condo towers falling like a stone, posters are now arguing that the real estate market in one Brooklyn neighborhood is simply an entirely different creature from the market in another Brooklyn neighborhood a 10 or 15 minute bicycle ride away. Brownstones may no longer be priceless but Brownstoner comments are!
Point take, ditto. But like drowning rats, they will all drag each other down.
anyone know where to get data on how many new units there are and how many are under construction, as well as how many have sold in the last few years? it would be fun to put some numbers on the real unsold inventory.
Well, if a new condo in the middle of the Pulaksi bridge, the LIE midtown tunnel toll plaza, the LIRR tracks and the Newtown Creek and acroos from Greenpoint Sewage Works has to reduce its prices I’m sure less well located places will follow suit.
Not officially yet, no. But they are going through all of the same steps. For example:
– http://curbed.com/archives/2009/02/09/door_prizes_lics_l_haus_makes_triple_play_for_buyers.php
Snark – I know LIC is jam-packed with new and empty condos now, but has anyone there actaully started reducing asking prices?
From house of cards to dominoes… The same thing is starting in LIC.
” “There is a stirring going on in the market,” said CBHK CEO David Michonski said, “but only at a lower price point.†”
Duh. It’s called a crash. DOWN GOES BROOKLYN!!!
***Bid half off peak comps***