hv1b is right. I had a very informative conversation with the bank yesterday on this subject. The bank will base its appraisal mostly on current sales in that particular building, not on what the bank "thinks" the units should sell for now.  In other words, if after you signed your contract the apartments around you sold for %20 less than their original asking, then your unit might get appraised accordingly. If units haven't been sold for below asking, then you will be fine. If there are no more sales in the building between now and closing, then it should be fine, since none were sold below asking. Patrick has been adamant with me on the point that they will not be lowering prices on units. Hopefully that will continue to be the case up until our closings begin. I'm sure he and the developer are aware of what would happen to the current buyers if they did start a 'fire sale'.  Also, as hv1b rightly said, the prices/sq. ft. for both buildings is considerably lower than the others in the neighborhood. Appraisers will also base their decision on recent sales in those buildings. Even if other buildings have sold at a reduced price, they would have to come down much more just to be even with us. My mortgage guy said than the bank (Wells Fargo) has yet to appraise a unit in Hunter's Point for lass than the asking price at this stage. Even if things go moderately south from here, our prices should still hold.

sdan99, you are correct in how new construction is appraised; however hv1b is slightly off in the comparison with 10-63. that building is over 85% sold (only 6 units left mostly penthouses - which will most likely hold out until after the building is completed). Early on in sales the building was also going for around $600psf -- the stuff at $750psf and up has also already entered contract ... so, if anything, that building is well positioned as most of the early buyers have already seen contracts go for amounts significantly more than they signed for on the same layout.

On he flip side HV/HP are still just around 50% sold with probably over 50 units left to sell (not sure of the total number of units in the building). Anyhow, the only point being that if you are comparing the amount psf in buildings, the appraiser will look at the individual building and if they do begin to cut prices on the remaining units, it could cause problems for the ones that entered contracts earlier. All else aside, 600 - 700psf is very fair in LIC and you will have plenty of comps at that price level ... 800psf and up is where I would be concerned unless it is a fabulous unit with a great view.

I saw in the Metro newspaper that The Foundry is offering to pay the transfer taxes on their units. I wonder if this becomes retroactive with people who already bought their units. Hunter's Point Condo should offer a similar promotion to boost sales. I seriously doubt they have moved any more units recently with the current economic situation. Any promotion they have would probably help get people in the door.

Oh and another note I just noticed. They're offering 1 year free storage space at City Closets. Now that's some good marketing. If Prudential Douglass Elliman can get The Foundry Sponsor to offer this, they should really get Hunter's Point Sponsor to offer something to compete. I have a feeling other condo's will eventually start offering things like this instead of lowering the prices. I guess it all depends on whoever starts the trend first will benefit it from it first and sell more condo's then their competitors.

has anybody received any updated timeframe? i was told we were going to get a letter Oct 1 and nada!