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Proof the condo market is cooling?

Rewind 3 months ago when we first posted our brownstoner condo report on the Myrtle Ave condos. At that time, the 3 units were going for $877-919K. Today, a check of corcoran shows the 3 units at saner asking prices of $775 and $799K. That equates to a before of $520 psf and an after of $459 psf.

For those who can deal with the 8 flight walk up to the highest unit, you have something on the market that's somewhat easier to stomach. My take is that with a little negotiation and mentioning that they won't be able to sell these without an elevator in the building, you just might get yourself a decent bargain in the low 700s.



At July 08, 2006 11:15 AM, Anonymous Anonymous said...

wrong product at the wrong location at the wrong price point....

At July 22, 2006 11:31 AM, Anonymous Anonymous said...

i don't think this is an example of the market cooling. i think myrtle is a really hard sell...

At August 13, 2006 5:46 AM, Anonymous Anonymous said...

i've been eyeing this property for a while. Apt. A in particular, the first unit on the second flr (the hike up to the penthouse is unwarranted, plus the outdoor space on Apt. A is superb).

apt. a is the best in terms of layout. kitchen is decent. the bathrooms however feel like a tragic afterthought...or worse, was the part when the architect decided to walk out on the project.

indeed, myrtle does have a legacy for being a little rough around the edges still. esp, if we consider the recent shootout.

i'm just curious to know what the folks in the n'hood think about purchasing this property....i agree, def a low 700s. if not a straight up 700K or a high 600K.

At August 13, 2006 8:45 AM, Blogger ltjbukem said...

if the developers group has the gall to sell 609 myrtle in a far worse location for $535k for 1000 square foot spaces, then you should be able to ask 700's for these.

i think you should wheel and deal and see what they say. obviously they're not moving so they must have their ears open.

let us know how it turns out.

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