Set Speed Condo Report: The Firehouse Condos
On the market since September, the Firehouse Condos, located at 31 St. Felix Street between Dekalb and Fulton in Fort Greene, are worth revisiting given the recent price reductions. All three residential loft units are about 1,100 square feet and are configured into two bedroom, two bath units. The penthouse unit has a huge rooftop…
On the market since September, the Firehouse Condos, located at 31 St. Felix Street between Dekalb and Fulton in Fort Greene, are worth revisiting given the recent price reductions. All three residential loft units are about 1,100 square feet and are configured into two bedroom, two bath units. The penthouse unit has a huge rooftop deck while the middle unit has a back deck. Each unit also has a wall of windows facing Saint Felix St. The units seem to be co-brokered between Elliman and Harbor View Realty. These units, when first put on the market, were priced at $1.3MM, $1.1095MM and $995K, if memory serves correctly. They sat on the market and now the prices are at a more affordable $995K, $895K and $795K.
What sets these units apart from many other new conversions are the high-quality furnishings, such as Poggenpohl kitchen, Toto toilets, Franke sinks, Bosch washer/dryer and jacuzzi tubs with round windows facing the green backyard. It’s hard to say why these have sat around for so long, especially since the nearby Greene Scene Condos have sold 2 of their 4 units at prices of $845K and $1.175K. It could be due to something in the offering plan which we’re not privy to or the fact that the block these condos are located on is pretty grim and lacks the character of nearby South Portland or South Oxford.
31 St. Felix Street [Prudential Douglas Elliman] GMAP
Every Thursday, ltjbukem, whose own blog Set Speed scrutinizes the progress and quality of new developments in the area we know as Brownstone Brooklyn, pens a guest post about goings-on in the condo market with an emphasis on new projects.
I was speaking rhetorically about “my condo development.” Although maybe it would be fun to create an imaginary one with renderings and floor plans and classic six layouts and CAD walkthroughs … mmm walkthroughs.
it seems to me that these places are just not a good value for the money, and even in NY people do actually care about that. Why would you pay a million to live in a minimalist box, where you and one friend with a six pack can hang out, when you can get the same thing cheaper somewhere else. Not to mention that felix street is kinda grim and its not really supported by access to neighborhood things like drycleaners, decent grocery stores, etc. Its just not a good deal and if the real estate bubble is a reality and not a myth, places like this will be the hardest hit in terms of loss of value. Even people who feel pressure to buy get that.
A crap layout changes everything. One of the reasons brownstones and brownstone co-ops are so endlessly appealing is the classic and liveable layout. At least when they aren’t messed about with too much. I’m sure that’s why these aren’t selling. That AC vent on the deck sounds pretty bad too…
After seeing the taxes here, I am beginning to wonder what the taxes are going to be on those Carlton condos people were commenting on yesterday .
How many minimalist designers/musician/artists have that kind of money? I thought the rationale for these prices was that Wall Streeters would use their bonuses to swoop in and keep the bubble afloat?
I saw these condos. The workmanship is stellar, but the layouts are not useable. There’s a huge loftlike main room, but two tiny bedrooms. The master bath, with a sunken jacuzzi tub, is lovely, but it’s off this postage size bedroom and it seems kind of silly.
Closet space is basically nonexistent, and there’s no additional storage in the basement. Anyone who wanted one of these would have to spend AT LEAST another 30K to move some walls and add in storage–or lead a very minimalist existence.
The deck on the second floor abuts the A/C external venting, so I don’t think it would be a very back-to-nature experience in the summer. And access to the deck is through the bedroom only.
I’ve looked at a fair amount of apartments lately and the dealbreaker is always bad layouts. I wish these developers whould do formica kitchens and baths and spend a little money on a good architect instead. The concept of a “classic six” is long gone in new construction, and it’s depressing.
Those were bubble prices. The real estate bubble is bursting in other areas of the country like California, the D.C. area, and even Florida. I suppose there is some legitimacy to the “NYC is unique” argument as to why housing prices in NYC will not fall or even stop their rapid appreciation, but I’m a skeptic. I expect to see more of these 25%-plus price cuts.
(I have owned for years, so I hope I’m wrong and prices keep going up and up and up.)
For all of us who can’t fathom paying the outrageous prices on apartments these days (and I’m one of those making a salary that could buy me a castle in some parts of the country) lets hope that these price corrections are just the beginning.
Another remark on bonuses.
These bonuses are not lottery winnings. There is some doubt about exactly how much the bous will be, but bankers know their profits and losses and can approximate their bonus. They’re not living month-to-month, so if they want to buy an apartment they can start looking seriously before their bonus is announced officially.
If I had a steady stream of wall-streeters looking at my condo development, I wouldn’t be reducing the price by 25%.