Price Cuts at Be@Schermerhorn
Well, that didn’t take long. Sales at Be@Schermerhorn began one month ago, and 33 of their 34 active listings just had their prices cut. Penthouse B, a 965-square-foot two-bedroom, cut $30,000 from the price tag, to $1.02 million. The least expensive unit, studio #9J, got a $20,000 cut, to $325,000. One unit, however, just got…
Well, that didn’t take long. Sales at Be@Schermerhorn began one month ago, and 33 of their 34 active listings just had their prices cut. Penthouse B, a 965-square-foot two-bedroom, cut $30,000 from the price tag, to $1.02 million. The least expensive unit, studio #9J, got a $20,000 cut, to $325,000. One unit, however, just got pricier. Penthouse A, 937 square feet and two-bedrooms, increased by $30,000, to $1.125 million. Will this get sales moving, or is the building doomed to be a victim of bad timing?
Inside Be@Schermerhorn [Brownstoner] GMAP
Be@Schermerhorn Hits the Market [Brownstoner]
Be@Schermerhorn Website Fleshed Out, Still No Pricing [Brownstoner]
to all ya toughtful lil ben steins out there… prices go further down than what they are today = a decline in neighborhood. hide your ipods yo. oh lookime ..i bought a fabulous 1BR for 200k in boreum hill but geesh i don’t feel like i’m in kansas anymore. mommy………..
needs 100% seller financing.
Thanks for the rent/own comparisons.
Frankly there is no way I would pay that much to rent a one bedroom apartment, but obviously some people will.
I’ll sit tight and watch where things go.
All signs, for now, seem to be pointing down.
To those who say this is a good time to buy, I say (like others), it will be much better in a few months, and will probably get better and better in the next year or so. Prices are actually still extremely high, since I think we hit our peak just before the financial meltdown (yes, yes, I know everyone argues about what the peak was, but I was watching market closely and saw prices going up and up until this past spring when we started to hit a turning point). And cash is king in this kind of market – plus the gov’t just raised the FDIC insured limit to 250K so it’s easy to keep your cash safe, earning a little bit of interest, while real estate prices soften further. Sure, if you find a place you love, and it’s within your budget, go ahead and buy if you plan to stay for a long time, but if like us, you’re only seeing stuff that is still ridiculously priced, be patient since things will change as sellers will adjust to the new reality – one in which many of them will still do fine if they’ve owned for more than a few years…
Ha! future homeless shelter. Whoever said that hit the nail on the f—-ing head.
Snarkslope, if you have good credit and 20% down, you can get a 30 year fixed for 6% flat with no points, making your monthly nut on 9G $3097 a month before the tax benefit. Not a huge difference, but every little bit counts, right?
Considering you’ll pay that much *in rent* for a similarly sized one bedroom in the area, I could see how the numbers could make sense for a lot of people.
Here’s a link to some past rentals for comparison:
http://www.streeteasy.com/nyc/building/110-livingston-street-brooklyn
Let’s say I am interested in unit 9G. In one month it has dropped from $570,000 to $505,000. First off, why not wait for it to drop further?
But let’s say I am ready to jump on it, and they take an offer of $500k. I put down 20% and get a $400k mortgage at 6.5%. With CCs and taxes, my monthly nut is $3,229. How much is that after the tax benefit?
I can deal with being a “cuddly little sockpuppet” but it would depend on for whom 😉
As much as I would love to be able to give you concrete examaples…there are too many variables…such as your credit, how much you are putting down, and interest rate….but I will try. If you are able to get a mortgage on a one bedroom in the $300-400K range (which some one bedrooms in this particualar building are right now)…your payments fall between $1,800 and $2,500 a month (after tax savings for interest on mortgage payments)…can you tell that I am in financing 😉
So let me ask you this…what are you paying for a 1 bedroom rental in this area right now? Does it fall in to that range?
it is a good time to buy – several months from now would be a better time to buy. you can bet your pretty penny the Fed is going to lower rates. The bailout is only helping the financial markets, but the growing recession needs something more to kick it out and it begins to appear that inflation is less of an issue (hello Oil dropping below $90/barrel), the door is wide open for the Fed to cut rates. i bet by 2009, we will have some real low rates.
(granted this is only a good time to buy if your job is secure)