Prices Cut on Most Remaining One Hanson Units
Not exactly a closeout sale, but almost: A couple days ago, the asking prices were dropped on nearly all of One Hanson’s unsold units listed on StreetEasy. The scope of the cuts? One of the biggest was a 23 percent price reduction on a 1,500-sf, 2-bed, which went from $1,222,431 to $945,000. There were also…
Not exactly a closeout sale, but almost: A couple days ago, the asking prices were dropped on nearly all of One Hanson’s unsold units listed on StreetEasy. The scope of the cuts? One of the biggest was a 23 percent price reduction on a 1,500-sf, 2-bed, which went from $1,222,431 to $945,000. There were also a bunch of decently sized reductions on smaller, less-pricey units, like this 1,000-sf 2-bed, which went from $838,000 to $675,000. Although there have been minor cuts on askings in the building in the past, this is the first time most units have seen double-digit reductions.
One Hanson Place Listings [StreetEasy] GMAP
One Hanson Remainders Go Rental [Brownstoner]
I do not consider myself a bear, and I think your little tag is aspirational rather than reasonable. The prices are not going to go down to a magic number where YOU can comfortably afford it. New York has never worked like that; big cities are competitive environments where finding decent shelter is a bit of a blood sport. I’m on Team Reason, neither a bull nor a bear. I look at what’s available, what’s comparable, what I personally value (space, location, views, finishes? Pick your poison), what I can afford, and then decide what my best bet is.
I am tired of people who pretend to be prophets and seers.
I like the building and the apartment but it is listed as one of the trouble condo. That means they are in financial distress and may go bankrupt. So in future, there is risk that there is no doorman, no body doing the maintenance, etc.
perhaps, all condos are like that. the sq ft includes from portion of common space in hallway plus they measure from outer boundary of your walls vs. the livable interior space. Diff is some condo appears to bs more on the sq ft than others but none every measures per interior living space
when i went to see the one hanson units the other thing that really struck me was how small they seemed compared to the stated sqft. i don’t know if this is because they built them with bathrooms the size of studio apartments or because they measured to the outside of very thick walls. but, for example, that 722sqft unit felt like 550-600sqft to me, max. was this just me?
i did like the building though – and the location seemed like a fair trade btw not particularly nice immediate area and great access to other nice areas. so, these units selling cheap will certainly raise the competition for other units in bk.
in my mind, this building was always way overpriced, and the current psf price is just OK.
i don’t think comparing this to the financial district is totally accurate, but plausible.
there are apt investments that were made in the past couple of years that were smarter for all the usual reasons – location, psf pricing, potential for growth, schools, size of apt (family sized apts always do better) whatever. many are not underwater for also.
additionally, there are income levels that benefit from owning in any economy because not everybody is suffering financially. and, of course, the future is not a done deal. if you buy and hold, the current downturn may not even matter.
Team Bear multiplies everyday 🙂
“they could sell their units if they get in front of the market” like a deer in headlights. Once we have sensible valuations and people can choose whether to buy or rent at affordable prices, our local economy will get a boost. Homeowners/Renters wont be choking on outrageous mortgage/rent payments for the rest of their lives and will have money to save/invest and spend, not just on the basics, but also discretionary items.
“they could sell their units if they get in front of the market (ie below other comparable recent sales”
Asking wars!
***Bid half off peak comps***
Actual sales in Manhattan are down about 25% from peak, and vary between $600 and $1,500 ppsf depending on condition, location and tax/maintenance charges. Brooklyn is about 25-30% below that, also depending on the same factors.
I think new condos, because of the risks involved, should be at the lower end. 1 Hanson is on Flatbush (negative) with high monthly charges (negative), but it’s next to transportation (positive) and has lovely views and light (positive.)
I personally believe they could sell their units if they get in front of the market (ie below other comparable recent sales.
“NoRecoverForYou” – I love that handle! Team Bear multiplies everyday. Our doors are wide open. Come along everybody. Let’s bring these Ponzi-prices down!
***Bid half off peak comps***