Prices Seesaw at On Prospect Park
Just last week, prices at On Prospect Park were holding tight, save for the four that had raised asking price. Well, good news for those of you who were waiting for the right time to pounce: prices have been slashed on eight units. A three-bedroom, 2.5-bath went on the market for $3.4 million in January,…
Just last week, prices at On Prospect Park were holding tight, save for the four that had raised asking price. Well, good news for those of you who were waiting for the right time to pounce: prices have been slashed on eight units. A three-bedroom, 2.5-bath went on the market for $3.4 million in January, 2007. As of Sunday, it’s $2.95 million. The strategy must be to ask less for most and more for a few, as prices have increased on two units. A 3,199-square-foot four-bedroom, three-bath unit was listed in August at $3.03 million. Now it’s $3.1 million. A one-bedroom started in $920,000 in November of 2007; now it’s listed at $935,000. Hm.
On Prospect Park [Official Site]
Checking In On Prospect Park [Brownstoner]
On Prospect Park: Ready for Close-Up [Brownstoner]
Brooklyn Can Finally Get Down With OPP [Brownstoner]
They’re already above the limit of sales that would allow them to rent anything– based on NY State law, according to my friend who bought a unit in OPP.
Also– the number of sales is pretty impressive when you consider they’re not close to finishing the thing yet. Move-ins won’t be for a few months and everything is covered in dust, incomplete or isn’t yet installed.
Perhaps they will do as Walentas did with 110 Livingston — reserve some for rentals but count them sold (transferred to an affiliated company). Keeps the comps up and you can close out the building.
The OPP website says the building has 102 units, so it looks like they have about 40% in contract.
They combined many of the units to make larger ones, Snarkslope. I believe StreetEasy is not up to date. 114 was the original number before they consolidated many of the smaller units to make more “family-friendly” ones.
If Streeteasy is to be believed, they are nowhere near the goal line. The building has 114 units and only 41 are in contract.
If they’ve already sold most of the units, why not really price these low, get them sold and call it a day. It’s not like prices are going up anytime soon.
no way this goes rental–they’re too close to the goal line now.
I also think it looks great, whatever others say.
But with the turmoil in the markets, I can’t believe anyone is going to pay 900K-plus for a 1 bedroom anytime soon.
From my understanding, sales have not been bad at all here, given the prices. 41 have sold, 15 still on the market.
I think after 40% sold, developers usually start making a profit in which case, I think these guys should be ok.
Considering the constant bashing this place has endured from Brownstoner readers, I’d say they’ve done an excellent job.
I enjoy seeing this building every night when I exit the subway.