Belltel Joins the FHA Club

The FHA trend has officially gone upscale: Curbed is reporting that the Belltel Lofts at 365 Bridge Street in Downtown Brooklyn has been approved by the FHA for buyer financing, joining several other buildings in areas like Williamsburg and Bed Stuy that have already proven that the lure of 3.5% down-payments can be enough to overcome major bear markets and questionable locations. Given that the Belltel is one of the higher-end conversions in Brooklyn, it'll be interesting to see what kind of pop this gives to sales. Predictions?
CurbedWire: 3.5% Down at BellTel [Curbed]
Targeted Price Cuts at Belltel Lofts [Brownstoner]
Checking In On The BellTel Lofts [Brownstoner]
Belltel Parking On Tap [Brownstoner]
Belltel Lofts: 50% Percent Sold [Brownstoner]
The Belltel Lofts: 40 Percent Sold [Brownstoner]

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"Predictions?"

FHA will get "clunkered".

***Bid half off peak comps***

Posted by: Brownstones Half Off at July 31, 2009 11:15 AM

3.5% down should not be govt. guaranteed (in any market, but this one esp.).

Posted by: northsloperenter at July 31, 2009 11:18 AM

what are the prices at the Belltel?

Posted by: UnRed at July 31, 2009 11:24 AM

26 active sales listings: $666 per ft² (avg)
11 active rentals listings: $39 per ft² (avg)
155 previous sales listings: $640 per ft² (avg)
13 previous rentals listings: $35 per ft² (avg)
114 recorded sales: $746,000 (avg price)

Many of the units are just large (1,000 sq. ft.+) studios.

Posted by: BH76 at July 31, 2009 11:27 AM

i saw an ad on TV last night for belltel lofts...on the HGTV channel!!!!

Posted by: bowl of dicks at July 31, 2009 11:32 AM

I sympathize with the original aim of FHA but this is bulls*hit, why should taxpayers be subsidizing purchase of luxury apartments?

At least with cash for clunkers we can decide how much it'll cost us up front...

Posted by: woodys at July 31, 2009 12:44 PM

The majority of units for sale are on mid to higher floors (10th floor and up) and very few are "studios"

Posted by: Bklyn365 at July 31, 2009 12:50 PM

^-------- There's nothing luxurious about Belltel. Just because their marketing material and sales staff say it is luxury does not mean it is luxury.

If a car salesmen describes a honda and a ford as luxury brands, I'd laugh at them to their face. Some of the units might be expensive, but not really for a luxury building in NYC.

Posted by: CookieCutterBrownstone at July 31, 2009 12:55 PM

Bklyn365: What do you call this for $1MM+?
http://www.streeteasy.com/nyc/sale/93391-condo-365-bridge-street-downtown-brooklyn-brooklyn

5 of the 20 listings are like that -- no legal bedrooms.

Posted by: BH76 at July 31, 2009 1:02 PM

I really do not like the government helping people pay $700/sq. ft for overpriced downtown apts.

This is just another form of corporate welfare.

Let the prices fall and then fewer people will need government help to buy a home and the people who still do need government help won't need as much help because prices will be lower.

Everyone wins but the developers.

This way, everyone loses but the developers (government overpays, people getting assistance overpay, and people not getting govt. assistance overpay since the government is propping up the market).

Posted by: northsloperenter at July 31, 2009 1:19 PM

BH76, I didn't say that none of them were, but the vast majority are definitely not.

Posted by: Bklyn365 at July 31, 2009 2:25 PM

@CookieCutterBrownstone fair point, I should have said "luxury." but you know what I mean.

Posted by: woodys at July 31, 2009 2:57 PM

On one hand, these are 1K and up square foot apartments. On the other hand, most of them don't have very many windows and use the "home office" excuse to create a second bedroom.

I wonder if this is just the beginning of the trend though? Seems likely.

Posted by: Heather at July 31, 2009 7:43 PM

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July 31, 2009

Belltel Joins the FHA Club

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