A Couple of Short Sales at Schaefer Landing
Yesterday Curbed reported that two short sales at Schaefer Landing, the first of the Williamsburg Waterfront developments to get built post-rezoning, had gone through. The first, Unit #20A, was bought for $1,232,000 in 2006 and ended up going for $715,000; the second, Unit $7A, originally sold for $925,000 in 2007 and was picked up by…
Yesterday Curbed reported that two short sales at Schaefer Landing, the first of the Williamsburg Waterfront developments to get built post-rezoning, had gone through. The first, Unit #20A, was bought for $1,232,000 in 2006 and ended up going for $715,000; the second, Unit $7A, originally sold for $925,000 in 2007 and was picked up by a bargain hunter recently for $665,000. The two short sales came in at $590 and $523 per square foot, respectively. Low, but, points out Curbed, not as low as this unit that’s currently on the market for less than $500 a foot.
Short Sale Success at Schaefer Landing [Curbed]
Photo by themikebot
Bjw2103 is correct in that this is simply not smack in the middle of all the restaurants and venues and shops that many move to WB to enjoy. sparafucile – yes, this is probably way more important to people who have friends and go out and do things. when you are mostly home alone in your fraying underwear surfing the net for free porn, restaurants and music probably don’t matter so much to you.
meanwhile, i was thinking about whether this place is suffering from the competition of waterfront property like the piers or the Edge which are convenient and central.
i actually think schaffer landing is sort of cool and have walked/jogged over to the pier there dozens of times because i like being on the water and checking out the views. i didn’t consider moving there when i moved because it was too much per psf for my thinking, but i never hated it, and i know someone who lives in one the spectacular pads and loves living there, so if you stay there and like it, sure this short sale stuff may not matter too much.
“It’s not “Williamsburg” in the sense that most of us think of it”
That might be the best thing this building has going for it.
If I’m not mistaken, all of the sponsor units have sold as of last summer.
I’m not sure if 3 equals a bunch, but 3 out of 75 doesn’t seem extreme to me.
The Times piece ultimately focused on one woman who didn’t seem to understand there is a bus stop across the street ( and the times seemed to reason this point was in fact not relevant). I saw it as a rather useless piece myself. It’s a 10 minute walk to the Marcy J. 10 minutes. You want to tell me that in B-Heights, or Manhattan, there aren’t pockets where you have to walk 10 minutes to transportation?
The building maintenance is somewhat high, I’ll agree. The building itself is well maintained, and I understand that the board is working on lowering common fees.
So that I don’t come across sounding defensive, I purchased my home to be just that. A home. I wasn’t looking to flip it. I’m here to stay. I think in this development and many like it, you had investors who’s eyes were bigger than their heads. It happens. Everything will work itself out.
This stretch of Brooklyn isn’t for everyone, and it doesn’t have to be.
Oh look, I see a sailboat.
I think I dig this place
I like quiet
we have a car, so if we need to go someplace – hop in it
and it seems close to Broadway, so can I walk to a cafe?
my only concern like 11217 points out – is the Bldg suffering? that maintenance is high and I worry that it will just increase if the building has owners who cant pay their maintenance….
The building has been for sale since 2006 and all of the units still have not sold. That should tell you something about the desirability of this location and building.
A bunch of the units are up for rent as well on Streeteasy.
Isn’t this the building where they ran a NY Times piece about how the residents feel isolated?
g10, believe this 20A unit was asking for 899k when I noticed the short sale listing. since it closed at 700k, guess you can offer lower than the ask
I think this is a good bargain if you are buying a resale and can avoid the $15K in transfer tax that you would have had to pay a sponsor
is the Bldg mostly owner-occupied?
do you think you can offer less than asking on a short sale and get it?
The location is far from ideal for most people. It’s not “Williamsburg” in the sense that most of us think of it. It’s quiet and isolated, and the positives are proximity to Broadway and some pretty stellar restaurants, and now with the V crossing the bridge, subway access will be significantly better. But that’s not nearly enough to convince me to move here, at any price really. At some point though, it becomes a pretty good investment property, especially if they ever get that water taxi thing in check.
Quite well, thank you.