Since starting Downtowny just 3 months ago, we've written about more than 40 apartments (and seen countless more) and were inspired by yesterday's "In Contract!" declaration by Josh, the seller of the PH unit at 55 Liberty Street (one of our favorite listings), to take a walk down
Not so surprisingly, it turns out that of the apartments that we've written about, zero have sold. Seven are currently in contract, including an eye-popping three units at 111 Fourth Avenue, the Franken-loft building in the East Village which apparently, everyone loves but us. Of the remaining 35 or so apartments, most are still sitting on the market and approximately half have declined in price since we've seen them.
We sometimes wonder if some of the units that we love to hate, such as the $849,000 6th floor walkup on Avenue B, the William Beaver House (thanks for all of the good times), and the oh-so-consistently overpriced mess at
Heck even beautiful units that we thought were offered at very decent prices, such as those at One Rector Park and the quite pretty unit at #6F on 15 Jones St. have failed to move.
Meanwhile, some of our most favorite units (like #2F at 99 Avenue B, which has outdoor space that you probably last saw in the horror movie "The Ring"), have been pulled from the market.
What has all of this taught us, you might ask? As we look back at 3 months of apartment searching, we've learned about BPC ground rents (too high), the complexities of 20 Pine (too dark), the nooks and crannies of Streeteasy (too awesome) and the many wonders of ACRIS (too much like a DMV form). But our biggest takeaway is to be patient. In this market, you can afford to wait, and we think we will...