The Dewitt Update: Not a Sale in Sight
You’d think that after three months without a single unit in contract that serious price cuts would have begun at the PACC-sponsored Dewitt Condos at 483 Washington Avenue in Clinton. Instead, just one of the eight market-rate condos (#4B) has been trimmed about 5 percent while the rest have been left to languish with their…
You’d think that after three months without a single unit in contract that serious price cuts would have begun at the PACC-sponsored Dewitt Condos at 483 Washington Avenue in Clinton. Instead, just one of the eight market-rate condos (#4B) has been trimmed about 5 percent while the rest have been left to languish with their original price tags. “These market-rate prices are absurd,” we wrote back in early June. “We’ll be quite surprised if anyone takes the bait at these levels.” Hate to say we told you so, but we can’t for the life of us understand why these places were priced so high to begin with. In other news, we hear that the results of lottery for the affordable units should be complete soon. Are any readers in the running for that?
Dewitt Condo Pricing [Brooklyn Properties] GMAP P*Shark DOB
Market Rate Units on Sale at PACC’s Dewitt Condos [Brownstoner]
3:38: You and I go to jail for Ponzi schemes. But the government has all kinds of Ponzi schemes and bills them as among their most valuable services.
Excellent point 10:18. Reminds me of a guy named Charles Ponzi.
I’m just guessing but the absence of a price reduction in the face of slow or nonexistent sales might be due to the fact that the market rate units are cross-subsidizing the affordable units. The high prices might be needed to make the affordable units truly affordable.
I am in the running but am not sure what is going on.
7A is $938/sf! That’s some sweet and tasty crack they’re smoking if they think this price is reasonable.
I know someone in the running for one of the houses — she definitely had no inside connection.
2.07, while I think these places are priced too high, think the cheap brick veneer an pine colored door are ugly, and find the bs lotter for a few apartments to be a sham and waste overall, especially since they knocked down a building that could been refurbished,
I do not know of any brownstone in the neighborhood “in good shape” that could be bought for the price of 7A. Maybe an SRO in bad shape with tenants…
We received a letter letting us know that we were not in the running. It also said that they have another development coming up and that we should visit the contact page of their site so we could receive info about it when it was available.
We applied for that lottery and even though our application was certified mail before the deadline, we received the return receipt dated well after the deadline.
I just assumed it was another insider dealings going on as I had called numerous times and never got a response as to the discrepancy.