The Argyle

I was at the sale office yesterday and was told that after a couple of months of hiatus. They had started construction again. 4th avenue side still at 3rd floor level, per the sales agent, they're currently working on the 7th st side

They are working on the 5th floor as of today.

Is there a discussion/yahoo group for buyers in this building?

Not sure. I would love to know and join. I'm under contract here.

Just started one:

http://finance.groups.yahoo.com/group/Argyleparkslope/

I joined the list

The list seems to have been closed Pouncer?

Sorry, wrong address:

http://groups.yahoo.com/group/argylecondoparkslope/

8th and 9th floor as of today.

Gosh these are pretty pricy -- $475k ask for the smallest one bed.

You guys who are in contract -- you know this isn't park slope, right? It's not even Fourth Ave -- it's WEST of Fourth Ave., which is not residential, it's all industrial, the old Gowanus area. This is the Gowanus neighborhood, it's right in the center of it.

It's close to Fourth, but surely you don't see that as a selling point? Fourth is a major truck route, it's lined with auto mechanic shops, and the street itself is three or four lanes in each direction. It's a major source of noise and soot for anybody with a couple thousand feet.

I mean, if you need a home, and you get one, well I'm happy for you for anybody in that situation. But I'll just say frankly, you couldn't pay me to live at Fourth Avenue and 7th Street. I mean honestly, I wouldn't be willing to come home to that location after a long day at the office. And as for asking me to pay someone for the privilege of living there, that would never happen, ever.

My mechanic, by the way, who is a great guy and very good with cars, is located at 4th Ave and Carroll, a few blocks away. He has operated a business there for many years, but he says he wouldn't live on that street either, and he certainly wouldn't ask his wife and kids to live there.

I mean, if this were a third world country, and there was nowhere else, I could understand it. But absent that, I just don't get it.

Have you guys BEEN on Fourth Avenue? You've seen all the enormous cargo-container trucks that go down that street, 24/7, right? Yet you still are buying homes there?

Beats me. The South Bronx would be better. Hunts Point is a place I have been once or twice, I think it's homier than Fourth Ave and 7th St. in Brooklyn.

"Gosh these are pretty pricy -- $475k ask for the smallest one bed. "

Which is in line and in some cases lower than competing housing (Novo, Crest, etc).

"you know this isn't park slope, right? "

Technically it is at least according to NYC gov't. But let us entertain your idea for a second...
Let us say it Gowonus. Then what? You can't buy new construction in prime PS for various reasons (there are none , zoning, etc).

"It's not even Fourth Ave"
HUH? Have you been to the building at all? It is an L-Shaped structure that covers both 7th street and 4th Ave.

"It's a major source of noise and soot for anybody with a couple thousand feet. "
It depends where you are. My sister lives 2 blocks away from Argyle. Its not noisy. It aint quiet like a PS side street. But it aint noisy likeyou are trying to project.

"he says he wouldn't live on that street either,"
Well god bless him. Forgive me if I don't take RE advice from you mechanic.

"The South Bronx would be better. "
The resale value on that is zero

Let me see Argyle is 1 block away from 5th Ave (shopping and best restaurants outside of Manahattan). 2 blocks from a good subway station (unlike Williamsburgh L train). More neighborhood amenities than Williamsburg or LIC. Better school district than either. Close to a MAJOR park. Better bet than the South Bronx, LIC or Williamsburg.

Excuse me if I think you are trolling and a shill.

Ha ;-) I don't what that means, "trolling and a shill." Do you mean you think I am working for somebody who has an interest in real estate values? Ha ha, not even close. I'm a longtime New Yorker, I lived in Brownstone Brooklyn many years, I am a potential buyer in this market.

I don't know what "trolling" means. But whatever, you have the wrong take on me. I just genuinely think Fourth Avenue props will not hold their value as the market cycle goes down. But best of luck to you.

"And as for asking me to pay someone for the privilege of living there, that would never happen, ever. "

You can say that Williamsburg less than 10 years ago. LIC 4 years ago, Harlem 4 years ago, LES 4 years ago, Prospect Height less than 10 years ago, Red Hook less than 4 years ago, DUMBO 10 years ago,...
do you want me to keep going?

Like I said your comments are so way off base and obvious attempt to flame/troll/shill.

BTW since 4th Ave has been rezoned there is also NYC program to reduce mortgage rate for home buyers - like Argyle buyers.

I have 2 (perhaps naive) questions...

(1) Why aren't the sales prices listed for the units that have sold? My guess would be that that information isn't made public until the building is available to be occupied (or something like that). Can anyone confirm that?

(2) Since the building isn't completed yet, is it useless to try an offer under their asking price? Clearly, the market has dropped like a rock in the past year, but would any low offers fall on deaf ears because they're in no real hurry to sell because the building isn't done yet? Or, even though it's not completed yet, would they have the same motivations to sell as a developer that has completed the building and people are moving in?

1. They are not public yet. It will be once it closes. StreetEasy gets information where it is publicly available (official site, marketing company, etc). Once it closes the info is available with the city.

2. Most new construction condo will not drop the price until the first round of closing. This is because of the effects it had on current contract holders. What some will do is offer other buying incentives - such as closing cost coverage (which is about $25k for a $500K unit), upgrades, financing, etc - basically anything but price reduction. That is usually last resort course of action.

Thanks, crimsonfilms. That was very helpful!