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, my expectation is that market prices will be lower in 4 years than they are now. They may well be lower in 10 years than they are now. The market may have recovered somewhat from the bottom at that point, but the bottom may be two years from now and the recovery may be very slow. I would not buy into a new condo right now unless I got a price that didn’t reflect any of the recent run-up. I would demand a much bigger chop than this before buying a new condo. Be very careful about jumping in too early in a bear market with the expectation that what is happening is some kind of aberration and things will come back as soon as everyone clears their head and gets their jobs back. The prices we have seen for the past few years are the aberration, and we are slowly getting back to normal.
Everyone assumes on the way down that there is always more room to drop just like when the market is on the way up that prices will continue going up. Smart people decide to buy when the price makes sense to them. These seem pretty reasonable. Efficient layouts. Livingston Street is not so appealing right now, but it could change. Not only that, you’re convenient to Fort Greene and Boerum Hill.
I just saw that the condo on the UES that i sold in Aug 2007 is back on the market for more than what they paid!!! Wonder what went wrong with their investment assumptions????
Good luck sucker. Your real estate agent misrepresented to you what that unit would fetch for rent. You should sue her.
ROTFLMMFAO
“3-4 years when the market picks up and our job market situation is up as well
right?”
what confidence you exude.
> “perhaps it’s a wise buy to buy a condo now at a steep discount”
Buy a little later at a steeper discount.
> “The biggest whack job (no jokes, DIBS)”
– http://instantrimshot.com/
then the question remains perhaps it’s a wise buy to buy a condo now at a steep discount with the hopes that you can sell it with a decent profit in 3-4 years when the market picks up and our job market situation is up as well
right?
Condos ARE going to get the largest “whacks” of anything. Buyer beware.
For the entire lot of these units, the total price cut is only 14%…should probably be more if they ACTUALLY want to sell them.
I don’t concern myself much with condos. Are these considered nice, well done, quality construction, or not???
to quote KC and the Sunshine Band…
” Keep it comin’ love, keep it comin’ love
Don’t stop it now, don’t stop it, no no
Don’t stop it now, don’t stop it.”
They’ll drop 20% more by Fall 09, then 100% rental.