While the New York real estate market holds steady in the face of mortgage massacre '07, could the affects of the credit crunch be starting to seep through just a wee bit? In July, the white-hot Two Trees development at 110 Livingston in downtown Brooklyn had just 8% of its units left on the market, and all was well. Yesterday, the following email was sent out to 110 Livingston wait-listers:
Thank you for your interest in 110 Livingston. In every project, for many different reasons, customers fall out of contract. Now that closings are well underway at 110, we have a few customers who have not proceeded with purchasing their homes. The benefit to you is two-fold. Not only do you now have a home configuration available to you that may have been sold out, but the price points will be lower as well.
This is an incredible opportunity to find a good deal in the building, so please contact me if you are still interested in purchasing a home. As I stated previously, we only have a few homes which fall under this category so chances are they will not last on the market.
Holy. Shit. Sure, we may be reading a lot into this, but buyers bailing out, as well as a quiet price cut, at one of Brooklyn's most in-demand buildings has us pishing in our pants a little. We're reaching for the brown paper bag, but we're not quite breathing into it just yet.
· Brooklynites Buying Brooklyn Condos! [Curbed]
· First Look Inside 110 Livingston [Curbed]
· 110 Livingston [Official Site]