The Isabella Launches Sales
How did we miss this! The once-dead Isabella Condos got a breath of fresh air in August with news of a $22.6 million loan to complete construction and relaunch the sales effort at the 63-unit Clinton Hill building. The first 17 units showed up on StreetEasy at the end of of September (and, more recently,…
How did we miss this! The once-dead Isabella Condos got a breath of fresh air in August with news of a $22.6 million loan to complete construction and relaunch the sales effort at the 63-unit Clinton Hill building. The first 17 units showed up on StreetEasy at the end of of September (and, more recently, on the Brownstoner marketplace.) A 753-square-foot one-bedroom is asking $365,000, down from $485,000 back in 2008. A three-bedroom that was $980,000 in the first go-round is now $795,000. Those are some significant cuts. Are they enough to pique your interest?
Isabella Condos Back From the Dead [Brownstoner]
Checking In On The Isabella Condos [Brownstoner]
Sales Begin at the Isabella [Brownstoner] GMAP
BHO, QE2 is going to pump a ton of easy money into NYC again. it’ll at least be a while after that before NYC gets spanked. QE2 might be useless for the nation as a whole but for NYC, it’s definitive boost to the wallet
“This would be a good deal even to BHO.”
1BR -25% from orig ask
3BR -19% from orig ask
Both command up to 2K and 4.5K per month in rent, respectively. Another -34% and -32% to go, respectively.
Bad deal consistent with the market at large. Brooklyn won’t survive the MBS (mortgage backed sausage) feedback loop. The fundamentals are homesick.
It’s a great time to sell.
***Bid half off peak comps***
We’d consider renting there too, more4. The Isabella and the DeWitt, (its cousin one block down Washington), look nice enough, but a little bland. At least the Collection (why do I know all of these names and when did I stop sneering at them and start to take them seriously? Kind of scary) — is kind of an interesting building. Aside from the dead birds and dead workers and potentially bad juju.
“that has very low tazes?”
Don’t taze me bro!!!
“Wasder, would love to see that glass tower opposite Hot Bird get filled out soon.”
Moi aussi–that building is becoming a serious problem and I fear that it could really deteriorate fast without maintenance.
More realistic than living in one’s current home mortgage free is to sell the property down the road and take the proceeds (principal repaid + equity + appreciation – transaction costs) and live somewhere cheaper.
DH, buy a house now cause you’re young enough to enjoy no-mortgage for a meaningful period
this building looks like an assisted-living facility for the elderly.
dave – are you suggesting that one should only buy a property in brooklyn that has very low tazes? perhaps a 2 family rowhouse? in bed-stuy?