« Development Watch: 525 Clinton Avenue Check-In House of the Day: 56 Hawthorne Street »
October 3, 2007
Condos of the Day: Washington Avenue Doubleshot
We checked in on Washington Avenue recently with a mind to sussing out how sales are going on the petite condo row between Bergen and St. Marks. The bigger development on the stretch, 647-649 Washington, has been on the market for more than a year (Corcoran was helming the marketing until they weren’t; Bergen Basin Realty’s now manning the ship), and it proudly advertises units “Under Contract” with banners in the windows. Bergen Basin’s website currently shows five condos up for grabs at the 16-unit development, with prices hovering in the high-$300 to mid-$400-a-foot range. The development seems basically OK (balconies, standard finishes) and the prices aren’t out of control, so we’re wondering whether the location's the problem. And if that’s the case, what does it auger for the mostly complete 11-unit condo just one building down, at 655 Washington? Far as we know, the high-windowed building hasn’t hit the market yet. It’ll be interesting to see how it fares given the sleepy reception its neighbor has been receiving.
Getting Caught Up With 647 Washington Avenue [Brownstoner] GMAP
Development Watch: 655 Washington Avenue [Brownstoner]
647 Washington Avenue Listings [Bergen Basin Realty]
Trackback Pings
TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/2434
Comments
Just for the record, 647-649 Washington does not include the building to the right of it (the one with the balconies). Walked by an open house months ago and saw both places. 647-649 is alright. Not bad, but not too impressive either. Developers seemed not too flexible on the pricing, which I think is a mistake in this area/market time.
651 Washington on the other hand, was really awful. Super cheap feeling, small apartments that define the faux-luxury epidemic plauging Brooklyn. If these were marketed as mid-range apartments, that would be one thing, but come on people.
655 Washington at least looks interesting, and we'll never forget the address when riding by!
Posted by: guest at October 3, 2007 1:24 PM
I took a tour of the 647-649 a few months back, they aren't that large for the price but the most hideous factor was the VIEW!!
The backyard view is pretty crummy and over looking new construction in progress but those glorious windows in the front face that super creepy "666 Auto Repair"
So not worth 400k for a 1-2 br in my opinion.
Posted by: guest at October 3, 2007 1:37 PM
I used to live down the street at washington and dean... this area is changing but still has a long long way to go. There are four auto/quick fix joints within two blocks of both developments. You get all the joys that come with an auto repair shop as a neighbor - constant drilling, tire tred marks, shouting, broken down vehicles parked along washington...
Kinda sad considering before the riots and suburban exodus- washington ave had a street car and great shops.
My guess is that most of the empty lots and auto repair shops replaced the buildings destroyed by the riots in the 60s, 70s, and early 90s.
Posted by: guest at October 3, 2007 1:51 PM
I also saw 647-649 some months ago and agree that they were just OK; the backyards are split up in a really silly way such that a second-floor unit walks down the back stairs and through a narrow fenced corridor to its little wood-chip-filled plot abutting the auto shop next door. The units are smallish but I liked the keyed elevator entry.
I do somewhat think that Bergen Basin should change its name to something that doesn't evoke "bargain basement," but I guess that's not overly relevant.
Posted by: MsBrooklyn at October 3, 2007 1:52 PM
Location is not great. Looked at 647-649 a few months. Apartments were fine but the lower ones look straight at an auto shop across the street and more of the same in the back. Very noisy area. I think that is why some people might be hesistant.
Posted by: cwh812 at October 3, 2007 1:59 PM
Jumbo Subprime Home Loans More Likely to Default, UBS Says
By Jody Shenn
Oct. 3 (Bloomberg) -- About 17 percent of subprime-mortgage balances in bonds are too large for borrowers to refinance into loans from Fannie Mae or Freddie Mac, making them more likely to default, UBS AG analysts said.
The loans exceed the $417,000 limit for what government- chartered Fannie Mae and Freddie Mac, the two largest U.S. mortgage-finance companies, can buy, the New York-based UBS analysts wrote in a report yesterday. That also makes the loans ineligible to be insured by the Federal Housing Administration.
Subprime borrowers with jumbo mortgages ``will probably have a more difficult time in the coming months than borrowers who can take advantage of'' refinancing opportunities through government- linked entities, the UBS analysts led by Laurie Goodman wrote.
Borrowers are having difficulty refinancing or selling their homes at favorable terms as lenders have tightened standards and U.S. home prices have dropped.
The record levels of early defaults on subprime mortgages may increase because rates on some loans are set to rise as the initial teaser-rate periods end. Interest rates on adjustable-rate loans typically rise 3 percentage points after a fixed two- or three-year period, and can continue rising every six months.
President George W. Bush in August announced a new FHA program that allows borrowers who are delinquent because of changes in their adjustable rates to refinance into new loans with lower payments. About half of the subprime borrowers expected to hit interest-rate resets may escape payments spikes and defaults by qualifying for loans eligible for sale to Washington-based Fannie Mae or Mclean, Virginia-based Freddie Mac, UBS has said.
Jumbo mortgages represent 6 percent of the more than $700 billion of subprime loans in bonds, based on the number of loans, UBS said. FHA loan limits vary by county. For ``high-cost'' areas, loans on a single-family home can be as large as $362,790.
Subprime mortgages are given to borrowers with poor credit or high debt. Congress created Fannie Mae and Freddie Mac, which own or guarantee about 40 percent of U.S. residential mortgage debt, to increase mortgage financing.
Posted by: The What at October 3, 2007 2:07 PM
What riots? Especially in the early 90's? News to me, and I've lived here since '77.
Posted by: guest at October 3, 2007 3:00 PM
"I used to live down the street at washington and dean... this area is changing but still has a long long way to go. There are four auto/quick fix joints within two blocks of both developments. You get all the joys that come with an auto repair shop as a neighbor - constant drilling, tire tred marks, shouting, broken down vehicles parked along washington...
Kinda sad considering before the riots and suburban exodus- washington ave had a street car and great shops.
My guess is that most of the empty lots and auto repair shops replaced the buildings destroyed by the riots in the 60s, 70s, and early 90s."
^^^^^Motherfucking Dumbass Asshole^^^^^^
Posted by: The What at October 3, 2007 3:24 PM
Why is the address in huge letters up and down the facade on 655? I surely hope that is not permanent
Posted by: guest at October 3, 2007 3:27 PM
When were there riots on Washington Avenue in the 70s and 90s? The only Washington Avenue riot I know of is the one that occurred in 1968 after MLK was killed.
Posted by: guest at October 3, 2007 3:43 PM
Is it not time to ask The What to play in another sandbox?
Posted by: Putnamdenizen at October 3, 2007 4:10 PM
What defines a "riot" anyway? I know a girl who was raped and beaten by two of MLK's brethren right off of Washington Avenue. In my view, a riot is anytime two or more people collude to violate the law. Thus, riots occur daily in predominantly African American communities around the world.
Posted by: guest at October 3, 2007 4:20 PM
There's another condo/loft building around the corner that's been listed on Corcoran.
Saint Mark's between Washington and Grand.
Posted by: guest at October 3, 2007 4:26 PM
Has anyone checked out those St Marks condos? The building's exterior doesn't look great, but the windows are huge, so I'm wondering what the apartments are like from the inside.
Posted by: guest at October 3, 2007 5:35 PM
Most of the auto body places if not all are selling to developers so there should be some pretty interesting developments happening. 655 does look interesting but I'm not too fond of the address up the side either. The location is actually good and Washington has a very cool vibe, there are a really interesting mix of people that reminds me of how Williamsburg used to be lots of craft people, artists, musicians.
Posted by: guest at October 4, 2007 9:38 AM
I took a tour of those condo's last year ,needless to say we were not impressed ! Washington Ave still leaves alot to be desired .
Posted by: guest at November 1, 2007 11:36 PM
Visited an open house at 655 great experience
supper finishes developer over did design and touch. Why would you. this is Washington avenue. This sure pulls a higher quality clientele. Was worth the visit. By the way I liked the 1 bedroom. But their all gone the 2 bedrooms are spicy but gorgeous. the floors the huge windows beautiful Bosch appliances. Come on
Posted by: guest at March 28, 2008 1:39 PM
Post a comment
Please be patient while your comment is published. It may take a moment.