just as i suspected
hrmmm. the "luxury condo" market is faltering in the outer boroughs. i wonder why? read the article here:
The president of W Financial, Gregg Winter, said: "Mediocre projects — uninspired designs thrown up in ho-hum locations — are now justifiably suffering and selling at a pace akin to Chinese water torture. For years these projects would somehow manage to get financed, built, and slide though the system buoyed by a rising tide that caused amateur developers to believe they actually knew what they were doing. Winter 2008 is indeed a time of reckoning; however, my current experience is that the strong, well-designed, and well-located projects are still selling.
In certain projects, developers are contemplating price reductions or conversion to rental. One senior development director told me, "Sales have dried up in Long Island City even for products in the best locations. Since October, we have only sold five units."
Another developer in Williamsburg said sales have fallen by at least 50% in one project, and he is converting his other 12-story development to rentals from condominium. Projects in downtown Brooklyn and Fort Greene are having difficulty attracting purchasers even at prices as low at $550 a square foot.
yeah!
The president of W Financial, Gregg Winter, said: "Mediocre projects — uninspired designs thrown up in ho-hum locations — are now justifiably suffering and selling at a pace akin to Chinese water torture. For years these projects would somehow manage to get financed, built, and slide though the system buoyed by a rising tide that caused amateur developers to believe they actually knew what they were doing. Winter 2008 is indeed a time of reckoning; however, my current experience is that the strong, well-designed, and well-located projects are still selling.
In certain projects, developers are contemplating price reductions or conversion to rental. One senior development director told me, "Sales have dried up in Long Island City even for products in the best locations. Since October, we have only sold five units."
Another developer in Williamsburg said sales have fallen by at least 50% in one project, and he is converting his other 12-story development to rentals from condominium. Projects in downtown Brooklyn and Fort Greene are having difficulty attracting purchasers even at prices as low at $550 a square foot.
yeah!
posted by hazeldove at 2:30 PM
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