Long Island City’s L Haus condo closings; increased buyer incentives
Things looking up for the L Haus Condos? Hunters Point, Long Island City
Baby Steps folks. The L Haus Condos have cleared the 15% sold mark, now marking the time for official sales closings. Curbed has the scoop:
“[... ] a pair of February sales have hit public record—both one-bedrooms a tad smaller than 700 square feet, which sold for $385k and $395k. The 122-unit Cetra/Ruddy-designed building near the Pulaski Bridge, with bundles of amenities and a funky L-shape that gives it a large landscaped courtyard, is no stranger to dangling carrots in front of buyers, and that’s getting ramped up with units now ready for immediate occupancy. What’s in play for buyers looking to pull the trigger immediately?
The L Haus website points out that on contracts signed by March 31, the developer is offering $10,000 towards closing costs, two months of included common charges and, for the next six buyers, a free rooftop cabana. The cabanas sell for around $70,000 and up, so this ain’t chump change. Prices hover around $600/sf (here’s a look inside a $1.4 million duplex), and the incentives-in-lieu-of-PriceChoppage seem to indicate that developer the Stahl Organization, which also owns Apple Bank, isn’t panicking yet.”
I’m not clear on what is so bad about the location besides the bridge? It’s right by the subway (the hunters point stop too not just vernon/jackson) and two seconds to vernon or Greenpoint, so actually I think it’s not so bad. I don’t love the look of the building, that’s for sure, but I don’t agree the location is so horrible.
It’s right next to the entrance to the midtown tunnel. Traffic jams can be brutal there on a weekday morning. Exhaust fumes…Mmmmm…NOT!
There are worse locations, that doesn’t bother me. For example I rather live in L haus than HP South. I can’t however get over the horid colors.
#3 all of Hunters Point is immersed in a cloud of midtown tunnel exhaust fumes. There’s no escaping it. It practically pours right into the foundry condo building and that building sold no problem.
All they have to do to make the L Haus sell is spray paint the whole thing silver. Seriously. THAT’S IT.
The exterior was really a big mistake. Its a shame because the layout and price of the units are probably the best in all of LIC.
agree that spraypainting L-Haus silver would work. the interior of that place is absolutely beautiful, tho!
I live in the building next door, so I know the location is crap and yes, the car pollution from the LIE/Midtown tunnel can be very very bad during the morning rush hour. not to mention the traffic along 49th trying to get over and into the tunnel can be very loud and also stinky. the parking lot across the street is no piece of cake either, as the trucks begin idling at about 4:00 am!
However! I just cant imagine what it would be like to look out your window straight into the eyes of the various folks up on the pulaski bridge!
having made my comment tho, I have to give props to the L-Haus because they cleaned up a dirty rat-infested block and built something nice (even if it did take 4 years), and they continue to make sure the surrounding area is clean and picked up. so thanks for that L-Haus.
$385K are you kidding……..well this bubble isn’t over yet….make when it gets to $195K it would be worth it to buy….
You can rent far cheaper then buying at L haus …
The RIGHT price is when the rent covers all your FULL bills on the property….and that my friends comes to about $195K as the right price.
#10 you’re still not factoring being in nyc. Though $385K in the L Haus for less than 700 sqft does not really sound like a deal..
Poor Rickky. The RE market has stabilized and by many measures improved and he is still looking for his 50% off sale. We should all chip in and help him buy something.
I don’t think it’s the worst location at all. I think those early condos like The Queens Plaza etc. right at Queensboro Plaza are the worst. It is scary horrible over there. At least in L Haus you can walk a block or so and be on Vernon, Jackson (getting nice), the waterfront or even Franklin St. in Greenpoint. Big deal about the Pulaski and Midtown, all of Hunters Point is like that.
Totally agree #13, QP in its current state is a much worse location. I never understood the worse location claim for L haus. There are residential bulidings next to every bridge, tunnel and highway in the city. People manage just fine.
L Haus is right next to Newtown Creek which is the most polluted body of water in the US!
L Haus is nowhere near Newtown Creek.
L Haus is practically on top of Newtown Creek!
The Pulaski Bridge goes over Newtown Creek. And what is adjacent to the Pulaski Bridge? You guessed it right – L Haus.
Here’s where it is, in relation to the Creek, Bridge, and other area attractions:
http://newtownpentacle.com/2010/02/22/dimly-lit-and-illimitable-corridors/
Funny #12 you old Real estate agent…you just want your 6% and I know better then to buy and lose money every month
I don’t want 50% off…I want the RIGHT price…and that is when it is cash flow POSITIVE….and $195K is the price point..
No more BS ……
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Poor Rickky. The RE market has stabilized and by many measures improved and he is still looking for his 50% off sale. We should all chip in and help him buy something.
Yes, you are right. Its far better to rent and lose money every month…
Sorry, here’s the info.: http://en.wikipedia.org/wiki/Newtown_Creek
You will say anything to get your 6%………I rent for 1/2 of what those high priced KONdozes rent for..and i am living quite well at 1/2 of the pay i made last year
Never late on the rent…..at $1300 a month
Nobody explains the reality of unemployment and a severe recession on your finances until it too late.
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Yes, you are right. Its far better to rent and lose money every month…
What do you have to show for all the money you blow on rent besides empty pockets? Im sure your landlord is cash flow positive. Are you?
What do I have to show…How about a fully funded IRA, cash in the bank and no debt….
I am happy my landlord is cash flow positive because he has NO mortgage and can pass the savings on to ME!!!!
Man you agents are so clueless.
LOL pass the savings on! What a concept!
YUP i save $1000 a month by renting….you obviously never finished high school agent
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LOL pass the savings on! What a concept!
It’s you who never finished HS. You can’t say you are saving money when each month you throw hundereds of dollars out the window which you will never recover on rent. True, I guess you could be spending more, but I would call renting “saving” money. A lot of the cost of owning can be deducted for tax purposes. Renting can not. that translates into more $$ in yor pocket. Also you are building equity. True prices don’t always go up, but I rather have a chance of getting some of my money back when I sell rather than having zero chance of getting rent money back. figure out how much money you piss away in rent every year and multiply it by the # of years you have been renting. What could you do if you had that money in your wallet today? Renting is for fools or the prepetually broke.
THAT is one of the 2 dumbest things a real estate agent says….you have to live somewhere…
So you find the cheapest nicest place you can find, and agents are NO GOOD for that….
So you tie up your life in a mortgage and overpay monthly ad have NOTHING left over to put into a retirement account.
This was a 1 time fluke in the market….
OK how much a month do i LOSE each month by buying at L haus and then in an emergency i have to rent it out….come on DO THE MATH!!!
Oh the other is they are not making anymore land …what a crock…..the whole bubble was about clearing out trees and converting orange groves into building lots.
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throw hundereds of dollars out the window
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No matter how many incentives are offered here and how nice the common areas and apartments look, it will be really really hard for most people to get over the worst location in all of LIC.