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November 12, 2009

Standing Room Only at The Locale Condo Auction

locale_141009.jpgCurbed has the results of yesterday's auction of The Locale in Greenpoint. The 16-unit condo auction was held by Sheldon Goode at the New York Marriott and by the sound of it was quite effective. Only five units ended up being sold via live bidding; after that, the developer had interested parties submit private offers. A fourth floor one-bedroom with 726 square feet went for $312,500 and a ground-floor studio with 908 square feet sold for $272,000. More details on the link.
On the Block RESULTS: Five Greenpoint Condos Sell [Curbed]
The Locale: Greenpoint Condo Auction [Brownstoner] GMAP




Posted by Brownstoner at 9:59 AM | Comments (21)
Categories: Condos, Greenpoint

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Comments

300 and 430 a square foot. now we're talking. makes sense to get folks like me off the sidelines and into that hotel conference room with our wallets out. wonder if future auctions will bring the same level of interest.

Posted by: joe_the_bummer at November 12, 2009 10:15 AM

Love the prices, hate the location. Funny how that works...

Posted by: joeingowanus at November 12, 2009 10:23 AM

Prices don't impress. This is Greenpoint. Still sub-fitty sold. Probably fake auction with high min bids.

***Bid half off peak comps***

Posted by: Brownstones Half Off at November 12, 2009 10:28 AM

Prices didn't end up quite as low as I thought they would, but this still supports the idea that Williamsburg/Brooklyn prices will probably continue to fall a bit.

Posted by: pringler at November 12, 2009 10:47 AM

make that "Williamsburg/Greenpoint" prices

Posted by: pringler at November 12, 2009 10:48 AM

BHO, you may not be getting your brownstones sold at half off, but you are getting condos in greenpoint sold at half off for sure! Congrats!

Posted by: stevieb at November 12, 2009 10:50 AM

Uhhh...Greenpoint, pringler. The location is well east of the "Greenpoint" label on the map.

Uhhh...brownstones half off, stevieb. I don't look at snapshot numbers. I look at camera-still-rolling trends.

***Bid half off peak comps***

Posted by: Brownstones Half Off at November 12, 2009 11:05 AM

who the hell would want to live all the way out there?

Posted by: bitter_bubble_buyer at November 12, 2009 11:17 AM

Yeah - this location is pretty uninspiring. It's close to the park which is very nice. But transportation -- uggh. 1/2 mile walk to the subway, that's fine. BUT it's the G-train! If I'm going to be dependent on the G-train, I'd want to live basically *in* the station.

Posted by: tybur6 at November 12, 2009 11:19 AM

Dad-dy, I wanna move to Williamsburg and try to start a band with some hipster friends from my New England liberal arts college....will you buy me a condo?

I'm, sorry, sweetie, times are tough. Have you thought about Greenpoint?

But, Daddy?

Sorry, honey.

Ok, I guess I can live in Greenpoint.

Posted by: Brokedeveloper at November 12, 2009 11:21 AM

I actually think it's a decent location. That stretch of Nassau is a nice quiet residential part of Greenpoint and it's only a block from the park. I also have no problem walking 10 minutes to the subway though.

Posted by: dosteov at November 12, 2009 11:32 AM

>>Uhhh...brownstones half off, stevieb. I don't look at snapshot numbers. I look at camera-still-rolling trends.

Ah, BHO, I am afraid all the TARP money is going to end up in the pockets of undeserving wall street bankers who fancy brownstones in park slope and as a result, price hard working families like mine and Miss Muffett's out of desirable neighborhoods for our kids.

Posted by: stevieb at November 12, 2009 11:43 AM

stevieb the TARP program has made a $14Bn profit for the taxpayers. you should thank the bankers for creating this condo glut so you can afford a place. what's so great about brownstones anyway?

Posted by: joe_the_bummer at November 12, 2009 12:15 PM

"If I'm going to be dependent on the G-train, I'd want to live basically *in* the station."

"times are tough. Have you thought about Greenpoint?"

Funny, tybur6 and Brokedeveloper.

Decent location, dosteov. But indecent prices.

stevie stevie stevie...you're just afraid period. Relax. The elite are not looking in Park Slope. They're having sex in the city.

***Bid half off peak comps***

Posted by: Brownstones Half Off at November 12, 2009 12:17 PM

"what's so great about brownstones anyway?"

Exaaactly. That's why you see so many freshly renovated listings (or those caught mid-reno). It's not all that it's cracked up to be. Serious financial liability when the market turns. Endless repairs, rising operating costs and falling rental income (all over the forum). Grossly overvalued by a factor of two.

***Bid half off peak comps***

Posted by: Brownstones Half Off at November 12, 2009 12:21 PM

Seriously BHO. It has really been a shock to me to see how many people get OFF on original woodwork. Isn't that a little wierd? For a while I thought it was a gay thing, because I read that victorians were a big part of the draw of san francisco -- so I figured that like victorians, brownstones were that perfect blend of masculinity (construction projects) and femininity (ornate period detail), as well as a lifelong project in lieu of children.

But not so. There are heteros in there too. I remain mystified.

Posted by: joe_the_bummer at November 12, 2009 12:52 PM

I think the real reason that brownstones are so popular is that brooklyn, when you consider all of it, is probably the ugliest residential 100 square mile area in the whole country. brownstone areas are the only relief from the sprawling, grimy, angry, ugliness, so people pay a little more to live there.

Posted by: joe_the_bummer at November 12, 2009 1:26 PM

A couple of weeks ago I saw somebody on the subway with a brochure for this auction.

The ad copy read something like this: "Greenwich Village... Tribeca... Chelsea... To that list of premier neighborhoods, it is time to add Greenpoint..."

Posted by: DitmasSnark at November 12, 2009 1:31 PM

even though no one challenged it, I just read an article that the US will probably lose money on the TARP program. so....retraction.

I don't think anyone is reading this anyway, because I've insulted almost everyone and didn't even get a peep.

D-snark -- I drove by 500 4th yesterday. big banner saying "ASPIRE HIGHER""

thought you might like that one too.

Posted by: joe_the_bummer at November 12, 2009 3:56 PM

> big banner saying "ASPIRE HIGHER"

More like: "The next sound you hear will be the thud of your lowered expectations."

Posted by: DitmasSnark at November 12, 2009 4:00 PM

Joe B, i wanted to point out CIT took $2.5Bill of TARP money from tax payers and the tax payers are going to be wiped out completely. There are countless other regional banks that went bankrupt in 2009, 120 and counting, and we dont know how much TARP money was taken by them.

I hesitant because I am tired of arguing with all the perma bull a$$holes on here(DIBS, antidope, etc). They all obviously have an agenda because they are home owners and would like nothing more than for the US govt to continue to give money to undeserving wall street bankers so they can support the real estate market in NY.

Posted by: stevieb at November 12, 2009 4:35 PM

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