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Quorky, Real Estate Pro in 11209

PierPointe Brooklyn Bay Ridge Condos Pricing??? Where is the logic?

Asked by Quorky, 11209 Wed Jun 23, 2010

PierPointe Condos have been on and off the market the past few years... the few times I was able to catch the pricing for those condos they were starting in the 400s are for the lowest priced 2 bedroom.

Turning the clock forward to June 2010, they are back on the market but at a 25% increase in price (low 500s).

What I am looking for is a realistic agent that can explain the methodology behind the unrealistic pricing... The residential real estate is in quite a predicament currently. With the the tax credit, being more of a pull on the demand by bringing it to the present, the stats continue to deteriorate. Pricing needs to be in the realistic price range... At the asking prices, that equates to over $500 a square foot for the cheaper of the units available - the prices only go up from there.

With the primary coveted area being the 90s and with the current condos selling there at low to mid 400s, I truly believe that the realistic price point to market these condos at is low $40

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Answers

7
Just want to add a little update. I live right next door and till this day - 3/17/11 - there is not a single light on in that building at night.

This "hot property" is vacant. The prices are wrong for the market and will need to be lowered dratically
1 vote Thank Flag Link Sun Mar 27, 2011
Not sure where you are getting your information from, but the 2bedroom/2bathroom homes at Pier Pointe are actually starting at around $412 per SF right in line with your suggestions. To date 55% of the units are in contract within the past 6 months and closings began in February. Please revisit the site for up to date information.
0 votes Thank Flag Link Mon Apr 4, 2011
Response to your update. You may be right but there may be other factors impeding the sale of the units.Check out my blog -6 Things to Consider When Looking at Condos in Brooklyn
0 votes Thank Flag Link Sun Apr 3, 2011
As a potential buyer, there is no logic when looking at the market.
The only logic is the owners logic. He feels they are worth the money.

I on the other hand feel that he is crazy to be asking the amount he is with virtually ZERO amenities, no live in Super (yet) and no indoor parking.

If you want a space, it's an extra 50g or $150 a month to rent. But this is an outdoor lot with minimal gate protection. Great...I'm going to keep my $53k car outside? I don't think so.

Not to mention the much too high Maintenance fees that start from $400 and only go up and add $150+ a month for real estate taxes. Really? Really?

Oh, and only 1 person is living in the building right now AND there is still construction going on.
As you noticed, some prices have already dropped close to $100k.
They need to go down way more.
0 votes Thank Flag Link Mon Nov 29, 2010
The Condo will sell for what ever the market will bear ! No science if the market will support the price they will sell for higher or lower. Check the link below for more information.
0 votes Thank Flag Link Thu Jun 24, 2010
Dear Quorky:

There has been such a high level of interest in these condos that the developers believe they can sell for the higher prices based on the demand for these units. Only time will tell. If you are interested in viewing the PierPointe condos, they will be conducting open houses there this weekend.

Feel free to contact me for more information, my office has the exclusive listing on the project.

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Wed Jun 23, 2010
continued.... low $400. I can provide the data to support this analysis with recent sales (which are probably only existing due to the tax credit) as well as the stats that confirm the deterioration of the residential real estate market...

Regards,
Concerned Individual
0 votes Thank Flag Link Wed Jun 23, 2010
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