I'm trying to get a good understanding of the different drivers for so many Citylights units being for sale, which seem to be driving down prices further. * Exorbitant Maintenance Fees * Hunters Point South Project, with subsequent "Middle-Income" housing, blocked city and river views, increased demand on neighborhood infrastructure, etc. * More inventory at the neighborhood and city levels,... [more]
I'm trying to get a good understanding of the different drivers for so many Citylights units being for sale, which seem to be driving down prices further.
* Exorbitant Maintenance Fees
* Hunters Point South Project, with subsequent "Middle-Income" housing, blocked city and river views, increased demand on neighborhood infrastructure, etc.
* More inventory at the neighborhood and city levels, better pricing/value, etc.
* Phasing out of Tax Abatement (starts 8 years from now, I believe.)
* Any changes to NYS treatment of Co-Ops for Tax Purposes?
* People who may be underwater or heading there with their mortgages, those who overpaid or can no longer afford their units; the economy, etc.
* Possibly a perception of mismanagement of the building.
What else am I missing? I'm sure there are other potential issues at the building, neighborhood, city and national levels that the market seems to be pricing in for units in this particular building.
It's a big building but people seem to be trying to get rid of their units as fast as they can.
I like some units I have seen. In the Hallways and Lobby, though, felt a little bit like a budget hotel.
Input, please.
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