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]
Gemini;
Hard to call how inflation would play out. In general, the big winners in an infaltionary cycle are those who have taken out big loans, as they get to pay them off in inflated dollars. The other big winner are owners of hard assets (precious metals, real estate, etc.) The losers are savers and those who have loaned out money (i.e bond holders).
Sometimes in an infaltionary cycle wages keep up, sometimes they don’t.
> “Once again: asking prices are meaningless in tracking a market.”
Your anecdotal evidence is not going to disprove any anecdotal evidence that I provide, and vice versa.
So we’ll just have to wait until you are inevitably proven wrong. 😉
“You clearly know nothing about the area…. stay where you are.”
Ummm… I use the Hoyt A/C all the time. 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.
I guess we have different definitions of “ghetto”. (FWIW, I consider the Fulton Mall to be “ghetto”.)
Folks;
Sorry to send so many posts today, but I want to throw the gauntlet down to Team Bear on the issue of using a chop in the asking price as a definitive indication of a bear market.
Please see this link on Curbed:
http://curbed.com/archives/2005/12/05/curbed_pricechopper_every_damn_1br_at_107_ave_a.php
As you can see, the developer of this condo in the East Village cut his asking price by more than 10% in December 2005. If you think that this one data point is meaningless, then I invite you to go to Curbed, type in “pricechopper” in the search box, and see how many articles you pull up in the 2005 timeframe.
Question to Team Bear: based upon this link, do you believe that the housing market in the East Village in December 2005 was in bear territory? Once again: asking prices are meaningless in tracking a market.
Benson – so if everything gets “inflated” – does that mean US workers’ pay gets inflated as well?
Sure I wouldn’t mind my house being worth 2 million in 10 years as long as I too am making double/triple than what I am making now? and if that’s NOT going to be the case – then we have a major problem in regards to inflation…
right?
It is an old New York tradition to lie though your teeth about square footage totals. It is the newbie (or the realtor) who tries to defend the numbers as having ANY basis in reality…(“well, if you include a portion of the service entry and you per rata portion of the boiler room in the sub-cellar….”).
I agree that these will make attractive rentals. Perhaps when the construction is complete and the street and sidewalk get fixed up, it will have a less of that Third World look it has now.
“Once again: asking prices are the sellers’ wishes,and are not necessarily connected to reality and the marketplace.”
And once again, they used to get those asking prices, and now they don’t. It looks like there’s a lot more price chopping happening now than there was in 2005.
Snark;
Whoooppppssssss!!! I just realized that you were pointing out that I wrote 1995!!! I meant to write 2005, as my thread above shows.
Sorry for the confusion!! Please make the correction to my statement above.
Snark;
Huh??????? I’m looking for the pricechopper article in particular, but in the meantime, here is a thread from Curbed in April 2005:
http://curbed.com/archives/2005/04/04/monday_pm_linkage.php