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1/23/2006

Prices for three more properties in Brooklyn reduced

We just noticed that the Highpoint Condos in South Slope have been reduced by about $10-20K per unit.

In addition, this 'best of Newswalk' apartment went from $849K to $805K.

We also get word that the 85 Adams units in Dumbo are 'negotiable.'

Supply is plentiful and demand is ostensibly low. Time to go in for the kill, buyers. Impatient developers are firing their brokers/marketers and giving it to their competitors. See: L3 condos to Corcoran, Florentine Brownstones to Brooklyn Properties, and probably several other examples.


10 Comments:

At January 23, 2006 2:05 PM, Anonymous Anonymous said...

I think the highpoint condos might take a little while to sell based on the location. While this greenwood heights location is picking up in popularity, this dev. is at the far end of 7th ave and basically has the prospect expwy on two sides of it. It's also a long walk to any subway, either 3 long blocks to the R train on 4th and 17th (uphill - to the highpoint - on the way back) or a 10 block walk to the F train. These units will sell but it may take time. If they want to move them quickly they will need to price them right.

On the newswalk unit, this looks to be priced at the high end of other units in the building, even after the reduction. Corcoran has two units listed in their website, one is around $515/ft the other around $570/ft. This one is around $600/ft.

I don't know much about 85 adams but I think the right property with the right pricing will move quickly. We will see a lot of reductions if people continue to set unrealistic prices but they will simply come down to the level they should have been all along.

 
At January 23, 2006 3:30 PM, Anonymous Anonymous said...

the newswalk unit still represents a healthy return for the owner. i believe it faces north as well (the potential ratner development) and so that may be an issue. still, newswalk is one of the best buildings around bklyn.

 
At January 23, 2006 3:57 PM, Anonymous brooklynboy said...

beacon tower is, in my opinion, a totally over hyped building to say the least. why would anyone want to live within a stone's throw of the BQE and the manhattan bridge? not to mention, the cheapo looking prefab. sections that are rising right now in its construction phase. it looks like ratner's atlantic terminal building not a luxury tower. compare it to the Nexus (by the same developer) and the Nexus looks like an architectural gem, not to mention that there is more distance to the highway and the bridge.

 
At January 23, 2006 8:56 PM, Anonymous Anonymous said...

just went to an open house for the development at 160 manhattan ave. and there were plenty of interested buyers there. didn't see the slowdown...

 
At January 23, 2006 11:25 PM, Anonymous fabbrica said...

I saw those highpoint condos & they have cheesy finishes like the fake woodgrain / plastic hollow core doors. When are these builders going to wake up & use better finishes? And the rear of most units (on the lower levels) faces the yard but across that, a drab concrete wall, and a neighbor's backyard with three large, loudly barking dogs that seem like they might be outdoors all the time.

 
At January 25, 2006 3:44 PM, Anonymous Anonymous said...

Disagree about 85 Adams. If the price is right, who are you to judge prefab. In fact apparently this is sturdier construction. Would take much longer to build as well. So long as the inside is done well, the furnishings are nice [which they are], and it closes on time...

 
At January 25, 2006 3:52 PM, Blogger ltjbukem said...

who's judging prefab? i'm just saying that they dropped the price. no more commentary other than that.

 
At January 26, 2006 8:30 AM, Anonymous Anonymous said...

this really sux for those that bought units beforehand.

 
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