New Condo Prices in Brooklyn: DOWN !!!! (New York, Port Washington: sales, apartments, rent)

[modmondays]

Wall St Journal reported today that Toll Brothers are in the process of slashing their new condo prices in Brooklyn by 25%....thats TWENTY FIVE PERCENT!.

The housing bubble is deflating big-time here finally!!!

[I_Love_LI_but]

Originally Posted by modmondays

Wall St Journal reported today that Toll Brothers are in the process of slashing their new condo prices in Brooklyn by 25%....thats TWENTY FIVE PERCENT!.

The housing bubble is deflating big-time here finally!!!

So the people with more money than brains aren't snapping them up quite as fast as they used to. What are you celebrating for? They are still priced beyond reason for apartments in Brooklyn. Especially where the water can be so SMELLY. If I wanted to spend that kind of money in Brooklyn I would choose somewhere else.

New York Prices

The company last week started cutting prices on its condominiums in Brooklyn, New York, by as much as 37 percent to spur sales after its unsold inventory spent two years on the market.

Prices at the eastern tower of the waterfront Northside Piers project in the Williamsburg neighborhood were reduced starting Feb. 3 for all types of apartments.

Toll is now selling two-bedrooms starting at $690,000, down 21 percent from $869,000 at the beginning of last week. Three- bedrooms now start at $860,000, down 20 percent from $1.075 million. Penthouses now cost $950,000, down from $1.5 million.

[dman72]

Originally Posted by I_Love_LI_but

So the people with more money than brains aren't snapping them up quite as fast as they used to. What are you celebrating for? They are still priced beyond reason for apartments in Brooklyn. Especially where the water can be so SMELLY. If I wanted to spend that kind of money in Brooklyn I would choose somewhere else.

New York Prices

The company last week started cutting prices on its condominiums in Brooklyn, New York, by as much as 37 percent to spur sales after its unsold inventory spent two years on the market.

Prices at the eastern tower of the waterfront Northside Piers project in the Williamsburg neighborhood were reduced starting Feb. 3 for all types of apartments.

Toll is now selling two-bedrooms starting at $690,000, down 21 percent from $869,000 at the beginning of last week. Three- bedrooms now start at $860,000, down 20 percent from $1.075 million. Penthouses now cost $950,000, down from $1.5 million.

They're still asking way too much. 2 bedrooms should be around 450K in this market.

[modmondays]

Originally Posted by I_Love_LI_but

So the people with more money than brains aren't snapping them up quite as fast as they used to. What are you celebrating for? They are still priced beyond reason for apartments in Brooklyn. Especially where the water can be so SMELLY. If I wanted to spend that kind of money in Brooklyn I would choose somewhere else.

New York Prices

The company last week started cutting prices on its condominiums in Brooklyn, New York, by as much as 37 percent to spur sales after its unsold inventory spent two years on the market.

Prices at the eastern tower of the waterfront Northside Piers project in the Williamsburg neighborhood were reduced starting Feb. 3 for all types of apartments.

Toll is now selling two-bedrooms starting at $690,000, down 21 percent from $869,000 at the beginning of last week. Three- bedrooms now start at $860,000, down 20 percent from $1.075 million. Penthouses now cost $950,000, down from $1.5 million.

You ask "What am I celebrating for???????"

During the "bubble years" young wall streeters who were "priced-out" of manhattan went to brooklyn to buy up the trendy new eco-condos. Well...it is obvious that the combination of Brooklyn drying up and Manhattan finally gasping means that the bubble has finally burst here in Da Big Apple. And the ramifications of this for all of Long Island, Westechester and New Jersey is beyond significant. It means that the buying pool for areas such as Port Washington, Manhasset, Roslyn and all of the other Nassau "commutables" - - as well as West-Chester is disappearing.

Thus, we havent seen nothing yet as far the "Buyers Market" goes......

[I_Love_LI_but]

Originally Posted by modmondays

You ask "What am I celebrating for???????"

During the "bubble years" young wall streeters who were "priced-out" of manhattan went to brooklyn to buy up the trendy new eco-condos. Well...it is obvious that the combination of Brooklyn drying up and Manhattan finally gasping means that the bubble has finally burst here in Da Big Apple. And the ramifications of this for all of Long Island, Westechester and New Jersey is beyond significant. It means that the buying pool for areas such as Port Washington, Manhasset, Roslyn and all of the other Nassau "commutables" - - as well as West-Chester is disappearing.

Thus, we havent seen nothing yet as far the "Buyers Market" goes......

I see ... you are looking towards the future. You really think Manhattan is gasping? I just see it becoming more and more geared towards the uber-wealthy.

[rocafeller05]

I agree. We started a 14 floor condo bldg. in the Village in 2005. Needless to say the project finished way over schedule. From 2006 to now the prices dropped 35%.

[TomMoser]

Originally Posted by dman72

They're still asking way too much. 2 bedrooms should be around 450K in this market.

I'm sorry, I still get a little confused when people talk about what something "should" be worth. I always thought that something is worht what someeone is willing to buy for and someone is willing to sell for.

[modmondays]

Originally Posted by I_Love_LI_but

I see ... you are looking towards the future. You really think Manhattan is gasping? I just see it becoming more and more geared towards the uber-wealthy.

By April Manhattan could very well be on "life support"...or so I have been told by a realtor in a very large manhattan brokerage...please see my post a few days ago on this board....

[NYBB]

Originally Posted by TomMoser

I'm sorry, I still get a little confused when people talk about what something "should" be worth. I always thought that something is worht what someeone is willing to buy for and someone is willing to sell for.

There seems to be no shortage of confused Realtors these days. They still believe housing prices double every 10 years and its always a 'great time to buy.'

People overpay for things and get ripped off every day - housing is no different. Just because someone is willing to pay $1,000,000 for a piece of poo, I'd argue they paid way too much for that piece of poo and its certainly not now worth $1,000,000. Problem is, they might make a terrible decision and pay dearly for it, so why not try to help them see through the bull...poo

I too am celebrating, the bubble has finally BEGUN to burst. Save cash & sit tight, we still have a ways to go!

[modmondays]

Originally Posted by NYBB

There seems to be no shortage of confused Realtors these days. They still believe housing prices double every 10 years and its always a 'great time to buy.'

People overpay for things and get ripped off every day - housing is no different. Just because someone is willing to pay $1,000,000 for a piece of poo, I'd argue they paid way too much for that piece of poo and its certainly not now worth $1,000,000. Problem is, they might make a terrible decision and pay dearly for it, so why not try to help them see through the bull...poo

I too am celebrating, the bubble has finally BEGUN to burst. Save cash & sit tight, we still have a ways to go!

Man, you sound like LIBubble!

Anyway, check out an article in this weekend's WSJ: Peggy Noonan's column talks about how "quiet" it is right now in Manhattan - - I live there and I havent really noticed, but I can tell you there are TONS of layoffs and the little kids who were working on Wall St making $250k are out of work and perhaps-- finally -- out of town. This will have significant ramifications for housing and rent pricing in Manhattan, Brooklyn, Nassau, Westchester and Jersey over the next few years.