The Be@Schermerhorn Price Cuts We've Been Waiting For
The price cuts we forecast in a post about be@schermerhorn last week are upon us. As of yesterday afternoon, 17 units had had their prices cut an average of 16 percent. The biggest whack job (no jokes, DIBS) on a percentage basis was at Unit 3C, a 910-square-foot two-bedroom, two-bath apartment that dropped 24 percent…
The price cuts we forecast in a post about be@schermerhorn last week are upon us. As of yesterday afternoon, 17 units had had their prices cut an average of 16 percent. The biggest whack job (no jokes, DIBS) on a percentage basis was at Unit 3C, a 910-square-foot two-bedroom, two-bath apartment that dropped 24 percent from $640,000 to $518,000. The floorplan’s here. Look attractive?
What’s Going On at Be@Schermerhorn? [Brownstoner]
Checking In On Be@Schermerhorn [Brownstoner]
Be@Schermerhorn Listings [StreetEasy] GMAP
Price Cuts at Be@Schermerhorn [Brownstoner]
Inside Be@Schermerhorn [Brownstoner]
Those open kitchens allow the builder to comply with codes for ventilation. And give the illusion od space. It seems every new condo of any price is exactly the same layout.
looks like an inland empire “office park” tower.
I love the location. It’s near the empanadas place. And Macy’s. And everything. We wanted to move into a pre-war next door, actually, but there were lead issues.
Now that apartment, crumbling as it was was also a trillion times nicer than this one. I still don’t get new construction sometimes. You could build anything. Why make it so small and crappy? Why? Why so many bathrooms? Why? Why does every kitchen need a breakfast bar to further take up space?
>Yesterday, I saw a guy taking a piss on Jay/Smith St at the parking lot which goes from Schermerhorn to State. Granted, he was facing the lot, as opposed to facing the street, but this was 6 pm in broad daylight.
A few weeks ago I saw a guy taking a piss on York Ave and 68th St in Manhattan, also in broad daylight. Guys taking a piss are not the barometer of a neighborhood.
Lechacal is right. Real estate in NYC is overvalued vs its historical relationship to incomes. Nationally it is around average, but there is an argument that it should move down further because of the economy.
As for this specific building, it has two problems. First it is a nondescript building in a nondescript area. Manhattan prices are falling faster than Brooklyn and this is the type of building whose only real selling point is that it’s a Manhattan type building at lower prices. Second, the problems with buying in newbuild condos in general have been well documented.
there’s an insert in the Post today page 23 from Corcoran. You can buy nice 2br in Chelsea for 799k ask. Brooklyn 2br condos going much much lower
benson, don’t forget that we have already gone through an inflationary cycle in real estate. Wage inflation would be needed just to keep prices at current levels. I would not hedge against inflation by buying real estate right now.
I am currently looking at buying standing timber. I am also looking at buying truckloads of cherry lumber and storing them long-term. Also gravel deposits.
Benson, there may have been a development in the East Village that lowered asking prices in 2005, but that would have ben an outlier. Today, price cuts are going around new condo developments like a bad rash. I don’t think I can name a development (other than the Meier OPP building perhaps?) that hasn’t had price cuts.
You are absolutely right, it is actual sale prices that matter, not asking prices. But we are all trying to peer into the future, and asking prices (and price cuts) are one of the only ways we can do so).
Nice to meet you at Floyd by the way.
The largest outside measurements of the apartment in question are roughly 38×30 (I used CorelDraw and extrapolated from the width of the master bedroom). Granted, that includes some space that is outside of the apartment (right upper corner). Still, 910 seems believable.
I don’t like how real estate is measured any more than any of you, but it seems to be the accepted practice.