Big condo construction site on Bergen

apollonia666

FYI, in case anyone else is interested... I've been awfully curious about the huge multi-lot construction site on Bergen between Classon and Grand, and after a lot of poking around on PropertyShark.com and the DOB website I finally found an illustration of the condos being built there on the architect's website:

http://www.kbanyc.com/824bergenstreet.htm

Looks nicer than the old warehouses that used to be there, at least...

leet

Will the NYC market become oversaturated with condos like what has happened in so many other cities?

I realize that lots of foreigners are buying property here now because of the weak dollar, but still, I'd guess that the difficulty of getting a large mortgage these days would eventually have some effect on the market here.

lilbangladesh

The mortgage meltdown is definitely going to cause a slowdown in the market. I normally don't log in from work because I usually don't have access, but they logged me in because they doubt I'll have any mortgage agreements to proofread today and they're kind enough to make sure I'm not too bored.

If you work at all with mortgages, it's been dead dead dead!

cool the kid

lilbangladesh wrote: The mortgage meltdown is definitely going to cause a slowdown in the market. I normally don't log in from work because I usually don't have access, but they logged me in because they doubt I'll have any mortgage agreements to proofread today and they're kind enough to make sure I'm not too bored.

If you work at all with mortgages, it's been dead dead dead!

Sorry 4 u but that makes me glad, lotta stuff goin up in the nabe and I wanna buy in the next 1-2 years

A reasonable price for a 2BR around here is like 250K... hopefully the slowdown will bring prices down to that level.

lilbangladesh

Good luck getting a mortgage. Real estate prices aren't actually coming down; it's just that it's going to get much harder getting a mortgage. The credit squeeze is going to affect everyone.

capt. planet

Well, if the pool of buyers decreases because fewer people can get mortgages, then it has to hurt the condo and townhouse market. Supply and demand, economics 101. Worse yet, the number of condos is increasing.

On a more positive note, I think that increasingly younger folks and retirees in particular are attracted to cities, especially the Big Apple. They're more energy efficient, you can walk to work or take mass transit, you can have a life without a car, etc. When it costs $5 for a gallon of gas, as it could well in a year or two, who wants to be dependent on car? And who wants to be heating a rambling ranch house when you could live in a conjointed rowhouse where you share your neighbor's heat on two sides of your building? Or on all sides if you get a condo? And finally there's the cheap dollar, that pulls wealthy foreigners into desirable places like NYC.

To what extent do these forces cancel each other out? It twill be interesting.

lilbangladesh

The reason why you won't see prices go down here in NYC is that there is still more people who want to buy than there are houses. There has always been a housing crunch here which is why NYC has been relatively unaffected by the real estate bust. The only difference you will see is that prices won't climb as high as quickly.

All the reasons Capt Planet stated is why I live here. I haven't had a car in ages and I'm not looking forward to having to have one when I move to LA. Cars are real money sucks when you don't have a lot of it.

Now the mess that is the Argentine economy seems to be creating some work. I was busy yesterday.