Deal of the day: Serious price cuts at 740 Fulton

740 Fulton

Two weeks ago, The Thrush Companies slashed the prices for 10 of the roughly 30 homes that are still on the market at 740 Fulton, the 14-story high-rise in the Fulton River District. We were a bit late getting the scoop, and five of the 10 discounted condos have already been sold, but considering the amount that Thrush is taking off the listing prices, it’s better late than never.

Manoj Mukkada from Keller Williams Realty and the MyCityHome Group is handling sales, and he says that prices are all over the place. Not surprisingly, the homes that received the biggest price cuts were snatched up first. For example, Mukkada says one of the tower’s penthouses was originally listed at $1.08 million and was reduced to the $790s. Another was originally priced in the $870s and sold in the $670s.

Mukkada says his favorite of the five remaining discounted condos is unit 1109, the 1,050 square-foot two-bedroom / two-bath on the 11th floor, which currently serves as a model unit. It was listed previously for more than $400,000 and is now priced in the $300s with parking included.

Mukkadda says survival will come down to which developers will be willing to acknowledge that the market has shifted, and he expects other developers who are sitting on large numbers of unsold units to come to the same realization soon.

“It’s like the story of the two guys in the woods,” Mukkada says. “The bear is coming out, and the one guy is putting his shoes on, and the other guy says to him, ‘Why are you putting your shoes on? The bear is going to run faster than us and take us out.’ And he says, ‘No, I just need to run faster than you.'”

I couldn’t help but wonder how residents who bought in 740 Fulton a year ago feel about the price reductions, but Mukkadda believes there’s a sense of understanding among the building’s residents.

“Most of the people that live in the building, the consensus is, they really love the building, so they’re happy that the building is getting sold out,” Mukkadda says. They probably are less worried about the price reductions affecting the value of their homes because they know they won’t see any appreciation on their condos until the building is sold out, he adds.

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