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]
Rents have historically been unsustainable in NYC, primarily due to rent control, I don’t see that changing all that much.
don’t know if & when the 300 or below psf comes but I know for sure I would be buying at those levels. we might even have some bidding wars at those levels.
DitmasSnark: “Your “generous” offer is more like 65-75% off peak.”
My mistake — I meant “[RENTERS] will want 30-40% discounts from peak values (or more).” in response to DeLepp’s post.
As it stands now, home valuations and rents are unsustainable; I have zero pity for anyone who bought a home during the real estate Niagara of this decade. The following years will be a wake up call to all those who were financially irresponsible.
DeLepp this building is priced about the same as the financial district. Thats the problem, and on top of that there is a whole lot of supply coming to this area at a time when the city continues t lose high paying jobs. There is no end in sight to the job losses in NYC
There’s probably already a lot of underwater “owners” in this building or soon to be. Unit 9D sold for $661,958 in 2008 according to property shark (and probably entered contract in 2006 along with many of the other units in this building). Unit 10D (with the same square feet and presumably the same layout but with slightly better views since it’s higher) is for sale at $550,000 which is 17% below what the owner of 9D paid last year. That’s pretty close to wiping out all equity assuming 9D put 20% down. Hopefully for them they don’t find themselves needing to sell anytime soon.
A quick look at new listings on Corcoran shows most at $1000+ square foot. The ones that are not are in brooklyn or have sky high charges. Is brooklyn reacting faster to the marketplace or is it now 50% cheaper than manhattan?
“Within a year or two, buyers will want 30-40% discounts from peak values (or more).”
And right now you and BHO want 50% or more off. But I don’t see that happening either.
I’m gonna stop commenting on this now. I admit I have no expertise in this arena.
**Bring Back Robert on Fridays**
$270 is fair and generous based on sqf; $300 when perks are involved. Again, the *peak* was an aberration, and getting back to sensible valuations *is* the recovery.
I don’t know a lot about real estate and prices, but I do think that
1. BO is right that eventually we may see the definition of delusional as anyone who ever paid 800 psf
2. Snark is right that these will not go down to 270 psf. 270 psf just sounds like crack smoking. But what the hell do I know.
**Bring Back Robert on Fridays**