The Be@Schermerhorn Price Cuts We've Been Waiting For
The price cuts we forecast in a post about be@schermerhorn last week are upon us. As of yesterday afternoon, 17 units had had their prices cut an average of 16 percent. The biggest whack job (no jokes, DIBS) on a percentage basis was at Unit 3C, a 910-square-foot two-bedroom, two-bath apartment that dropped 24 percent…
The price cuts we forecast in a post about be@schermerhorn last week are upon us. As of yesterday afternoon, 17 units had had their prices cut an average of 16 percent. The biggest whack job (no jokes, DIBS) on a percentage basis was at Unit 3C, a 910-square-foot two-bedroom, two-bath apartment that dropped 24 percent from $640,000 to $518,000. The floorplan’s here. Look attractive?
What’s Going On at Be@Schermerhorn? [Brownstoner]
Checking In On Be@Schermerhorn [Brownstoner]
Be@Schermerhorn Listings [StreetEasy] GMAP
Price Cuts at Be@Schermerhorn [Brownstoner]
Inside Be@Schermerhorn [Brownstoner]
thanks for the info josh. im curious if you, or anyone else out there, knows what happens if a building that is partly sold, goes rental. i assume that values of the apartments drop, but is it by a ridiculous amount? also does the building make an effort to go all condo once things stabilize or would that be on a condo by condo basis, and are there any other detrimental affects of part condo part rental other than a drop in value, etc? i guess im concerned about this happening to pretty much any of the new buildings in the area as even something like the oro is only 30 or 40% sold and im sure eventually the sponsor is going to want to fill up the place either by selling or renting. also josh, what other places do you know of in the area that are good deals, as ive looked at oro, toren (i just dont like the location of either of these), and a bunch of others and quite honestly i havent seen anything that is new and in as great a location as be@scherm? thanks!
bbb, my source is quite reliable, and not at all from this board. be@schermerhorn has cleaned house recently, switching law firms and real estate agencies (likely due to their new focus on the building’s eventual rental status). This leaves a lot of people who know the inside scoop and are no longer under any obligation to keep it quiet. Luckily, I know one of these people. I was actually looking very closely at putting a bid in on one of the apartments in this building, which is why I was warned by my friend. Now there is no way I would ever go through with it. There are too many other great deals out there to take such a risk!
im not sure why people seem to hate this place so much. the building is nice as are most of the be@ properties and the location seems perfect – a block or two from smith and court streets. and its located on a block thats not bad, just dead, but the hotel projects are starting up so it seems like an a great investment since the block will be rolling along shortly and most of the fulton mall is being redone by the city. aside from those on these message boards who seem to hate everything and think the world is coming to an end, does anyone actually know why be@scherm just isnt selling. and joshneely… are your sources reliable about it going rental or does that seem more like rumor, perhaps put out by the nihilists on these boards? i was thinking of putting in an offer for a place here. thanks.
I have it on good authority that this place is definitely going rental. Apparently, in order to avoid having to be rent stabilized once a rental building, they have to have a certain percentage of the units sold as condos. Thus the recent sales push/price cuts. I feel so sorry for the buyers in this building who will be vastly outnumbered by renters who will have no vested interest in the maintenance of the building or its common spaces (especially when even the laundry area is shared). I wouldn’t buy here even if _I_ got bailed out by the government.
ONE MORE THING, I HAVE SEEN STUDENT HOUSING BETTER THAN THIS BUILDING. CHECK OUT BROOKLYN LAW SCHOOL STUDENT HOUSING ON STATE STREET. THAT IS BETTER THAN ANY APARTMENT BUILDING THAT HAS BEEN BUILT BY A DEVELOPER IN THE DOWNTOWN BROOKLYN AREA. THE TOREN IS A GOOD LOOKING BUILDING, DESPITE IT’S LOCATION.
UGLY LOCATION AND UGLY BUILDING. APARTMENTS STILL EXPENSIVE. I BET THEY WILL COME DOWN EVEN MORE. THEY MAY HAVE TO RENT THEM OUT, I CAN’T IMAGINE FAMILIES BUYING A PLACE IN BACK OF MACY’S. GOOD LUCK TO THE DEVELOPERS.
This building looks so much like a hotel.
What’s in the base behind those big commercial-sized windows?
Damn, its good to be a renter.
***Bid half off peak comps***
Inflation cannot take off while layoff and pay/bonus cuts are still happening. There is a lot of money circulating, but much of it is being restrained on bank balance sheets. There is no “Velocity” of money right now to drive inflation.
You can see that the price of gold and some commodities has edged up, meaning people are anticipating inflation. But I think it will be at least a few years before real inflation rears its ugly head.
If you truly believe we will have 80’s like inflation, the best bet would be to stay liquid, hedge with silver or gold, and yes – real estate prices are typically a beneficiary of inflation.