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February 5, 2009

Toll Brothers Gets Serious About Selling at Northside Piers

northside-piers-0209.jpg
This may be looked back on as the moment sellers came to grips with the market reality: Yesterday Toll Brothers whacked prices on 36 units at the Northside Piers, its luxury waterfront project in Williamsburg. While these are hardly the first en masse price reductions we've seen, they may be the first example of large-scale, high-percentage cuts at a top-tier development. Take Unit 11G, for example: The 1,244-square-foot three-bedroom just went from $1,208,990 to $894,990, a dollar reduction of $314,000! And Unit 9G: Was $1,160,990, now's $884,990. Prices on most of the other units were reduced only 10 percent or so, but still, this shows that Toll is getting serious about selling this stuff.
Development Watch: Northside Piers From Above [Brownstoner]
Putting the Pier in Northside Piers [Brownstoner] GMAP
Sales Begin at Northside Piers [Brownstoner]
Toll Brothers Making Less Money [Brownstoner]
The Edge Tops Out [Brownstoner]




Posted by Brownstoner at 10:00 AM | Comments (38)
Categories: Condos, Williamsburg

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Comments

Well they should actually get some real interest now

Posted by: dittoburg at February 5, 2009 10:03 AM

Magic 8-ball sez, "Just wait for the inevitable further chops."

Posted by: SnarkSlope at February 5, 2009 10:10 AM

i figure these will start renting for pretty cheap soon.

also Im pretty sure I saw a 2bed in the NOVO on craigslist going for 2500.

Posted by: Santa at February 5, 2009 10:12 AM

another victory for team BEAR ... more to come ... not the bottom yet

Posted by: ZooLander at February 5, 2009 10:14 AM

I'm sorry - but especially on new construction how hard is it to have a floorplan?????

Posted by: Flatbushrising at February 5, 2009 10:30 AM

No floorplan is ridiculous. They need to drop another 5% until they get one.

Posted by: dittoburg at February 5, 2009 10:32 AM

This is a positive sign for those of us looking to buy. Surfing around Trulia, I'm starting to notice more and more condos and co-ops in decent areas that are either reducing their price, or coming on the market at a much lower price than they would have six months ago. As someone hoping to buy at the end of this year, that's appealing.

That said, I feel bad for the folks who bought into this condo at the higher prices and are now watching their values drop.

Posted by: cwbuecheler at February 5, 2009 10:41 AM

Santa, is that rent or re-sale price?

Posted by: altervoce at February 5, 2009 10:51 AM

zing!

Posted by: SnarkSlope at February 5, 2009 11:11 AM

Its the charge for the anesthesia, a blood test and two doses of morphine.

Posted by: dittoburg at February 5, 2009 11:13 AM

Hiya Reatrds! I see this Gentrification "Thang" imploding, LMMFAO.

I wonder how many retards are regretting moving into these Condos? The carrying cost is unbearable and the value is dropping like a rock! Imagine you brought into the lie last summer and now Troll Brothers are cutting the price by 35% and still you make payments on a depreciating asset! Man this is going to get good, so tighten up those Ass Cheeks...

The What (Obama will save us..)

Someday this war is gonna end...

Posted by: Return of The What at February 5, 2009 11:31 AM

^^^ It's like Tourette's Syndrome, only less interesting. ^^^

Posted by: SnarkSlope at February 5, 2009 11:40 AM

Still a little overpriced - I think 700psf would get people to start buying here again.

Posted by: dirty_hipster at February 5, 2009 12:13 PM

According to the Northside Piers website, which does have floorplans, the G-lines are one-bedrooms. Hrm. Or am I reading it wrong?

Posted by: Heather at February 5, 2009 12:28 PM

Once we join the rest of the country in terms of accepting reality - we are by the way now falling under the same lending standards of income to debt ratios, and under the new appraisal requirements set forth in the lending crack-downs - we should see prices return to levels where they still should be had the past 10 years of bizzaro world not happened. In 1-2 years (or less) wait and see if we don't follow the rest of the country. I'm looking again at condos around Miami and they are around $100/psf - even less for anything that isn't new construction. These same exact condos were in the $700-800 psf range just 2 years ago - I still have my old offering and information paperwork from when I was looking at the same units back then. One of the units that was asking $700,000, is now right at $100K with the seller kicking in closing costs. And we are talking prime neighborhoods. So sit back and watch. It's not going to be pretty for sellers who overpaid, but will be great for families in our city who can move back in and not have to live 2 adults and 4 kids in a studio that they still can't afford.

Posted by: williamsburgguy at February 5, 2009 12:40 PM

Streeteasy says:

4 North 5th Street #9G
3 beds, 2 baths

Common Charges: $1,076
Taxes: $11

Price reduced $276,000 about 20 hours ago
611 days on market in StreetEasy

Posted by: SnarkSlope at February 5, 2009 12:41 PM

"This may be looked back on as the moment sellers came to grips with the market reality..."

DOWN GOES BROOKLYN!!! DOWN GOES BROOKLYN!!!

-25%!!! Now that's what I'm talking about!!!

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 5, 2009 12:44 PM

BHO, your glee is unseemly.

Posted by: SnarkSlope at February 5, 2009 1:05 PM

What The What doesn't seem to realize is: as these prices drop, a whole new group of "gentrifiers" - like me - are going to buy. It's not like Williamsburg is going to go back to being a bunch of abandoned buildings and crack houses.

Posted by: cwbuecheler at February 5, 2009 1:19 PM

"What The What doesn't seem to realize is: as these prices drop, a whole new group of "gentrifiers" - like me - are going to buy.

Yeah cwbuecheler the kids are out back petting the Unicorn. That new whole group of "gentrifiers" are going to get robbed and having their asses kicked.

" It's not like Williamsburg is going to go back to being a bunch of abandoned buildings and crack houses."

Famous last words...

"BHO, your glee is unseemly."

What about me?? I have a hard on right now!

BHO What's Cracking Homeboy?? Hey I thing you need to change your name to Brownstones 75% off! Hey BHO what did you do to WASDER?? Man you PWNED the living Daylight out of him, LMMFAO!

The funny thing is the Retards have no comeback for you! That is beautiful...

" One of the units that was asking $700,000, is now right at $100K with the seller kicking in closing costs. And we are talking prime neighborhoods. So sit back and watch. It's not going to be pretty for sellers who overpaid, but will be great for families in our city who can move back in and not have to live 2 adults and 4 kids in a studio that they still can't afford."

Hey Brownstoner this is your QOTD!

Man this thing is getting good!

The What (Obama will save us)

Someday this war is gonna end...

Posted by: Return of The What at February 5, 2009 1:39 PM

cw, you've been hanging with the idiot minds too much, its got to drop a whole helluva lot more for your "new group of gentrifiers". Do you have 20% for an $750k place, perfect credit and secure enough to make payments on a jumbo loan?

Posted by: cornerbodega at February 5, 2009 1:44 PM

cornerbodega -

"Do you have 20% for an $750k place" - Not yet, but it's building.

"perfect credit" - 780 for me, 777 for my wife, both debt-free.

"secure enough to make payments on a jumbo loan?" - yes, though I don't think I'll have to take a jumbo loan, as we don't plan on spending more than $625k for a place.

Look, I agree there is still more to drop. I don't believe we've hit bottom yet, especially outside of the multi-million-dollar brownstone areas, and especially in the condo market. I just don't think that Williamsburg is going to go back to being cheap and decrepit.

I am somewhere in between "team bull" and "team bear" in my outlook.

What -

"That new whole group of "gentrifiers" are going to get robbed and having their asses kicked."

Improbable. Crime will go up a bit, sure. Always does in a recession. But tons of neighborhoods in Brooklyn going suddenly swarming with thugs? Highly unlikely.

I know many people like myself who are just waiting for prices to come down a bit more before they jump into the market.

Posted by: cwbuecheler at February 5, 2009 1:55 PM

the pricing for this building is a mess. Apt 22H is 789 sq ft at a price of $584,990 which is $741 per sq ft. 21A is 512 sq ft at $529,000 which is $1,033 per sq ft.
Um, um....Is the almost $300 a ft extra for a view? This is silliness.

Posted by: curijay at February 5, 2009 2:07 PM

> "What about me?? I have a hard on right now!"

I'm firing up my electron microscope now to confirm your claim, and will get back to you. Thank you for your patience.

Posted by: SnarkSlope at February 5, 2009 2:08 PM

What -

"That new whole group of "gentrifiers" are going to get robbed and having their asses kicked."

Then please put a offer in. If you believe in the Magical Rainbow then please by all means buy a Condo in this development or any other.

"Improbable. Crime will go up a bit, sure. Always does in a recession. But tons of neighborhoods in Brooklyn going suddenly swarming with thugs? Highly unlikely."

I remembered this story and wondered why Brownstoner ignored it.

http://ny.metro.us/metro/local/article/A_spike_in_crime_has_Williamsburg_wary/13499.html

A spike in crime has Williamsburg wary
Talk of machetes, gangs rampant in Brooklyn hipster haven

“My friend said they’re attacking white hipster boys on bikes,” Neil Campbell, a tattooed South Fourth Street resident who fit that bill, said.

Last month, Richard Duran, 22, who residents say was not a gang member, was shot at the bus depot on the South Side near the Williamsburg Bridge. Some believe the shooter was a member of the PBGs, or Pretty Boy Goons. Later that night, young men with machetes — allegedly Trinitarios — slashed two people on South Third Street near Bedford Avenue.


This is why I want you to stay here after the collapse of the Mutant Asset Bubble. I want to believe that you will be "OK" is these neighborhoods......

The What

Someday this war is gonna end...

Posted by: Return of The What at February 5, 2009 2:41 PM

Uh......That article was from August.

Posted by: 11217 at February 5, 2009 2:52 PM

What -

I won't be buying a condo there because I don't want to live in Williamsburg, but the chances of me buying a condo/co-op in Park Slope / Prospect Heights within the next year are fairly high. That or a brownstone in Bed Stuy / similar.

Then you can call me an asshat and hope I get mugged. It'll be great.

Posted by: cwbuecheler at February 5, 2009 3:06 PM

With prices dropping like this, "Brownstones Half Off" will have to change his handle to "Brownstones 25% Off" soon.

Posted by: corolla at February 5, 2009 4:23 PM

"BHO What's Cracking Homeboy??"

What's good, What? Hit me with your classic Appocalypse Now quote.

***Bid XXXX [three quarters] off peak comps***

Posted by: Brownstones Half Off at February 5, 2009 4:28 PM

I walked over to Northside Piers today with the intention of looking at the apts listed above, but walked away when I got there - that is one crappy part of Williamsburg. And it's got 10 years before the neighborhood gets to a point where it doesn't look like burned out buildings.

The first thing I see when I walk out of my building is a busy, trashed Kent Avenue? Locked into having to use the L-train?

I don't think you could pay me to live there.

Posted by: dbcn at February 5, 2009 4:33 PM

If you pay closer attention to StreetEasy and the Halstead website, you will notice that they have made drastic cuts across the board (broader than what Brownstoner indicates) i.e Townhouse A reduced from $1,968,990 to $1,400,990; Penthouse 2 reduced from $2,019,990 to $1,247,990; Penthouse 3 reduced from $2,111,990 to $1,350,990. These are 25-30% cuts and they are ACROSS THE BOARD. Looks like Toll Brothers has pretty much bailed on this project. This could have huge implications for the entire brooklyn condo landscape (at least for the newly constructed condo towers). How does the Edge next door (575 apartments) or One Brooklyn Bridge (with their 449 apartments) justify prices of 50% higher than their competition, who just happen to be the pre-eminent luxury builder in the United States?

Posted by: FtGreeneCorey at February 5, 2009 4:44 PM

"What's good, What? Hit me with your classic Appocalypse Now quote."

Not yet BHO because the Asshats still believe in the "Magic Rainbow". The Retards believe Obama will be passing out Skittles! ROTFLMMFAO

"The first thing I see when I walk out of my building is a busy, trashed Kent Avenue? Locked into having to use the L-train?"

Man that section suck big Donkey nuts! You need a car to live over there. Those long block are a horror show at night.

The What (Obama will be passing out Skittles! ROTFLMMFAO)

Someday this war is gonna end...

Posted by: Return of The What at February 5, 2009 5:16 PM

Oh I forgot!

New jobless claims jump more than expected to 626K
Initial jobless claims surge more than expected to 626,000, while factory orders drop

http://finance.yahoo.com/news/New-jobless-claims-jump-more-apf-14266291.html

WASHINGTON (AP) -- New jobless claims jumped far more than expected last week in an already dismal labor market, and there's no relief in sight for workers as mass layoffs persist. The Labor Department reported Thursday that the number of newly jobless workers seeking benefits rose last week to a seasonally adjusted 626,000, from the previous week's upwardly revised figure of 591,000. The latest total is far more than analysts' expectations of 583,000.

Taste the Rainbow!! ROTFLMMFAO

The What

Someday this war is gonna end...

Posted by: Return of The What at February 5, 2009 5:18 PM

"This could have huge implications for the entire brooklyn condo landscape (at least for the newly constructed condo towers)."

The entire Brooklyn RE market period, commercial and residential. One family brownstones don't sell well. Two plus family brownstones sell on the basis of rental income. Property prices were already beginning their descent through and then back to their intrinsic values far before rents have started to collapse. Collapsing condo sales and spiking rental listings (read collapsing asks) will add to the cascading downward spiral of brownstone prices. Commercial? Fuggedaboutit!

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 5, 2009 5:29 PM

Where is Ms Muffet? We miss her dearly at times these :)

Posted by: pierre de taille at February 5, 2009 5:55 PM

Oops meant to say at times like these.

Posted by: pierre de taille at February 5, 2009 5:57 PM

actually Mr. What. The 94th where Northside resides, is an extremely safe area. Do not confuse the stats or incidents with south williamsburg - especially south of broadway. it's project and gang free. totally gentrified already regardless. sure that northside will rent be out if not totally sold out bringing more gentrifiers, not less.

Posted by: wine lover at February 5, 2009 8:06 PM

Kent Avenue hasn't been trashed - its looked that way for at least 12 years.

Posted by: dittoburg at February 6, 2009 8:29 AM

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