Should we feel sorry about the buyers at 20 Pine?

sounds like you are trying to form this discussion with the hopes of causing a drop in prices and then buying into it. magnificent tactic but nevertheless overly obvious.

see lajeep405 comment at the Shvo discussion

new constructions are in big trouble. They will be the hardest hit in this housing recession in NY.

Who the hell will rent this 2-bed room apartment for $18,000. This is sick. The more I think, I really want these new developers to get hurt by this downturn.

http://www.streeteasy.com/nyc/rental/325722-20-pine-street-wall-street-manhattan

I don't think prices will drop. Developers will just rent out the units before dropping prices. If people walk away due to lack of financing the developer gets to keep the 10% and put the place back on the market. I think there might be just enough demand to keep prices where they are for a long time. I really hope I get proven wrong.

you said "I think there might be just enough demand to keep prices"
well that demand is waning. This is not 2005. You will see the real impact after summer.

Yes, Manhattanguy, if there is enough pain, perhaps the revolution will come more quickly and the silly capitalists will learn their lessons.

Demand is waning, but not enough to matter. Every place I am interested in sell a few weeks later and I am just sitting here with my thumb up my...... hoping prices will drop.

lajeep40, i doubt the developer will rent them out, firstly it pisses off current buyers, second it reduces the value of the property on resale, finally you are assuming they can actually rent these things out. from the looks of things, its not like they have these options because there aint a booming market for 20 pine. unfortunately whoever purchased in this building is going to feel the negative effects of leverage.

lajeep405 might be fishing but he brings up a good point. maby they aint selling because no-one is interested at the current price.

Duh.. $!400-$1500 psf is irrational exuberance. These are going back to pre 2004 price levels.
lajeep - The developer in Jasper offered to reduce the price of a studio by about 5% because they are doing bad. Maybe you should look there? I am sure there are others developers in the same situation. These guys have to wake up to reality.

lajeep405, not sure what all the issues are at 20 Pine but there seem to be some problems.

Re prices, I think the market is fundamentally strong but there is sufficient softness around the edges so that it is a good time to negotiate heavily for a property you really like. On a new property like 20 Pine, I'd go for a bread on transfer taxes/closing costs instead of prices.

Re FiDi, I really prefer the John St. condos. They are right near the Fulton St. subway, so I think they have the most potential to appreciate. 90 William is about totally sold out, as is 80 John, but I think both have some remaining availabilty. 45 John and the District are also very nice.

lajeep: you're just all over, aren't you? Williamsburg, then 20 Pine. You just can't seem to pull the trigger. Keep sitting around with your thumb up your ass typing into chats, while REAL buyers move into their new homes. Wake up, NYC is part of the global marketplace now, so prices will remain sticky.

Plunking down 10%? You jerk, do you really think that's a lot of money considering prevailing prices? Try getting a mortgage in the 80's when rates were 15% and minimum down payments were much higher. You act like your shitty 10% is real money...gimme a break.

Regarding 20 pine: to date there are only 64 unsold units, and they are starting closings on their second TCO shortly. So what problems are you referring too? Delays on delivery? Oh my, how could such a thing been unforeseen?

10% is a lot to me and real money. I have put 2 offers on new developments in the last month and they were non negotiable. The problem I am refering to are thw buyers that put 10% down last year and now cannot get 90% financing.

I wonder if the real estate blogs in Charlotte, NC are this nasty.

I also have a unit and tried to just get out because my finances have changed i called asking if there was anything they could do and there lawyers told me to go f myself im the jerk for giving these people my money for 2 years with no way out.

does anyone know if there is anything i could do oh am i out my 10 percent

Im assuming your purchase price is higher than 810k?

nddd:

how much did you purchase your unit for (price per sf)? If its a a decent discount to current market, you should be able to sell your contract and at the very least break even on the deposit

745000 616 sq ft

there should be an out in your offering plan for them not having a tco and 1st closing withing 12 months after the initial 1st year operating budget start date.

ive had 2 laywers check there isnt

maybe ask you lawyer to take this to the AG? I think that's how the Tribeca Space buyers got a 15 days rescind window. They also had given their deposits way back..

thank you greeny gonna get it checked out again

maybe i am naive but what is the allure for new construction. i just went to contract and this is for investment to rent out the cardinal sin on this blog for a gut renovated 670 sq ft condo east 70's gym pool 24hr doorman for 699,000.new granite kichen new bath with jaccuzi and a killer view to the north

nddd, if you find out any info on getting your money back, could you please post what you find -- for others in your position?

nddd, check out this recent thread, and good luck:

http://www.streeteasy.com/nyc/talk/discussion/3688-new-construction-walk-away-rights-

New opportunity for lajeep405: http://therealdeal.com/blog/2013/10/11/kids-dont-really-see-sheep-in-the-middle-of-new-york-at-a-gas-station-shvo-says-video/

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