One Brooklyn Bridge Park, a luxury waterfront condo complex in New York, has been reduced in price in an effort to start the sales ball rolling once again

One Brooklyn Bridge Park Unsold

I understand the developers have been reluctant to reduce prices because of the potential cost to early buyers. But, the market has spoken and the complex remains two-thirds unsold after nearly 18 months on the market. Prices have been reduced by between 3 and 9%, although prices in Brooklyn have fallen 11% this year, so it remains to be seen whether this level of decrease will make any difference.

Robert Levine, CEO of RAL C&A LLC, the developer said,

We have adjusted pricing on select units to be more consistent to our initial offering prices in February of 2007. This creates some great incentives and opportunities to prospective buyers.

But with prices across the USA returning to levels more in line with several years prior to 2007, with no end in sight currently, this may not be enough of an incentive. As the financial institutions begin a return to more rational lending practices, a logical consequence of this is a return to more rational housing prices. As of this week, around 300 of the 449 units in One Brooklyn Bridge Park remain unsold.

One Brooklyn Bridge Park

SIMA08, the biggest real estate exhibition in the world, kicks off next week, April 8-12th in Madrid, Spain. Top of the discussion list will probably be the disastrous state of the Spanish real estate industry, but this year’s exhibition will be split into several sections in an enormous exhibition area.

This year includes:
 
SIMATUR, International Tourism Real Estate Fair. The leading fair for residential tourism.
INTERNATIONAL Pavilion, an entrance to investment markets worldwide.
SIMACITIES, promotion, management and planning of cities.
SIMAFUTURA, technology, design and equipment for sustainable construction

Last year’s exhibition attracted almost 160,000 visitors and featured more than 800 exhibitors, providing an opportunity for real estate professionals to meet with developers, investors, public administrators and financial institutions. Several prizes are on offer, including “Asprima,” which publicly recognizes projects or activities in the real estate sector that the jury identify as a milestone in their field, either due to their quality, or because they offer innovations that can become a reference of future actions.

Spaces are still available, and for those of you still suffering from the winter blues, you can take it from me that Madrid is beautiful this time of year. 73 degrees and fair, according to weather.com

Brochure or invitations SIMA08

Photo Credit