The Prospect Sees First Price Cuts
The Prospect, at 825 Classon, launched just about a month ago, prompting us to wonder how well prices – which went up to seven figures – would go over on the open market. Well, three of the smaller units have gone into contract but everything else just got a price cut. The two-bed, two-bath unit…
The Prospect, at 825 Classon, launched just about a month ago, prompting us to wonder how well prices – which went up to seven figures – would go over on the open market. Well, three of the smaller units have gone into contract but everything else just got a price cut. The two-bed, two-bath unit asking $1,299,000 has dipped to $1,199,000. A one bedroom got cut from $399,000 to $379,000. Those aren’t huge cuts, but do you think they’ll make a difference? Regardless of price-per-square-foot numbers, a million bucks is still a pretty big ticket on Classon Avenue.
825 Classon Avenue Listings [StreetEasy]
825 Classon Launches [Brownstoner] GMAP
The operative word here being “first” – as in, surely more to come.
‘s matter with these guys? Don’t they read the REBNY/PDE/Corcoran reports? Brooklyn is booming again!
***Bid half off peak comps***
The ax man cometh.
First sentence above should be “It was obvious that price chops WERE coming.”
They will never sell anything in this building north of 1 mil. You can buy an entire brownstone in the area for close to that price.
It was obvious price chops are coming, but this is pretty quick.
It’s easily the most expensive building in its vicinity. Compare it to the places on Sterling Place between Washington and Classon. This has nicer finishes and amenities, but not that much nicer. And its actually in Crown Heights/further into Crown heights (depending on where one draws that line).
To put things in perspective, 2br/2ba with 1100 square feet run between $649K and $669K at 825 Classon.
Compare that with 475 Sterling Place, where a 2br/2ba with 1100 square feet recently sold for $550K.
http://streeteasy.com/nyc/building/475-sterling-place-brooklyn
Or, if you like stairs and bargains, you can get the top floor duplex at 476 Sterling Place (2br/2ba, 1237 square feet) for $499K.
http://streeteasy.com/nyc/sale/445781-condo-476-sterling-place-prospect-heights-brooklyn