Nearby New Developments $$$$

After doing a little real estate investigating today I was amazed to find two new developments in the area both hosting open houses this weekend with prices I'm finding a litte (ok, more then a little) high for the 'hood.

Park Circle (on Coney Island) 2 bedroom 2 bath $885K with the terraces (2 small) but not including maintance or taxes it's about $490 a square foot.
http://realestate.nytimes.com/sales/View_Ulisting.asp

The Simone (on McDonald) 2 bedroom 2 bath $1.19M with a terrace (a huge one) but not including maintance or taxes it's about $428 a square foot.
http://realestate.nytimes.com/sales/View_Ulisting.asp

I must be out of the loop b/c although I find the prices a bit out of range I took a look on the Corcoran listings for The Simone and many are already in contract including a studio for $275K.