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1/12/2007

New strategy @ Bridgeview Tower at 189 Bridge St.

What's a developer to do when his units aren't selling? Ditch the old broker and go to a new one, right? Sure. Lower the prices to spur sales, right? Sure. Well, the developer of the Bridgeview Tower Condos, aforementioned here, got the first step right, but failed on the second.

They ditched Halstead and went with blue chip Elliman. Except that instead of lowering the prices, they increased the prices about 20% on some units. Studio units that were $525K are now $619K. Two bedroom units that were once $822K are now $985K.

Who's got the explanation on this one?


8 Comments:

At January 12, 2007 4:00 PM, Anonymous Anonymous said...

lets congradulate the developer for winning the "Shitiest condo of the year" award

ugley building + no quality construction= Trash

 
At January 12, 2007 4:22 PM, Blogger ltjbukem said...

lemme guess...a halstead broker who doesn't know how to spell??

 
At January 12, 2007 5:48 PM, Blogger nyc_guy said...

Rich people in Manhattan would RATHER pay more for any apartment. It reflects their money. Rich people HAVE to show that they have money. "Sales and discounts are for the common people"

 
At January 12, 2007 6:13 PM, Anonymous Anonymous said...

Its genius broker logic.

"We lowered prices by 20%, and sold even fewer, so lets try upping by 20%".

Hey, not being able to sell your crappy apartments in a glut at 20% higher doesn't cost you any more than not being able to sell your crappy apartments in a glut at 20% lower.

 
At January 13, 2007 9:20 AM, Anonymous UrbanDigs said...

My bet is that Halstead offered a discount in commission for the deal, and it couldnt sell.

So, they go to Elliman who refuses to discount their full service commission. So, developer ups price to carry the new sell side cost increase.

 
At January 13, 2007 9:49 AM, Blogger ltjbukem said...

but don't brokers make 3% on each unit that closes? these price increases cover that plus a lot lot more.

 
At January 15, 2007 9:35 AM, Anonymous CorcBrok69 said...

As a Corcoran broker who has taken over many faultering listings and developments, what probably happened was Elliman told the seller\developer their property is actually worth more than what its being marketed for and that the current lack of sales are a results of poor marketing efforts from Halstead.

In this case, it might actually be true but time will tell. Additionally, there is substance to the theory that if you price apts on the cheap, buyers focus on whats wrong with them. If you price things higher, everyone focuses on the positives of why its priced that way.

Lets see what happens.

 
At March 01, 2007 3:01 AM, Anonymous Anonymous said...

Bridge View Towers is a hard sell. The only advantage to the building is that it is close to Manhattan but there are so many properties close to Manhattan or even in Manhattan that are being sold at the same price. This area is not good for people who either have a family or who are planning to have a family. There is no shopping in the area. Polution and bumper to bumper traffic with cars and trucks honking, day and night is another problem. Once a person buys an apartment at Bridge View Towers, they will be stuck with it, with little or no resale potential at the original purchase price. Perhaps this is why nothing is selling there.

 

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