Back around 2004, the catchphrase was “You can’t buy a shell in Harlem for under a million,” and while that may have been hyperbole, the market was undeniably hot. “You threw a sign on one and somebody would buy it,” says Harlem expert Willie Kathryn Suggs. But in the past few months’ slowdown, these noble ruins have lost some of their luster.
Read the whole article here [NY Mag]
Related: Episodes 3 and 4 of the 10 part Dwell series are up
Update: Curbed has posted a thread on this topic as well. (March 21, 2007)
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Posted in: Real Estate
Anonymous
March 19, 2007
Poorly structured article hiding truth. Example? The luxury condo buyer and Shell-fixer-upper buyer are usually two entirely different buyers from the start. No one that’s bought at 111 CPN considered a BStone Shell. I know people that have bought at Loft 124 at $1,000+/Sq’ and they never once considered getting into a Bstone Shell.
The article fails to make this significant distinction. In otherwords, The real estate industry is using this as an excuse to justify and explain away flattening and decending Bstone shell sales. The article assumes the Luxury Condos are taking away their market, Nonsense! Most Shell buyers have their heart set on that, it’s that simple and look forward to the years of renovation, etc. Whereas Luxury condo buyers generally don’t want to be bothered with all that, they want a doorman for example, etc. all sorts of aspects of Apartment Living that are distinct from Bstone living. The article fails to appreciate this reality.
Furthermore the article is filled with complete nonsense from the real estate industry. Specifically it’s in the real estate industry’s interest to assert “shortage”, “minimal supply” and to use language and frame in that context.
The pickings are not slim, there are lots of Available B Stone shells and fixer uppers in Harlem, lots of buildable now empty Lots in Harlem for condos. The article does not say it however is very exclusionary, if you can read between the lines. The article is written as if the only place it’s speaking to in Harlem is Mt Morris Park/Morningside, etc.
In sum the article is very flawed in several ways, skewing to justify and frame on an unsound foundation (as if Loft124 buyers would of course automatically have been Shell buyers….not the case). Just the real estate industry making up excuses, nothing new. Spin is half the name of the game.