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]
sorry – my vitriol was meant for shoots and leaves, not crimson.
crimson, the premise of your post — that someone who decides *not* to buy is “acting like a speculator” — is simply ludicrous. A down market is full of incredible risks for someone making a huge and highly leveraged purchase. Not everyone has the luxury of buying something they can afford and like and stay in it for the rest of their lives. Many – possibly most – people have to move at some point for various reasons, and when that day comes any drop in prices frmo the time of purchase is greatly magnified for anyone who has a mortgage. All it takes is a 20% drop in the price of one of these be@shcermerhorn apartments to completely wipe out a young family. And you dare accuse that family of “acting like speculators” when they counsel patience and restraint to protect themselves? How dare you.
I have never heard of any complaints or problems at 53 Boerum (same developer) so if these are comparable quality, prices seem to be closer to value. The area is not lovely by any stretech, but it is convenient and will improve with the next economic upturn. Too soon to buy? All depends on your situation.
Yes, but they used to get those ludicrous asking price. Now they don’t. So the market is in fact declining.
Ok then, Crimsonsonsonson, you be telling me that the out walls are an additonal 300 + sq ft or 50% more? C’mon now!
Whatever happened to buying a home you can afford and you like instead of acting like a speculator?
If PropJoe is correct on that square footage than these prices do not reflect cuts from ask in a declining market that we are all discussing but the ludicrously unrealistic pricing that developers tend to engage in.
Joe
Have you ever bought real estate before?
Square footage is measured using the out walls, NOT actual livable space. This is true for a brownstone in Slope, a pre war co-op in UES or a condo in Boerum Hill.
Unit 3C, a 910-square-foot two-bedroom, two-bath apartment that dropped 24 percent from $640,000 to $518,000.
This unit CAN NOT be more than a 600 sq ft 2 br? How does one calculate 910 sq ft out of this. Preposterous!