Condos of the Day: Dewitt Actually Selling! Or Not
A lot has happened in the last few months at the Dewitt, the PACC condo project at 483 Washington Avenue in Clinton Hill that’s a mix of both market-rate and affordable units. After hitting the market last spring, the market rate units just sat there for most of last year, until the prices began to…
A lot has happened in the last few months at the Dewitt, the PACC condo project at 483 Washington Avenue in Clinton Hill that’s a mix of both market-rate and affordable units. After hitting the market last spring, the market rate units just sat there for most of last year, until the prices began to get reduced. As of November, not a single unit had gone into contract; now, lo and behold, all eight units in phase one are listed on Brooklyn Properties as being in contract along with another two in phase two. Impressive, especially given the state of the market over the last few months. Wish we knew what some of the contract prices were! Update: According to a commenter, the Phase 1 listings that are showing up as sold out are actually the affordable units sold by lottery. That explains a lot!
Dewitt Condo Pricing [Douglas Elliman] GMAP P*Shark DOB
Dewitt Condo Pricing [Brooklyn Properties] GMAP P*Shark DOB
Still an Uphill Battle at The Dewitt [Brownstoner]
Market Rate Units on Sale at PACC’s Dewitt Condos [Brownstoner]
Interesting that so many of the experts commenting here actually have no factual information.
I live in the building. I have one of the “affordable units.” As for this comment:
“oh goody – can I buy a condo where the person downstairs from me with the same layout bought for 200K less?”
It’s not even close to the truth. The market rate units are ALL significantly larger than the affordable units. They also have multiple bathrooms and washer/dryers in the units.
As for the blogger’s opening salvo:
“After hitting the market last spring, the market rate units just sat there for most of last year, until the prices began to get reduced. As of November, not a single unit had gone into contract; now, lo and behold, all eight units in phase one are listed on Brooklyn Properties as being in contract along with another two in phase two. Impressive, especially given the state of the market over the last few months. Wish we knew what some of the contract prices were! Update: According to a commenter, the Phase 1 listings that are showing up as sold out are actually the affordable units sold by lottery. That explains a lot!”
This is somewhat disingenuous. The building was finished (for the most part) in 2007, but they didn’t have a C of O until the end of October. As a purchaser, would you go to contract on a unit without a C of O? I doubt it. Also, would you start to advertise units at what you hoped to get or what your knew you could get? Call me crazy, but when I try to sell something I mark it up as high as I can with the hope of someone buying it at that price. If I need to lower the price I can then do it. Better to start too high than to have someone snap it up too cheap. But that’s just me and apparently the people commenting on this site would rather sell for the lowest possible price they can.
Here are a few others:
“…Do not get me wrong the amenities are good, an elevator that goes straight to you apt. the bad thing about these condo’s you are paying $600,000 – 800,000, and there is not parking garage you still have to park on the street, the way the bed rooms are situation the master bed room is toward the back while the second bedroom is by the front door. Now if you do not have any children then the guest/second bedroom is ideal if you have a child it no good. In addition, believe the second room is not that big. It would be perfect for a den instead of a second bedroom. For the money, they are asking for any, the gab that they are giving you the rooms should be bigger and they should have parking somewhere, go take a look. Even if I could afford it I would spend the kind of money they are asking for on a condo, I’ll look around and for a few thousand dollars more buy a single family townhouse.”
Posted by: guest at April 2, 2008 2:46 PM
WOW! Where should I start? The elevator does NOT go to the apartment, but rather the floor and then you have to walk about 4 feet to your door. There is parking in the building, but you have to buy one of the 7 spots available. The bedrooms in the “B” units (floors 2-5) are ALL in the back of the building. Short of having your kids sleep in the same room with you they can’t be any closer at night. I also don’t think a 10’10″x16’10” 2nd bedroom is small when you consider a typical NYC apartment. If you can find a single family townhouse in this area for a “few thousand dollars more” you’ll have to spend twice the purchase price to make it livable.
Now for the next two:
I think you’re mistaken, 2:46. I don’t believe the elevator opens directly into the units. Also, this building offers deeded parking. Problem is, the “courtyard” is actually a parking and car turn-around area.
Posted by: guest at April 2, 2008 3:43 PM
“the “courtyard” is actually a parking and car turn-around area”
How lovely. Impressive.
Posted by: guest at April 2, 2008 3:49 PM
This is the one issue I have. At first it looks like it’s a nice courtyard and then you realize people can use it to turn around. They can’t park there, and they can exit without using the courtyard to turn around, but the fact they built a new building in an area with good public transportation that is car friendly in an age when pollution, global warming and dependence on foreign oil is a problem seems incongruous. It’s still a very nice backyard area, but eliminating the parking, expanding the first floor common area and adding plants to the backyard would have been my choice over what we currently have.
And the final bit…
THE INFO HERE IS NOT CORRECT. THIS BUILDING HAS BEEN A PRUDENTIAL ELLIMAN EXCLUSIVE SINCE NOVEMBER AND THERE ARE ONLY 4 UNITS LEFT. HERE IS THE CORRECT LINK: http://www.prudentialelliman.com/STH
Posted by: guest at April 22, 2008 5:49 PM
One more unit went into contract since Mr.B’s 4/2 post. Otherwise the info here is still correct.
Posted by: guest at April 28, 2008 8:52 PM
One market rate unit sold and one in contract. Wow.
Posted by: guest at April 29, 2008 12:27 PM
In typical NYC communal living fashion how many units have been sold EXACTLY is a bit hazy… Considering there are 16 units in the building and 8 were sold as “affordable” that leaves 8. I met people who have bought 2 of the market rate units. That brings us to 10 of the 16. I saw movers moving someone into another unit so that brings us to 11 of the 16. I also think I heard someone in a unit I had thought was unoccupied, so that’s 12 of the 16. Looks like the poster at 5:49 was correct. Considering the first person to move into the building moved in in mid-February, I don’t think having 4 units empty three months later is that bad. Especially considering the current market.
Oh, and how many of us said things like this “$285,000 for a ONE bedroom? That’s CRAZY.” then watched a building go up a few years later where one bedrooms were going for $630,000?
One market rate unit sold and one in contract. Wow.
One more unit went into contract since Mr.B’s 4/2 post. Otherwise the info here is still correct.
THE INFO HERE IS NOT CORRECT. THIS BUILDING HAS BEEN A PRUDENTIAL ELLIMAN EXCLUSIVE SINCE NOVEMBER AND THERE ARE ONLY 4 UNITS LEFT. HERE IS THE CORRECT LINK: http://www.prudentialelliman.com/STH
7:53 = Barbara Corcoran
“You don’t see me here too much and I feel good.”
Not as good as the rest of us feel tWhat.
oh goody – can I buy a condo where the person downstairs from me with the same layout bought for 200K less?
No thanks.
The What provided good entertaining insight during a time when Brownstoner had nothing to report. I say he should take the position. He deserved it.
As for his theory,,well like I said, good and entertaining. Its wrong. All you intellectual bloggers are about to witness the beginning of the end of the buyer based market. Don’t believe me? Wait till late June numbers. Buh bye, so long, auf weidersehn, it’s all over, the party is over, now you can go back to your wormy rentals and little apartments and continue blogging 🙂
What – i view my home as a necessary consumption cost and an incidental investment, so i hear you on the cash (or at least liquid) asset angle, but on the depression (or even hard recession) part – i just don’t see it – not at this point.