Toll Even More Serious Than We Thought About Price Cuts
It seems that the price cutting situation at Northside Piers in Williamsburg is more widespread than we or Curbed thought. A tipster points out that some of the higher-priced units actually got huge price cuts but didn’t show up on StreetEasy with a down-arrow next to them. To wit: Penthouse 2 was massacred from $2,019,990…
It seems that the price cutting situation at Northside Piers in Williamsburg is more widespread than we or Curbed thought. A tipster points out that some of the higher-priced units actually got huge price cuts but didn’t show up on StreetEasy with a down-arrow next to them. To wit: Penthouse 2 was massacred from $2,019,990 to $1,274,990; PH3 from $2,111,990 to $1,350,990; PH5 from $1,680,990 to $1,095,990. Holy crap. What will the ripple effect be? GMAP
I agree with the folks who say that it was never demonstrated that there really was a market for two million dollar condos in Williamsburg. It was a guess by developers who bet the ranch on the idea of Williamsburg as a neighborhood that would only continue to explode. They over-reached and now they are scrambling to limit the damage to their bottom lines.
Right, because lightbulbs are the the only recurring costs of a house beyond the mortgage.
hannible,
that has to be one of the dumbest posts in the history of brownstoner, and that’s saying something.
handicapped + babble = hannible.
Who wants to buy a condo? You would still be paying the maintance costs after you finish paying off your condo. If you pay maintance costs you are really not a homeowner. You are a renter that does not know how to wash a stairway or change a lightbulb.
And I am just going to keep nodding my head to 2br_or_bust.
I am just going to keep nodding my head to northsloperenter.
I know you weren’t asking me Montrose, but I think there are a lot more people fairly agnostic between a brownstone and a condo than you might think. Many people who aren’t “into” real estate simply want nice space in a desirable location. Someone’s taste might run in one direction or another, but not enough to overwhelm the fact that in the scheme of their life, that affinity just isn’t that important.
To the degree that cerain parts of Brooklyn only have brownstones and certain parts have mostly condo’s, then there may be a point because location is absolutely key for many. But most areas have enough overlap or are similar enough that I think the two markets do definitely intersect.
“But wouldn’t you say, northslope, that the market for the two kinds of homes is vastly different?”
For some people, yes, but for many others, no.
I’m looking for a home.
To me the interior space and the neighborhood matter much more than the exterior.
There are advantages and disadvantages to both types, but when I’m looking for a place to live my priorities are:
1a. Size and layout of space.
1b. Neighborhood.
1c. Cost.
Everything else is secondary. Whether the space in question is in a 100 year old brownstone or a 2 year old glass condo is not a make-or-break issue for me.