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2/17/2006

Incredible shrinking prices on St. Felix condos

When we first highlighted the condos at 31 St. Felix on this blog, the prices for all 3 units were $1MM plus. But then months later, all 3 dropped to $795, $895 and $995K. Still, none sold. Now, Elliman, who along with Harbor View are the listing brokers, have cut them another $100K each, to $695K, $795K and $895K.

What gives?? How low do these have to go before someone snaps a unit up?

C'mon, these deserve a look but I'm sure there's a reason why none has sold. Can anyone tip us off?


8 Comments:

At February 17, 2006 2:13 PM, Blogger djr said...

In a slowing market overpriced stuff just sit and sit and sit... Perhaps if they price it at a Manhattan price of oh only 1000 psf, then maybe it will sell.

 
At February 17, 2006 9:08 PM, Anonymous Anonymous said...

Yeah, it's pretty ridiculous that there are so many people who have actually swallowed the kool-aid and payed 'more' for a brooklyn apartment than they would have to pay for some manhattan apartments. I've been to the building, and it's overpriced for sure. The area rocks and all, but come on, they are charging luxury prices based purely on the 'potential' of a high-end Fort Greene community. And while it's looking like that luxury Fort Greene reality is on track, still, it's not here yet, so paying for potential is foolish. You pay high prices to move into a building in an established high-end area, with high-income people. Fort Greene, and certainly not that block, is not quite there yet.

 
At February 17, 2006 9:11 PM, Anonymous Anonymous said...

There's got to be an end to this rampant gentrification at some point. Many high-paid jobs are moving overseas, and the brain drain is hitting the US hard. So this 'gentrify every part of new york at hyper speed' trend can't last.

can it?

 
At February 17, 2006 9:31 PM, Blogger ltjbukem said...

the lowest priced $695k apartment is only $630 psf. somehow, i find that very fair.

i'll go out on a limb and say that with this round of cuts, someone may make a bid.

 
At February 17, 2006 9:44 PM, Blogger Escap said...

It's a forgone conclusion that prices will drop at some point. However, that doesn't mean they'll drop forever. In the long run, "this gentrify everything" trend can and will last, if by gentrification you mean rising prices and increased development. Look at NY 20 years ago, 40 years ago, 80 years ago, etc. Unless there is a catastrophe, NY will continue to grow and prosper overall, dips and valleys notwithstanding.

 
At February 21, 2006 7:44 PM, Anonymous Anonymous said...

ummm...has anyone noticed how laughably small the bedrooms are? You can't just stamp "luxury" on a building an hope buyers don't notice you aren't offering them garbage.

 
At February 21, 2006 7:45 PM, Anonymous Anonymous said...

ummm...has anyone noticed how laughably small the bedrooms are? You can't just stamp "luxury" on a building an hope buyers don't notice you're just offering them garbage.

 
At March 01, 2006 8:57 AM, Anonymous Anonymous said...

with bedrooms that small, they would have to lower these units another 100,000.

 

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