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]
broadwayron — GHETTO? You are nuts. It is a block from the State Street townhouses which sold at $2+MM., 2 blocks form 110 Livingston, etc. etc. etc.
You clearly know nothing about the area…. stay where you are.
Benson, I’m pretty sure that Curbed did not exist in 1995.
Polemecist is exactly right. Now that the Fed has decided to go into “print money mode”, the specter of inflation is fully with us.
It would not exactly be an earth-shattering event if the Feds decided that we need to inflate our way out of this turmoil. In fact, it has historically been on of the favorite ploys of governments. This is a new wild card in the Bull vs. Bear debate.
“Yes, but they used to get those ludicrous asking price. Now they don’t. So the market is in fact declining.”
Snark;
Sorry, this is not true. I rememeber that Curbed had instituted their “Price Chopper” feature as far back as 1995, when the market was frothy. In particular,I remember that Boymelgreen had to cut his asking price on condos in Dumbo (that I had an eye on) in that time period.
I’ll say it for the umteenth time: while it is certainly interesting to track cuts in the asking price, it is not indicative of the trends in the marketplace. I’m in sales and marketing (of industrial products) and I read market research reports out the wazoo on a daily basis. The only way to track the market is the statistical trend in the average or median sales price. Delusional sellers can ask whatever they want, but the market dictates what the actual selling price will be.
As a member of Team Bull, with a bogey of 20% declines in the average sales price, I am readily willing to acknowledge that events will prove me to be wrong, and Team Bear may be right. I won’t, however, acknowledge anything on the basis of cuts in asking prices. We won’t have a real debate here unless some ground rules are established.
Once again: asking prices are the sellers’ wishes,and are not necessarily connected to reality and the marketplace.
how can people lie about the SFT? I noticed some huge discrepincies on Zillow.com for brownstones in Brooklyn. Zillow would state that the public records showed 2400 sft and then the owner figure would be right next to it at 3600. Anybody have any insight on that
Those prices are still too high. I’ve been in there, and I think the place has too many negatives to ever make it as a condo. I’ll stick with my prediction (as well as many others): rental.
Yeah, the floorplans (from what I saw) are really inflated- the spaces feel way smaller than their quoted size. The area is really a fringe ‘hood, at best. Sure, Downtown BK butts up against a bunch of nice neighborhoods, but this particular spot is pretty ghetto. And, again, who is going to get (or give) financing on this project until it gets to 50% (or 70%) sold? It’s not going to happen.
again you folks sound like neophytes when measuring inside space of real estate. Not done here, not done anywhere.
I find these interesting at this price. There would be a lot of people I think (like me) who might consider cashing out and, even assuming they sell very low, buying here to be mortgage-free. Hunker down for a while. Would I rather have this place and a nice weekend house? No, but close.
gemini: It’s only scary for a homeowner who bought very recently and plans to sell in the next 5 or 10 years. For someone who can afford his home and doesn’t plan to move, this shouldn’t matter at all. But for someone who recently bought or is in the market now and might have to sell in the next 5 or 10 years, yes, it is very scary. And someone in that position absolutely should not listen to the old line about just going ahead and buying if you can afford it and you like it. There are plently of things I can afford and like, but I simply refuse to subject my family to the risk of an entire down payment getting wiped out in a market downdraft.
As for exact timing, of course I don’t know exactly when the bottom will be and of course I can’t predict the exact timing of the recovery. But I do feel confident that I will know the right time to buy when it when I see it, and I sure haven’t seen it yet. After an big price cut this place is still trying to sell subhuman little cramped apartments in downtown brooklyn for more than half a million bucks? We’re not there yet, that I can tell you with confidence.
It’s all about risk. Risk means that you don’t know. If you know what will happen, there is no risk. I see a lot of risk of decreasing prices right now, and I will not expose my family to that risk. At some point I will become comfortable that the risk has come down enough and will jump in the market.