Solarium - Sustainable pricing?

What's the current pricing? Looking at a few of the closings, it seems like 2 BRs are about $677 PSF. I am curious to see if that price stays the same or goes up or down.

I think the larger question, for me, is whether LIC pricing is sustainable. The proximity and commute to midtown is the big sale for me, but I think the neighborhood is 5-10 years behind in terms of bars, restaurants, lounges and retail.

Usually when a neighborhood hasn't been fully developed, the prices are moderate to low and increase when all of the aforementioned things come into the neighborhood. LIC is priced as all of those things have already occurred which makes me skeptical whether the pricing is sustainable in the future. In addition, that City development is a huge what if. It has the potential to be something amazing or to be a drain/eye sore on the community.

Why do you think LIC is priced as if it is fully developed? I don't think you can make that assumption.

First closings at the Solarium are a 2bd and 3bd at or near $700 PSF. I am surprised at those prices. One would think the first closings would have seen more of a discount. Will be interesting to see the others come in.

LICComment, look at the other areas outside of Manhattan (e.g, Williamsburg and Astoria (below Ditmars)) that have new developments, they are established neighborhoods at this point (though, still changing) with nightlife and retail and they are not priced as much as LIC.

The LIC developers, to their credit, have been successful as marketing LIC, but as a buyer I would be concerned that LIC is overvalued at this point.

LIC does have retail. It will develop more, but it isn't like there is nothing around, as it was 10 years ago. In LIC's current state it will command higher prices than Astoria. The Hunters Point area is more desirable to enough people to make that so. The easier commute and nicer waterfront makes it more desirable.

I don't know enough about Williamsburg and its current pricing to compare. I had thought Williamsburg was priced higher or comparable to LIC.

It really depends on each condo and project. Yes, I agree alot of the condoas in LIC are overpriced. These sponsors are asking for prices they know is not where the market is willing to pay in lieu of this terrible economy. They are simply not being realistic and essentially "waiting" it out, hoping that the market will improve and they will eventually close deals. The economy is not going to improve significantly anytime soon and this current rela estate market will stay flat at best. Those who think buyers will come out and start buying are being foolish and unrealistic. Solarium is a prime example of an overpriced condo. Granted, that they are green this and green that - it;s pretty obvious that it's mostly a marketing tool to make themselves stand out in a poor market. C'mon that dinkie turbine on the roof probably powers the light in the main lobby at best. the only thing going for them is that they're in a good location in LIC and that it is a decent building with a great view on the rooftop. The units are poorly designed: the kitchen feels like a cave and the main bathroom is a waste of preciosu space. it makes absolutely no sense for the bathroom to be that big with no fixtures and just plain walls. The bedrooms are samll for a 2 bedroom unit. Honestly, all that it did for me was cause my eyebrows to go up because there were so many things about the unit that didnt make sense. you can read more about them in other blogs. I dont want to waste my time repeating what everuyone else already blogged on. Solarium is over priced. period

"LIC does have retail."

Yup. And Humpty Dumpty fell off the wall.

"it isn't like there is nothing around"

Stuff survived Hiroshima, too, like that bell they ring every year.

"In LIC's current state"

Hellish, polluted, surrounded by the Queensbridge Houses, or as they're currently called, "Las Casas del Puente de Catarina de Braganza, Reina de Portugal por Gracia de Dios."

"nicer waterfront"?

Newtown Creek? Or, as it's currently called, "El Arroyo de Pueblo Nuevo."

Trash.

Or is it a gong?

FYI - the sales office has sent out an email annoucing that they have hit the 70% sold mark. I find that amazing considering they have not been selling all that long. The location is good, but the quality of the units IMO is poor.

Still, it is wrong to say the developer has priced this building too high since peole are willing to pay the developer what he's looking for. Last year at his time there were about 600 units in a number of buildings near the waterfront alone. I thought a few of them were headed for trouble. One year later, buildings with large inventory like Hunter's Point Condos, the Powerhouse, and the Foundry have sold down to a small percentage of their units remaining. I find this hard to believe, but there you go. I have been amazed at the demand. Not that they are flying off the shelves or ballooning in price, but that they have sold at all. Now a new crop of buildings has come up and is trying their luck. Again, I am surprised that the Solarium has done this well. It is a positive sign for the neighborhood that they are selling and I am glad they are

.....however i don't know that they can sustain these prices in the short term. If there is a positive it is that most of the new buildings are smaller - solarium, 1VJ, East of East. Murano is larger with around 100 units. I don't know about the building going up next to the Powerhouse, but that is well over a year away from sales most likely. The lower the inventory, the better these buildings will sell as long as they price them to what the 'market' is to pay.