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July 1, 2009

Come On and Take a Free Ride (at Northside Piers)

northside-piers-070109.jpgAs Curbed picked up on yesterday, The Real Deal reported that Toll Brothers is now offering potential buyers at its Northside Piers project on the Williamsburg waterfront a free ride for the entire first year. That's right, the whole kit and kaboodle: Mortgage payments, common charges and real estate taxes. The offer's good through the end of August. Too bad the days of 95 percent financing are behind us!




Posted by Brownstoner at 10:15 AM | Comments (27)
Categories: Condos, Williamsburg

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poor ole billyburg

Posted by: dittoburg at July 1, 2009 10:17 AM

Misleading

"One less thing to worry about. Receive 1-year free coverage when you buy a home at Northside Piers. Plan covers up to 12 months of your mortgage payments if any of the following were to occur: Involuntary job loss (e.g. lay-off); illness or injury resulting in disability; hospitalization (for at least two consecutive nights); you or a protected co-borrower pass away."

Posted by: dirty_hipster at July 1, 2009 10:18 AM

DH. Aaaargh! I was actually interested. I am so full of loathing. Those dirty scammers are going to resort to MORE fine print?

I hereby withdraw my interest in Northside Piers. May it crumble into the east river to be carried out with the tide.

Posted by: joe_the_bummer at July 1, 2009 10:28 AM

LOL am i the only one who thought this was going to be about taking a ride on their elevator!?

*rob*

Posted by: PitbullNYC at July 1, 2009 10:32 AM

So in order to get a free year of mortgage payments you have to buy a place at NSP and do one of the following

A. Get fired in one of the worst job markets in years
B. Get really sick and stay in the hospital, not your shiny new waterfront condo
C. Kill your wife


What an incentive!

Posted by: dirty_hipster at July 1, 2009 10:32 AM

DH - I think you're referring to the "protection" plan, which they put in place a while ago. This is a new "plan" for which you must "buy" an apartment by August 31 to qualify. The full press release is here: http://www.prlog.org/10268159-home-buyers-can-live-free-for-year-at-northside-piers.html

Not misleading, but also probably not really a "deal" - http://www.brooklyn11211.com/11211side/2009/06/free-condos

Posted by: WBer at July 1, 2009 10:35 AM

I meant misleading as the way it's referred to in the original article

This posting makes it sound like you get a year free mortgage payments just for buying a condo - when infact it's a protection plan ( a useful perk)

it's really clear on the NSP website - not so much in any of the websites that have picked it up.

Posted by: dirty_hipster at July 1, 2009 10:39 AM

DH, the way I understand it, the press release from last week is different from the protection plan. It is a free year as of right. The protection plan is old news and needs to be removed from the web site. However, I imagine a call to the broker would clear this up.

Posted by: king of the burg at July 1, 2009 10:47 AM

Whether or not it's a protection plan, you'd have to REALLY want to live at NSP to take advantage of what is quite clearly a desperate situation for this developer.

Anyone who buys new construction in Williamsburg should be fully aware at this point that it could very well be 40% cheaper in a year.

I wouldn't touch it with a 10 foot pole.

Obvi.

Posted by: 11217 at July 1, 2009 10:54 AM

jeez - well if that's the case i stand corrected.

Posted by: dirty_hipster at July 1, 2009 10:54 AM

My understanding is it is a free year of mortgage payments. Even so, this is only equivalent to dropping the asking price by about 5% when you do the math. Another way to look at it is $12,000 off of a 1.25MM apartment (the amount of equity you would gain after putting 25% down and making 1 year of mortgage payments) and a year of free rent. Of course the cost of that is the lost return on your $250,000 down payment, and the fact that there is a good chance you will be underwater by the time you make your first payment

Posted by: dcorreale at July 1, 2009 11:24 AM

price it cheap enough and idiots like me will show up to take the bait. Think $400 sq ft will get me biting

Posted by: more4less at July 1, 2009 11:24 AM

Why play idiotic games instead of just plain lowering prices to the point where your condos begin to sell? I guess they are not very interested in selling their properties or hoping 2006 is coming back. $400 per sqft sounds about right as a starting point for negotiations.

Posted by: loty at July 1, 2009 12:16 PM

400 sq ft - that means studios would be approx 200K. i'd jump on that in a second.

from what i hear though - nsp2 and the edge aren't budging much on their offering prices.

Posted by: dirty_hipster at July 1, 2009 1:46 PM

DH, we can afford to wait but those developers cant - creditors need to be paid.

Posted by: more4less at July 1, 2009 1:54 PM

Exactly m4l.

Posted by: dirty_hipster at July 1, 2009 2:13 PM

"free ride for the entire first year...offer's good through the end of August"

This crash will end very very badly.

***Bid half off peak comps***

Posted by: Brownstones Half Off at July 1, 2009 2:46 PM

BHO, for buyers on sidelines, this crash is going to be good (albeit not great due to potential collateral damage in the form of job risk)

Posted by: more4less at July 1, 2009 3:03 PM

M4L - I'm just curious when you say you'd be interested in one of these for the right price. Can you imagine how difficult it would be to resell one of these places down the road when they are even more dated looking than they already are now and no longer new, if they are having this difficult a time selling them now...?

Posted by: 11217 at July 1, 2009 3:07 PM

11217 - down the road, northside piers will still be on the waterfront with many apts having world famous views. i have a friend who is buying a 2bd on a very high floor in #1 with shocking views. he is a WB person anyway, wouldn't live in another hood, so he's thrilled.

what does dated mean also? the exterior? interiors are all decorating. appliances and things like colors and wallpaper can be changed 10 years down the line.

one thing you non-WB people don't realize is that the rental demand is still very strong here. my friend rents out her condo, and had a tenant move and got another in ONE day for more rent. people just moved in. new condos with central A/C and appliances and washer/dryers are always going to be desirable, and the commute to manhattan is frickin easy and short.

yes, the recession sucks, yes, real estate is in the toilet, but WB is the best (in every single conceivable amenity while being a major cultural player especially in music, clothes, and art) and closest hood to Manhattan in Brooklyn, so so what?

Posted by: wine lover at July 1, 2009 3:30 PM

11217, I'm real greedy. I'm hoping some of those massive penthouse units with water view could be had for 400 sq ft. so I won't be planning to sell for many yrs down the road. and when I do sell, breaking even is fine. Nothing is a guarantee but if a premium penthouse unit could be had for 400 sq ft, I'll take my chances

Posted by: more4less at July 1, 2009 3:33 PM

Everything is appealing at the right price. If someone is buying (anywhere) now and is worried about reselling anytime soon, they are in for a rude awakening.

Once the market sorts out this whole williamsburg inventory mess, and prices are dropped accordingly - these buildings WILL fill up, more retail will continue to open, and Kent will go through the drastic changes Bedford, Driggs, Grand and other major williamsburg strips have undergone

And while we are all savvy about the asthetics of homes in brooklyn - some people just don't care and are more interested in the interior space.

Will someone be able to flip one of these places dumbo style in 3 years and make a half mill? hell no. But 10-15 years who knows?

I really can't see apartments in a neighborhood 1 stop from manhattan that has tons of ameneties being priced at a 30-50% discount from the rest of brooklyn forever.


Posted by: dirty_hipster at July 1, 2009 3:34 PM

I'll say it again wine lover. You have proved yourself a racist on this blog, and I don't care to interact with you.

You are filth.

DH and M4L - I hear you loud and clear. And agree. Mostly.

Posted by: 11217 at July 1, 2009 3:40 PM

DH, anything is possible as far as how cheap these babies can be so key is save up for the down payment and pounce when price drop into range

Posted by: more4less at July 1, 2009 3:41 PM

totally m4l - I'm really interested to see how this will play out. It's definitely a real estate perfect storm.

Posted by: dirty_hipster at July 1, 2009 3:49 PM

Speaking of potentially effed neighborhoods on the east river with nice views - anyone hear what's up in LIC lately?

Posted by: dirty_hipster at July 1, 2009 3:51 PM

LIC is still looking like a wasteland - ie not worth the time to monitor unless prices are like 200 sq ft

Posted by: more4less at July 1, 2009 4:04 PM

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