This Week in Comments

New York /
May.May 01, 2009 11:44 AM

Which residential projects are the most overpriced?
Every single development has to be overpriced in today’s market in order to have a shot in hell of selling it for a fair one.
 
SL Green unchanged on low renewal commissions
Expect to see a lot more open space in SL Green buildings.

Williamsburg developers follow Toll Brothers in cutting prices

Are you kidding — a rooftop cabana? Great, a buyer can sit out there and watch as their condo price plummets 40 percent over the next year. Nice try. Buyers should just sit tight [and] avoid getting underwater in a mortgage. Things will be much, much cheaper by the end of the year, especially in fringe neighborhoods.

Which condo project do you think is the least likely to get built?

1. Anything with a crane still up is pretty much doomed. Whether it’s completed or not won’t make a difference. When I hear “50 percent sold,” [or] “80 percent sold” units in specific condominium projects, I wonder how many [units] have actually closed as these so-called percentage statistics often include listings that have gone into contract as well. The banks are very reluctant to give mortgages to any condo buyers in projects that are not between 50 percent to 75 percent sold as their concern is with condominium projects being able to pay their annual debt and operating expenses. When the units actually do close, then tell me the percentages.
2. Basically anything in the planning stages in shelved for the foreseeable future. That’s just the way it is, for now at least.

Vacant building in Lower Manhattan collapses

First cranes collapsing and now a building collapses right in front of the DOB headquarters? How much longer we will have to live under the DOB’s incompetent oversight?

How has being a part of REBNY helped your business?
REBNY is unorganized and behind on all of its Internet technology…create [a] MLS and enforce [the] rules.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
(Super Gen via Twitter/ArjunKharpal, Getty)

Ready players: 5M-sf e-sports complex rises in Shanghai

Ready players: 5M-sf e-sports complex rises in Shanghai
News of President-elect Biden’s $1.9T stimulus plan held promise for employment and economic activity. (Getty)

Real estate stocks hold gains even as market doesn’t

Real estate stocks hold gains even as market doesn’t
Tommy Hilfiger and his recently sold estate in Greenwich, CT. (Getty, Janet Milligan)

Tommy Hilfiger’s Greenwich estate sells for $45M

Tommy Hilfiger’s Greenwich estate sells for $45M
Jenna Ryan was part of a group who flew on a private plane from Denton, TX, to Washington, D.C., with the intention of joining the protestors (Twitter.com/DotJenna)

Texas Realtor faces criminal charges for role in Capitol attack

Texas Realtor faces criminal charges for role in Capitol attack
Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...