Prices of "Pinnacle" condominiums 50/19 Boro Park?

amother

Goldenrod

Thu, Jun 13 2019, 11:07 am

Amarante wrote:

The real estate market is based solely on supply and demand and fair market value is determined one what a buyer will pay and and a seller will sell for a specific piece of real estate.

If the apartments sell at the price, they will sell. If they don't sell at the price, then the developer will lower the price until someone purchases at the price.

Location is to a great extent the most important determinant of price. If a location is highly desirable, people will decide that location is more important than other factors.

In terms of noise, modern construction generally has double paned windows which block sound really well so I don't think noise would be a factor.

Yeah- until you open your window for some air!

amother

Denim

Thu, Jun 13 2019, 11:21 am

amother [ OP ] wrote:

I see a 4 bedroom at 1850 52nd St, contains 2,100 sq ft. It contains 4 bedrooms and 4 bathrooms sold for $960,000 in May 2017 ($457 a sf). But its much older.

I thought people are so desperate for apartments theyd sell 1 2 3 no matter the price.

There are some big issues with those buildings on that block. There is actually a 6 bedroom apartment available in one of those buildings now for 1.1 million.

amother

Thu, Jun 13 2019, 11:51 am

mfb wrote:

I think they missed the boat a little. A lot of people are looking to move out of Brooklyn now.

And there are thousands of families who want to stay because of jobs, relatives, kids schools, the no driving issue that Chassidish women have which isnt a problem in Brooklyn with trains and buses and all stores nearby, etc.

amother

Thu, Jun 13 2019, 11:52 am

amother [ Denim ] wrote:

There are some big issues with those buildings on that block. There is actually a 6 bedroom apartment available in one of those buildings now for 1.1 million.

What issues?

amother

Black

Thu, Jun 13 2019, 11:50 pm

amother [ OP ] wrote:

What issues?

I live in one of those buildings on 52. In the past 3 years there were 2 floods and one fire in my half of the building alone. The fire was a kitchen fire, but the floods... One was from sprinkler malfunction, caused lots of damage that took almost a year to fix. One was from a boiler/water tank exploding. The people most affected moved into their parents for 2 months while the walls were reconstructed. They were busy with it for 10 months.

amother

Thu, Jun 13 2019, 11:52 pm

amother [ Black ] wrote:

Who was responsible for repairs? The builders or owners?

If its homeowners, the homeowners insurance there is probably sky high, once theres more than one claim in a short time.

amother

Slategray

Fri, Jun 14 2019, 1:44 am

amother [ Black ] wrote:

The only thing here considered a real issue is the sprinkler malfunction.
I had a boiler crack in a house that was less than 10 years old. It was actually still covered under the 10 year warranty of the boiler. It happens because boilers today aren’t made to last. And a kitchen fire can happen in a brand new house to!!
I wouldn’t say bad about a whole complex for these issues!! It’s not fair to those trying to sell. Please be careful!

(And no I do not and have never lived in or near those houses. And no one related to me lives there)

amother

Burlywood

Fri, Jun 14 2019, 9:15 am

amother [ Denim ] wrote:

There are some big issues with those buildings on that block. There is actually a 6 bedroom apartment available in one of those buildings now for 1.1 million.

The maintenance fees are very steep there so 1.1 m is not a bargain imo.

amother

Fri, Jun 14 2019, 9:41 am

amother [ Honeydew ] wrote:

Per the office asking price is $550 a square foot and they throw in free parking, I think it’s very reasonable

Arent good deals grabbed up way before theyre finished building?

It seems theyre offering the first 30 customers a discount.

Just One

Tue, Jun 18 2019, 1:14 pm

Over $1,000,000 for a condo in Boro Park is a lot these days. There are 1-family houses available at that price. The demand has gone way down as many people are relocating away from Brooklyn. Of course there are still many who want the convenience of staying local but since the demand has dropped many houses are sitting empty.

Please call your local real estate agent before going into contract on a condo like that to see what your options are. IMHO prices will be dropping even further and you might be investing in a depreciating asset

amother

Tue, Jun 18 2019, 1:30 pm

Jewishmomma123 wrote:

IMHO prices will be dropping even further and you might be investing in a depreciating asset

I dont see prices in BP going down too much, because everyone has large families, (6-8 kids, having 6-8 kids each, 20 years later). BP will continue to bust with people iyH.

But private homes are always better than condos.

amother

Tue, Jun 18 2019, 1:31 pm

Jewishmomma123 wrote:

IMHO prices will be dropping even further and you might be investing in a depreciating asset

amother

Denim

Tue, Jun 18 2019, 3:05 pm

Jewishmomma123 wrote:

The million dollar houses that I've seen all had to be gutted. A good house doesn't sit empty. I've been looking for the last 4 months.

amother

Burlywood

Tue, Jun 18 2019, 3:06 pm

Jewishmomma123 wrote:

Some people would rather buy a brand-new condo than the 1m fixer-up house that requires a lot of work and money they don’t have.

Also, there are property tax abatements available for many years with condos.

amother

Papaya

Tue, Jun 18 2019, 8:59 pm

amother [ Cyan ] wrote:

It's five bedrooms but it's not so big in square footage & the layout is not so spacious.

Space was really well planned and is spacious by city standards. (any city standards; not just BP). And yes its significantly below market price per SF