The Ripple Effect of Northside Piers' Price Cuts
When Toll Brothers slashed prices at Northside Piers’ Tower 1 back in February, the effects rippled through the oversaturated Williamsburg condo market, reports The New York Post. The cuts took prices from a pre-market-slide average of $900 a foot down to about $700. “When they dropped those prices, they made anyone inland have to look…
When Toll Brothers slashed prices at Northside Piers‘ Tower 1 back in February, the effects rippled through the oversaturated Williamsburg condo market, reports The New York Post. The cuts took prices from a pre-market-slide average of $900 a foot down to about $700. “When they dropped those prices, they made anyone inland have to look at their prices,” explains David Maundrell, head of Aptsandlofts.com. “We had to be realistic and do what Toll Brothers is doing because it’s only a matter of time before buyers realize they can buy for $650 [per square foot] near the water.” For, example, at the Evry, a new 14-unit development AptsandLofts is marketing at 273 Manhattan Avenue, prices are under $600 a foot.
Will of the People [NY Post]
“At $500/sq foot would any of you folks buy at the Edge?”
i’d need to take a look at the quality of the edge first – as its just not there at northside piers. If i could get a studio on the water for 250-300k I would consider it.
I’d much prefer one of the warehouse conversions over on Berry though.
That really brings me back, benson. Everybody I knew was buying JDSU, CSCO, pets.com, you name it, and they all thought they were geniuses when they made money for a little while. And they all called me an idiot when I told them they should get the hell out of equities. Then after they lost their shirts in the tech crash they started over, saved up a few dollars, and started buying real estate. Then they were all geniuses again until….
All of this happened before. And all of this will happen again.
It sounds like you are happy with where you live and you don’t plan on moving. From your perspective, current market conditions should be irrelevant. Enjoy your home.
At $500/sq foot would any of you folks buy at the Edge?
Just curious. . . .
Lechacal;
Can’t disagree with your advice. It’s what I tend to do in the stock market. Best investment I ever made was to buy Lockheed-Martin in 1999,at the height of the tech bubble. The stock was in the toilet. My broker thought I was nuts, and he was pushing me to buy JDSU and the other hot stocks of the day. Well, where is JDSU today, and where is LMT?
I can’t do it for real estate, though. My emotions get in the way, which is why I don’t invest in it, other than for my primary home.
…or put another way, I am not concerned about inflation. As I have said in other threads, as soon as midwestern retirees are responding to TV ads telling them to buy gold you can be pretty confident that isn’t where the smart money is moving.
Benson: A good rule of thumb for getting rich is to observe what most people fear most and fear the opposite.
Finance Guy;
Always good to see you on the scene!
I have a question for you: where does inflation fit in? As I said above, it is far beyond my capabilities (I’m an engineer) to read the economic tea leaves. However, I’ve been reading more and more commentary that predicts that inflation is right around the corner, given the Fed’s moves. If that were to come to pass, wouldn’t it affect housing prices, given RE is a hard asset?
Looking forward to your comments.
PS: hello to Miss Muffet!
MM: I am curious what apartment your friend is selling (I have probably looked at it if it is a 3 bed). If you are willing to share the info I am lechacal2008 at gmail.
“The Ripple Effect of Northside Piers’ Price Cuts”
From bidding wars to selling wars…
***Bid half off peak comps***