Slopers Sweet on 4th Avenue?
4th Avenue is seen by some as an architectural shit show, and sales at the thoroughfare’s biggest condo so far aren’t doing so hot, but an article in the Sun today says the majority of buyers at the avenue’s new condos come from just up the hill: Mostly, they live in Park Slope. The piece…
4th Avenue is seen by some as an architectural shit show, and sales at the thoroughfare’s biggest condo so far aren’t doing so hot, but an article in the Sun today says the majority of buyers at the avenue’s new condos come from just up the hill: Mostly, they live in Park Slope. The piece quotes a Sloper who says he doesn’t want to miss out on buying in an area that might appreciate, and brokers note that part of 4th’s appeal is that most of the surrounding area lacks substantial new development. According to sales directors at many of 4th’s condos, half their buyers are coming from the Slope. (One wonders how scientific these stats are.) Of course, controversy about the avenue’s lack of affordable housing and by-and-large unappealing new structures remains. “The grand plan of having Fourth Avenue become the ‘Park Avenue of Brooklyn’ is coming back to slap city officials in the face,” says Aaron Brashear, a CB7 member and founder of the Concerned Citizens of Greenwood Heights. “The buildings are ugly and architecturally devoid. They are more of a dormitory style than high-end buildings.”
Park Slope Residents Head to Fourth Avenue [NY Sun]
Novo Takes a Nosedive [Brownstoner]
4th Avenue, the Boulevard of Broken Promises? [Brownstoner]
Hey 6:38 PM–
Let me guess, you are definitely a white dude, but i bet you were a women’s studies es at vassar.
and, you work in publishing, or you are an admin.
and you parents pay your rent.
right?
Put together a development proposal, run the numbers, find investors, buy the land and build something beautiful. Make it happen. Developers are just people like you, and they are mostly using other people’s money to get stuff done. If you can find a way to buy and build and create beauty, and also proft, you will get investors. What you are witnessing now is either that people tried hard and couldn’t fit beauty into the numbers, or that they weren’t as good as you could be at it- give it a try!
Well said!!
Say it again!
Say it loud!
All development sucks
Bring back the crime wave of the 80s and early 90s.Vacant lots rule.
Screw the rich.
Ok:
Give me you address and I I will come over kick the shit out of you and take your stuff.
Talk is cheep A=hole
Aargh! Commentators like 12:58 (who’s being sarcastic – a lot of people on here don’t seem to get that) and 1:14 drive me up the wall.
Listen, just because a building is inexpensive does NO mean it has to be aesthetically offensive. Don’t believe me? Check out these buildings built as affordable housing:
http://online.wsj.com/article/SB119876732563552709.html#SCHIFF
Basic supply and demand:
Supply: Sale prices are roughly double or triple construction costs, except on Willow Place, where they are four times higher. Capitalist entrepreneurs will predictable seek to profit from this gap by creating new expensive units in Brownstone Brooklyn — new construction, conversions, renovations, offing bitter renters, expanding boundaries, new neighborhoods, etc.
But, no, that can’t be right. Supply is fixed, because they aren’t creating new land and no one builds brownstones any more.
Demand: As prices go up, the number of people who can afford them based on salary drops. As real estate drops in the rest of the country, the number of people who can afford them because they sold some other overpriced crap drops.
But, no, that can’t be right. Demand is infinite. For every new unit, a new sucker will appear, willing to pay more than everyone has ever paid in the neighborhood, because they know that in 3 years they’ll be able to sell for 10% more. After all, in the long run, real estate always goes up, just as it did in Tokyo in the last 30 years and Brooklyn from 1930-1970.
Since supply is unchanging and demand is infinite, ALL houses in Brownstone Brooklyn are underpriced by definition. You bitter renters and self-satisfied owners should borrow as much as Bear Stearns, ooops, Citibank, will lend you and buy everything in sight.
Lose the serf mentality and give me your money. After all, I got here first and I bought at a price that made sense, and now I want to cash out and move somewhere more fun.
just watch out for that slippary slope!
Yea, I have been getting 2.5% on 70k. just moved it over to wamu’s online savings at 4%.
any major bank right now…chase, ing, wamu, etc offer 2.5% on their savings accounts.
you can thank the fed for that.
2:10
What kind of gangster ass savigs account do you have?