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]
I’m not intrinsically a bear, but I just don’t see who would have the cash to buy into this new, but terribly mis-sited building. Who wants to pay 16% off peak to live in such an odd and unattractive location?
lechacal:
Last week, the fed created $300B to buy US treasury notes as the interest rates are too low to attract foreign buyers. We are now officially in the print money stage of the government’s attempt to reinflate the national asset bubble.
If it works, major inflation is just around the corner. We can’t be certain at all about the future of prices for anything, especially mortgaged assets.
Lechacal
I wonder if what you say is true. If so, that might be scary then for all current homeowners,or are you targeting condo owners specifically?
Are you suggesting prices will drop steeper over the next 2 years and stagnate for about 5 years and maybe we will see a rise within 10 years?
scary!
3C is a little odd. And it is clearly not 900 interior sq. ft (as the floorplan says) unless there is a missing room or the dimensions are wrong.
Not sure why they put in the 2nd full bathroom in a 650 sq. ft. apartment. It doesn’t help.
It is about 900 — looks about 30×30 — you have include the total length not just what the room sizes are –look at the closets, baths, entrance.
Joe-
I don’t know what to tell. According to my rough estimation of that unit, it has about 750 sqft of interior space. Counting the interior and exterior walls, yes it is possible to get 910 sqft.
MBR – 184
2ndBR – 95
LR/DR – 212
MBR’s BR/closet – 120
Kitchen – 120
entry hall – 30
BR/2nd BR’s closet – 25
Total – 786
Joe is right the apt is closer to 700 sft and that is being generous. So being generous at 700sft and me thinking the market for new const. in DT Brooklyn is 500 sft I would pay 350 at most for this unit. But on the other hand who would buy anything from people that lie? What else are they lying about? No thanks
Unit 3C makes me feel claustrophobic just reading about it, and worse knowing sq.ft. is measured from outside walls. 2bd/2bath that’s less than 1k sq.ft.!?
I agree with prop Joe. Even generously calculated (if you beleive the floor plan dimensions and allowing for measure to the outside walls) this thing would not be even close to 900 sq feet. Probably closer to 650-700.