Don't look know but the SoBro boomlet may finally be fizzling. Brokers are blaming the one-two punch of a shortage "an inventory of renovated properties appealing to buyers seeking deals on the fringe" and the credit crunch. The new issue of the Real Deal takes a look at the SoBro Moment and concludes that "the end of cheap financing" means that buyers have "largely missed the bus on the much-hyped southern portion of SoBro." The first-ever condo in Mott Haven, for instance, was just finished this year. Called Bronx Bricks, it's a five-story converted print shop with 11 lofts that went on sale last July. Ten of the 11 units have sold for prices ranging from $395K to $795K. Then there are Mott Haven townhomes (a few blocks worth) selling for $500K (unrenovated) and 1,600 square foot condos on the Grand Concourse for $250K-$300K. None are apparently moving very well right now. Eh, it'll come around again.
· South Bronx buzz fizzles [TRD]