M2i is a loft project in the East Village and was built by CitiMark development.
This is the second loss at M2i noted on this blog. It's also notable that there are a handful of units still for sale by the developer.
Type: Listed on MLS(#076000656)
List Price: $535,000
Cost: $549,900
Loss@6% Sales Expenses: $47,000
Loss%: 8.55%
Purchase Date: 03/02/2006
Holding Period: 10 months and counting...
Bedrooms: 2
Bathrooms: 2
Square Feet: 1126
Purchase Details: view
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6 comments:
interesting article from the NYTimes on the condo situation in other cities:
http://www.nytimes.com/2007/01/16/
realestate/16rentals.html
This is only the begining, in the next 18 months we will see prices will drop in property like this one and the surounding areas for about 15-20%, we can see it already in Parkloft project and soon will see at ICON. There are about 6 to 7 developers in the ball park area that have 10-20% unsold units on the market. These developers soon will start to drop prices dramatically, when the banks start to apply pressure. Most appraisers in the area, where not realistic and the valued the property to high, just to rush and give a loan. Anyway "GOOD LUCK TO EVERYBODY and we still have the SUN & OCEAN and Its FREE" ...
This is a great article in today NYTimes. "BUYERS SCARCE, MANY CONDOS ARE FOR RENT" for Everybody that plans to buy now
Don't forget the Smartcorner.
I know someone who will be cancelling their contract there.
Anon 8:36,
Interesting, any idea what type of unit and the price? Do you know why they are canceling?
Well, the person had a home out of state that when sold the person was upside down...
Add that to the home the person lives in has been ATMed to the limit.
I think the type of unit is a 1 bed plus den and the person agreed to 485K putting between 5-25K down.
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