More favorable comps for the Washington Condos
Here's a Corcoran listing that's going for $720 a square foot on Prospect Pl between Underhill and Washington. At a paltry 750 square feet for a rich $539,000, I'm wondering who is going to pay for this when you can get something in a better locale in Park Slope, Cobble Hill, Ft. Greene, Brooklyn Heights, DUMBO, ad nauseum.
You can get a co-op at the Griffin for 2/3rd the price. Or even the 614 sq ft units for $582K at the Greene House Condos.
Makes the Washington Condos, one of which was 1475 square feet for $545K look like the real estate crime of the year.
Any thoughts?
NB: THIS IS JERRY MINSKY'S LISTING. IF ANYONE CAN SELL AN OVERPRICED PROPERTY, IT'S GOING TO BE JERRY, RIGHT? LET'S SIT BACK AND WATCH HIS MAGIC.
3 Comments:
well I think it's fair to say that you are going to do very well on your purchase. You can sell right after you close and make a nice profit. This is what a lot of the investor/flippers have been doing lately.
However, I bet that the unsold units will be marketed much higher when the building is completed.
Buying early will always get you a discount. The developers are willing to sell some units at less than they could get later to help them mitigate their risks. They proabably sold enough units to cover their costs up front and the remaining ones they sell once the property is complete will be their profit.
BTW, what's the scheduled completion date?
not sure when the scheduled completion date is yet. with new construction, this seems to be a real crapshoot at times. and i don't think a&h has a good grasp on this either. only isaac fischman knows.
That place on Prospect btwn underhill & washington: it sold in a few weeks -- saw the new owners moving in today. Watching propertyshark to see how much, but I'll bet it was a fair way under asking. Owner was 'flexible' re 539K. It might have been advertised at 750 sqft but the floorplan says 605.
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