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]
> 30-40% discounts from peak values
And that still puts 1 Hanson in the 500-600/psf range. Your “generous” offer is more like 65-75% off peak.
Ditmas give it a couple of years and the delusional part will be how anybody ever paid 800 psf,
Apartment investors are going to get hit hard: Increasing vacancy (folks double up, move in with parents, etc.), falling rents, rising expenses, significantly more bankruptcies and tenant defaults (and thus more damage), more late payments and other management headaches, rising cap rates, falling values. Within a year or two, buyers will want 30-40% discounts from peak values (or more).
> $270 p/sqf is not only fair, but generous.
Generous? I think the word you are looking for is “delusional.”
300 psf sounds about right
was the rumors of Opara buying the penthouse units confirmed or just the usual bs rumors developers float to generate attention?
$270 square foot would take you back to 1999 prices. Possible but unlikely given that rents haven’t been stagnant since 1999.
I still don’t get how people can have a straight face while mentioning the word “Recovery.” Sure, for anyone who bought at the top of the bubble, it may take 10-30 years for them to break even. Eventually we’ll see inflation and it will hardly seem like breaking even anymore. At the height of the dot-com bubble Microsoft stock was at almost $60, does that mean it won’t “recover” until it gets back there just because someone may have purchased at that price? The *peak* was an aberration, and getting back to sensible valuations *is* the recovery.
$270 p/sqf is not only fair, but generous.
wow i did not realize this building was on that list of troubled buildings. The bears have rushed the gates and Rome has fallen. You guys still bullish?