That Was Fast! 72 Berry Sells Out

72-berry-5-28.jpgCall it the little condo that could: Williamsburg success story Mason Fiske, aka 72 Berry Street, is now completely sold out, according to its broker. The converted industrial loft hit the market at the beginning of March, and 17 of its 26 units were in contract by early April. Units in the project were asking around $650 a foot on average, about $100 less than bigger projects in the neighborhood like Northside Piers, according to the Real Deal.
72 Berry ‘Only Thing Moving’ in Williamsburg [Brownstoner]
The Only Project Selling in Williamsburg? [The Real Deal] GMAP

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  • Industrial conversions like this have, and will continue to do well in Williamsburg.

  • i could only imagine the kind of dingleberries who actually live in a place like this and think they are cool.

    *rob*

  • What, BHO & cornerbodega will be amazed that some people actually have money.

  • oh wait, let me guess. they are all creative professionals.

    *rob*

  • “oh wait, let me guess. they are all creative professionals.

    *rob*”

    Bedford Ave area is yuppie central now. Might be starting to rival Park Slope in terms of roaming stroller gangs.

  • Don’t forget hannible!

  • I think this makes the point that price, not demand, is the problem. Places will sell if they are priced right.

  • I really believe we are putting in a bottom in NYC. Maybe another 5% to 10% down thats it.

  • “I think this makes the point that price, not demand, is the problem. Places will sell if they are priced right.”

    I also think buildings like this (conversions) are of a higher quality then your average Karl Fisher miami beach style condo or NSP/Edge. I haven’t been in this building, but that’s my observation having been in another conversion, and a few apts at northside piers.

  • It was decently priced and not too far from the train. That’s all it takes.

  • Sebb: 9 months ago you were telling us it was time to buy and we were stupid for saying prices were going down. You have no credibility on this subject.

  • “What, BHO & cornerbodega will be amazed that some people actually have money.”

    Rewrite!

    What, BHO & cornerbodega will be amazed that some people actually had money.

    “I really believe we are putting in a bottom in NYC. Maybe another 5% to 10% down thats it.”

    Whew boy, Damn! It’s over!

    Special Report on MBS “Black Wednesday:” Among The Worst Day Of Losses…. Ever….

    http://www.mortgagenewsdaily.com/mortgage_rates/blog/

    “Plain and Simple: this means that many fixed income accounts are selling debt that has a long maturity as economic prospects improve. Lower rate MBS is longer maturity (since mortgage holders are less likely to refi) and corresponds more to the “longer” end of the treasury curve (5-10 yrs) which also got crushed today.”

    Insurance on Mortgage Backed Securities got crushed and Interest Rates are going up!

    and…

    Mortgage Delinquencies, Foreclosures, 30-Year Rates Increase

    http://www.bloomberg.com/apps/news?pid=20601087&sid=aE_j_CA8fCao&refer=home

    “The U.S. delinquency rate jumped to a seasonally adjusted 9.12 percent and the share of loans entering foreclosure rose to 1.37 percent, the Mortgage Bankers Association said today. Both figures are the highest in records going back to 1972. Fixed rates rose to 4.91 percent, Freddie Mac said. New home sales fell 34 percent from April 2008, the Commerce Department said.”

    Higher delinquency rates, higher Mortgages…

    Good bye Jagoffs..

    The What

    Someday this was is gonna end…

  • These are def cool pads – nice website anyway. I’d move there just for Verizon Fios.

  • lechacal : why don’t you take a look at the condos that just sold on president st in CG they sold for 1000 sq ft. Or take a look at the home that Singer norah jones bought in Cobble Hill.
    Listen my foolish friend If you want to sit around and think prices will keep dropping then fine. But don’t tell me shit until you show me real numbers.
    There were little to no people in prime NYC that put down less than 20%.

  • lechacal : instead of bashing me, you should be bashing BHO and the What , they are the ones telling everyone the sky is falling. Little they can do to scare people out of there homes.

    Looks like we head higher from the end of this year.

  • Listen to Sebb or the Masters of the Universe?

    Goldman: “New York prices are very high relative to the observable fundamentals. Using three alternative yardsticks—price/rent, price/income, and affordability—we find that prices would need to decline by 35%-44% to return to the valuation levels seen in the 1995-1999 period, before the start of the recent boom.”

    Goldman: “It is instructive to consider the potential implications of a return of relative Manhattan incomes toward the national norm prevailing before the Wall Street boom of the past two decades, either because of pay cuts in the financial industry or because of a possible out-migration of affluent individuals. From 1969 to 1986, Manhattan per-capita income averaged 2 times the national average, with no clear trend. Over the next two decades, however, it grew to 3 times the national average. If incomes fell back to the pre-1986 level of 2 times the national average—and if national per capita income remained unchanged—prices would need to fall as much as 58% to return to the 1995-1999 price/income ratio.

  • Yeah Yeah, real estate blah blah….more importantly – Norah Jones lives in Cobble Hill now? Love her.

  • Sebb, are you telling us you think prices will be higher at the end of 2009 than they are right now? Do you want to put that marker in the sand? You might as well – I’m giving you a seat back at the table and lending you a few dollars to play another hand after we took all your money away. Your credibility can only go up from here, so bet carefully.

  • lechacal : I am not saying prices will be higher at the end of 2009, I am saying that prices will start to level off from declining. I am happy to be at the table, but you must admit the bashing should be towards BHO and the What.

  • Dipster, rhianna just bought a condo on Greene street near us at work. and she’s covering the balcony with an awning so she has privacy. lol

    *rob*

  • I don’t take What seriously enough to bash him, or even read most of his posts. It annoys him.

    I think BHO overshoots in his basic premise that prices will see a 50% drop but otherwise I don’t feel a need to bash him.

    Cornerbodega is an idiot and I have bashed him plenty of times.

  • cornerbodega, I bet you dont even understand what that cut and paste means. Most “Masters of the Universe” have been proven wrong lately. FOOL

  • lechacal: I understand.

  • daveinbedstuy: What is your understanding of where Home prices have gone in the past, when inflation levels have risen drastically.

  • sweet rob – as crappy as rihanna’s music is – she is definitely someone I wouldn’t mind seeing while loitering infront of Balthazar. shwing!

  • sebb….umfortunately during the period of highest inflation, the late 70s to the early 80s, things were completely different in NYC. It was a period of extremely high crime and the City nearly went bankrupt. We will not reach those levels of inflation and the comparisons are useless.

    I know this doesn’t help much but I don’t envision extremely high inflation. We will return to a level of inflation above the 2.0-2.5% that the fed is comfortable with and its the fed response that will drive rates.

    I don’t think real estate will go up as fast as all other commodities because it is more difficult to finance this time around. Buy commodity based ETFs and TBT.

  • daveinbedstuy: I hear everyone is jumping on the TBT bandwagon.

  • “sebb….umfortunately during the period of highest inflation, the late 70s to the early 80s, things were completely different in NYC. It was a period of extremely high crime and the City nearly went bankrupt.”

    Dave was you in New York during that time?????

    “We will not reach those levels of inflation and the comparisons are useless.”

    No we will get DEFLATION!!!!!! High interest rates and crashing asset prices.

    I can’t wait until August…

    The What

    Someday this war is gonna end…

  • Yes sebb…its actually a bit worrisome, short term. They will get the aution done today and then there aren’t any more for awhile. rates could move back down, as they are actually doing today.

    What, learn some economics.

  • Marty Whitman of Third Avenue, a pretty smart guy, continues to buy shares in Forest City Enterprises (FCE/A) of Ratner & Atlantic yards fame. The stock is bumping along the bottom and there’s been insider buying. They just raised $300 MM in the open market. The Ratners bought on May 14, just before the Appeals Court ruling was announced on the 15th and they said on the 18th that they’d break ground this year.

  • daveinbedstuy: When inflation does kick in do you think prices will have to rise a little bit ? Rents will go higher with inflation to, don’t you think?

  • daveinbedstuy: I should have added in that i think homes with rentals go higher, Multi family stuff. Also anything that can hurt your foot if you drop it on it. Ex: copper, metals.

  • Uncertain….the problem is that its not Keynesian “demand led” inflation but inflation that the market is beginning to anticipate already because of the easy money and quantitative easing. MOO and XLB are good examples. That said, the velocity of money numbers are still very, very low.

    What if these leading indicators (the ETFs) of inflation are anticipating an inflation that doesn’t come to fruition???

    Consider this: Oil is now at the same price as it was in June, 2007. from that $65 level it rose to $145 on July 4, 2008 and only declined to this current level in November, 2007. There is still a period through November where the Y-O-Y numbers will reflect lower oil prices. The market is looking beyond November now and anticipating inflation in prices that may not actually materialize.

    This is why a Buy-And_Hold strategy is wrong in the current market. it will likley become volatile again. What is going to drive oil prices back to $90-100???

  • “Marty Whitman of Third Avenue, a pretty smart guy, continues to buy shares in Forest City Enterprises (FCE/A) of Ratner & Atlantic yards fame. The stock is bumping along the bottom and there’s been insider buying. They just raised $300 MM in the open market. The Ratners bought on May 14, just before the Appeals Court ruling was announced on the 15th and they said on the 18th that they’d break ground this year.”

    ROTFLMMFAO!!!!!!!! Stupid they’re selling The NETS!!!!! Ratner IS Blowing the escape hatch!

    “sebb….umfortunately during the period of highest inflation, the late 70s to the early 80s, things were completely different in NYC. It was a period of extremely high crime and the City nearly went bankrupt.”

    Dave was you in New York during that time?????

    Dave answer the fucking Question!!!

    “daveinbedstuy: I should have added in that i think homes with rentals go higher, Multi family stuff. Also anything that can hurt your foot if you drop it on it. Ex: copper, metals.”

    This Fall everyone will get hit with Margin calls!!! The dumbfucks will sell everything not nailed down. This will crash the Mutant Asset Bubble!

    The What

    Someday this war is gonna end..

  • I made a lot of money in Japan in the eighties, What, because I knew exactly what was going on there. I didn’t live there.

    I know exactly what was going on in NYC in the 70s and 80s. I didn’t have to live, just visit every now and then to realize how bad it was. FOOL.

    Whats your f*&*ing point??????????

  • “completely sold out, according to its broker”

    Every single unit closed? Within what percentage of ask on average? The links lead to no details. I’ll read through the comments to see if anyone was able to elaborate.

    ***Bid half off peak comps***

  • Forget it, BHO, you’re not even really in the market.

    Nervous?????

  • Brownstones Half Off : You have been yapping with nothing to back it. How do you continue to come on this blog:?

  • No, DIBS, I’m not in the market yet (corner of eye is locked though). I just want confirmation that all of these units have closed as implied by the headline. And if so, for what price.

    I’m nervous because I’m hungry, literally, not because of an unconfirmed report of a condo selling out at prices possibly well below ask. Are you nervous, DIBS? You’re surrounded by “radiation” in your Bed Stuy primary AND Center City three. Center City is also getting gobbled back up by the “hood” – they want it back.

    Off to lunch…(please somebody, confirm the closures and prices by the time I return – maybe they really did completely close out at asks).

    ***Bid half off peak comps***

  • Obviously you know nothing about Center City.

    Yes, somebody do BHO’s work for him. If you don’t believe it please present the data to support your claim. Typical.

  • [s]ebb and flow,

    I can’t understand what you’re saying. You’re talking underwater. Page me when you come up for air.

    ***Bid half off peak comps***

  • Maybe not, DIBS. An owner there told me that it was fringe and values have dropped. I care not to research it. What’s the score there (change from peak)?

    Dammit I’m hungry! I gotta go eat.

    ***Bid half off peak comps***

  • Center City is “fringe?” Its nicer than most all of Brooklyn, including most of Park Slope.

  • Brownstones Half Off : I am talking about your predictions. Show me some numbers.

  • I’m back!

    I beg to differ about Center City, DIBS. Park Slope? That’s out there. Again, what’s the “score”?

    Hey wasder! Where are you? I need you to translate sebb and flow at 2:50. I just can’t understand underwater talk. Oh numbers! Is that what he said? If so, sebb, see cornerbodega at May 28, 2009 11:57 AM. Also, homes revert to average historic inflation. Over ten years (duration of boom), the multiplier is…

    (1.04)^10 = 1.5.

    But prices went up 3X. 3 – 1.5 = half off. You already saw my Case-Killa numbers in that thread yesterday (-19%, well on the way to negative fitty) Brownstones up +200%, Case-Killa up +200%. Case-Killa enroute to half off, brownstones enroute to half off. You got anything besides that sale in Cobble Hill that tells us about the market at large? What’s “your” change in sales volume AND prices from the peak in Brooklyn’s brownstone belt? Why are you all alone on your side of the price wickets? Why are your underwater bubbly comments so short (though I still can’t quite decipher them)?

    ***Bid half off peak comps***

  • Still no confirmation on the headline above and for what prices?

    ***Bid half off peak comps***

  • And yet you know but you’ve never been there. FOOL. Like lechacal said, you’re credibility is shot.

  • Still no confirmation on the headline above and for what prices?

    ***Bid half off peak comps***

    Posted by: Brownstones Half Off at May 28, 2009 3:22 PM

    BHO this the time of Asshat PWNING! You put the reality in their faces and wait. The sad thing is they have no answers just Ad-Hominem attacks.

    This statement is very true: “Are you nervous, DIBS? You’re surrounded by “radiation” in your Bed Stuy primary AND Center City three. Center City is also getting gobbled back up by the “hood” – they want it back.”

    Funny thing BHO When I pass Classon Ave the Assheads disappear. When I’m in the Hood there are no Asshats to be found! I think the “Hood” and Team Bear is wining. Now wait for the stupid fucking remarks..

    The What

    Someday this war is gonna end..

  • Still no confirmation on the headline above and for what prices?

    ***Bid half off peak comps***

    Posted by: Brownstones Half Off at May 28, 2009 3:22 PM

    BHO this the time of Asshat PWNING! You put the reality in their faces and wait. The sad thing is they have no answers just Ad-Hominem attacks.

    This statement is very true: “Are you nervous, DIBS? You’re surrounded by “radiation” in your Bed Stuy primary AND Center City three. Center City is also getting gobbled back up by the “hood” – they want it back.”

    Funny thing BHO When I pass Classon Ave the Assheads disappear. When I’m in the Hood there are no Asshats to be found! I think the “Hood” and Team Bear is wining. Now wait for the stupid fucking remarks..

    The What

    Someday this war is gonna end..

    Posted by: Return of The What at May 28, 2009 3:35 PM

    I THINK WE JUST HEARD THE STUPID FUCKING REMARKS.

  • I THINK WE JUST HEARD THE STUPID FUCKING REMARKS.

    Posted by: daveinbedstuy at May 28, 2009 3:39 PM

    Dave why are you yelling??LMMFAO what’s wrong retard got caught Offsides aging in TBT??

    You suck, really..

    The What

    Someday this war is gonna end…

  • More stupid remarks.

  • 3:22 for me, DIBS? I’ve been to Center City (20th/South St area, right?). And where did lechacal say my cred was shot? Once again, what’s the “score” in Center City? SCORE??? (change from peak)

    BTW, did 72 Berry REALLY sell out? As in not only in-contract but actual CLOSINGS.

    ***Bid half off peak comps***

  • “I made a lot of money in Japan in the eighties, What, because I knew exactly what was going on there. I didn’t live there.

    I know exactly what was going on in NYC in the 70s and 80s. I didn’t have to live, just visit every now and then to realize how bad it was. FOOL.” ~dibs

    So in the 80s dibs made a fortune in Japan, became the king of ny because he was a tourist, and despite all this wealth and knowledge ended up present day in the ghetto? I love posts by Dibs, I really hahahhaa lmao do!

  • Center City hasn’t been “fringe” since like the sixties.

  • Forget it Heather, BHO and cornerbodega have all the answers. They just don’t have homes.

  • Brownstones Half Off: What about the 2 i gave you on president st in Cg for $1000 a sq ft? Not good enough? let me know ive got plenty

  • “Forget it Heather, BHO and cornerbodega have all the answers. They just don’t have homes.”

    We have all the questions. We just don’t have answers.

    Market at large, sebb. What’s the rate of decline in price and volume for your ‘hoods? Positive or negative?

    ***Bid half off peak comps***

  • “BTW, did 72 Berry REALLY sell out? As in not only in-contract but actual CLOSINGS.”

    The kvetching about 72 Berry is pretty silly. Sales started in March, which is a completely different market than most new development sales started in. At this point, buyers are at least a little more cognizant of the bubble that was. I’d be more surprised if more than a handful DON’T close. This is when it shows that some people will be bearish for bearishness’ sake, instead of, you know, reason.