Condo of the Day: 1 Northside Piers, #15D
Here’s one casualty of the real estate bubble in Williamsburg: After buying this two-bedroom, two-bath unit in the first Northside Piers building last summer for $1,082,490, the new owner is now trying to unload it. She put it on the market ten days ago for $1,299,000 but by Friday had cut the price to $995,000….
Here’s one casualty of the real estate bubble in Williamsburg: After buying this two-bedroom, two-bath unit in the first Northside Piers building last summer for $1,082,490, the new owner is now trying to unload it. She put it on the market ten days ago for $1,299,000 but by Friday had cut the price to $995,000. So now even if she gets ask for it, with the brokerage commission she’ll be out $130,000 or so. Painful. Nice views though!
1 Northside Piers, #15D [Halstead] GMAP P*Shark
I wasn’t expecting to feel confident about rental prices in Bushwick, but that’s the unintentional side effect of this post. $2000 for a one bedroom in Williamsburg. Makes sense.
Sweetheart, thank you for the pean to Bushwick. I love it too.
“At the risk of sounding nasty… if someone is in the market for a MILLION DOLLAR home and can’t hold onto it for more than a year or two, this person should get what’s coming to them.”
“Yeah, that does sound nasty. But I stand by it.”
So, if someone is in the market for a $150,000 home and can’t hold onto it for more than a year or two, should that person “get what’s coming to them” as well? Whatever that means?
The disdain by some on this site for people who have bought homes that they deem “sucker expensive” is obscene and often seems illogical. Let alone lacking in compassion.
I think the people who can afford/are ignorant of the market enough to afford 1.2k/sq ft condos in Williamsburg are the same type of people who find time in their ostensibly busy days to anonymously engage in forum post wars on Brownstoner.
Get over yourselves, who really gives a s hit?
We are talking about some superfluous floozy who paid way too much a year ago, and is going to take a hit in a crap market on an overpriced apartment. Not really news.
Wake me up when you guys stop talking about the petty upper middle class.
This may shock some of you but sometimes people actually sell because they either want to or just have to, regardless of Profit or loss:
A job elsewhere, a job no more, love, change of mind, health. If we all used the this “rational” nonsense, to choose when and where we live, most of us would be living in Atlanta, or worse Jersey..
I really don’t know Mopar – as I wrote that statement, I realized I know a lot of people out in Bushwick and way up in Greenpoint that probably wouldn’t move back to the Northside if it did become much more affordable. I guess we can’t really predict what crazy, hungover, stoner young kids will do when faced with options (which hasn’t really been the case for renters who don’t make at least 100k in this city for the past 5 years).
But back to Bedford – The vast majority of that inventory is going to go rental. And I’m going to go out on a limb and say there are enough young people who will rent these if they are priced correctly. 2k for a one bedroom and 3k for a 2 bedroom would do it.
People here make a lot of convincing arguments that Williamsburg is doomed, everyone is moving to brownstone brooklyn, and can find articles to support their theories with impressive stats and pie charts – but everytime I walk around I can’t help to think I’m in a different neighborhood than what’s portrayed in the blog universe.
Okay – I’m done, gonna go grab a porkslap ale at K&M, which was pretty busy for a Monday when I walked by 😉
Re: why a rational person would choose to sell right now – because it might get worse, so it could very well be best to cut your losses now.
Bushwick is really fun and nice. It has a higher concentration of studios then any other area in the boroughs or city, so you know you’re going to run into people you want to talk to at the coffee shop. there is a sense of freedom, community,and possibility here that you don’t get anywhere else in New York. For example, most people who live here know our local reporters. It’s kind of the perfect melding between small town life and city life. But it’s not like Redhook, where people are basically isolating themselves and trying to pretend they live in some quaint fisherman’s village. It’s much more lively and has more vitality. Williamsburg is convenient and lovely, but lacks the quality of an artist’s community, so I would guess there are people who would rather be in Bushwick then Williamsburg. http://bushwickpainters.blogspot.com/
It’s fun here! I might move to Manhattan someday, because that’s really unbeatable and ultimately the heart, but for now, I really really appreciate the chance to be in Bushwick.
“However, I think you’re going to see the biggest drops in rents in the ‘fringe’ areas of north brooklyn (east williamsburg beyond graham, greenpoint, bushwick) as people start to move back to the areas in williamsburg they were priced out of.”
DirtyHipster, this makes perfect logical sense, and I’m waiting for it to happen. However, so far, what I see is more new hipster types arriving in L-train Bushwick every day, and also more hipster-oriented retail along the JMZ in Bushwick every day. Maybe people genuinely want to be in Bushwick, or more likely the prices in Williamsburg just aren’t cheap enough yet. They need to get down to $600 to $800 per person for impact on Bushwick.
Do you think that might happen, Dirty Hipster?
What needs to be taken into account for first time resales such as this is the incredible cost of transfer taxes and the like on new construction. Mansion tax, NYS transfer tax, NYC transfer tax, mortgage tax on top of the other closing costs (title insurance, mortgage insurance, legal fees, document fees) – we might be looking at $60,000-70,000 or more in a case like this. One more “ouch factor”, but can also be looked at as a “discount” by any buyer. Any thoughts?