CityRealty Insider > New Developments in the News

New Developments in the News

OCTOBER 5, 2009

Third Quarter 2009 reports show sales are up, prices are down and an ambitious project gets a reality check

Major real estate brokerages report that third quarter closing numbers have increased over the previous quarter, though prices remain considerably lower. The uptick in sales may be attributable to historically low mortgage and incentives like the $8,000 tax credit in addition to the increase in affordability.

Irony can't be overlooked in the dismantling of the planned Valhalla development at 123 West 15th street. Original plans had called for a 7-story, 4-unit building that included a turntable garage and geothermal heating. Apartments were to have wood-burning fireplaces, curved walls and private elevator entry. New plans for the residence reportedly feature a much more modest two-unit building after financing fell through for the project's original developers, who live in an apartment with a two-story waterfall and an 18-inch deep "river" stocked with koi.

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