Hello Living re-ups -- prices are sky high
Frequent commenter Ben has notified us that Aguayo has put up more units on their site for the Hello Living condos and prices are now in the astronomical $700s psf.1,125 to 1,350 square foot units at the Madison are asking $810K to $899K.
At the Hudson, a pair of 3 bedroom, 3 baths at 1,155 and 1,230 square feet are listed at $830K and $900K.
Labels: condos, crown heights, helloliving, prospect heights
6 Comments:
How can these be listed at higher prices if they were all sold out?
Where did these new apartments come from? Were they once in-contract and but now they're re-listed?
They originally released all of the units but when they started selling very fast they pulled some off the market. They are now re-releasing these units.
It's common for a new development to release the units in phases with the prices being adjusted based on the results of the previous set of sales.
I don't think they anticipated the initial strong results but quickly realized that they could get a higher ppsf by holding some back and then re-offering them later.
I think what Ben is saying is right on the money. I also think that the pps is still very reasonable for these condos. I went to the open house yesterday and left feeling very impressed. These are just the first two of six buildings going up as part of this project. I think we can expect to see that the current prices are relatively modest.
I'm still unbelieving of the asking prices. I think condos 2 blocks to the west would have difficulty asking these prices much less in crown heights.
I think most buyers at this project are first time homeowners or moving from manhattan and I don't see manhattanites moving here--its just too fringe. Nor do I see first time owners moving here for what amounts to forward-looking prices. At least washington condo early adopters got in at very reasonable prices.
5:46, Seriously, with all due respect, everything that you are describing is indeed happening. It's called gentrification.
Actually most of the units that sold so far are in the $700+ per foot some even at $800. The price for the units that they released is actually reasonable, you really need to see the units, quite amazing!
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