Camping out for Condos in Dumbo
We just started a new job yesterday, so we’re going to be scrambling with the posts this week. Most of you probably saw the story about the folks who camped out in line to buy a place in the Nexus, Dumbo’s latest condo development. Man, you just can’t make this stuff up. Can anyone say…
We just started a new job yesterday, so we’re going to be scrambling with the posts this week. Most of you probably saw the story about the folks who camped out in line to buy a place in the Nexus, Dumbo’s latest condo development. Man, you just can’t make this stuff up. Can anyone say Nasdaq 5,000?
4th In Line [Curbed]
Camping Out at the Nexus [Curbed]
Talking NASDAQ 5000 did anyone see the article on CNN that says (according to some national realtors association) that 42% of first time homes bought in last year were with 0% money down. According to the survey only 32% of homebuyers put down more than 10% – so 68% of the first time market is less than 10% down.
Second the comment above – I’m a DUMBO renter for now – these Developers Group and similar projects are scary-shoddy
I saw the line forming on Sat night while walking to meet a friend. I live in dumbo, and I understand the serious $ that can be made in this area as it stops being a location for artists, and starts to attract mainstream 6-figure professionals. but this is silly! I am always amazed that people don’t look at the true value of the space they want to buy, not the market value, the TRUE value. Many of the apts in the Nexus (based on the floorplan, and the location of the building) are not going to be worth their value. There are at least 3 other major developments being built/renovated in the area… don’t settle for junk! I’d suggest waiting for 70 Washington to be finished, sure, it will cost more, but you will get more for your $ long term. I am not a big fan of 2 Trees (company developing 70 Washington), but anyone who has been in a 2 Trees property will tell you they do a better job than most with quality renovations. 5 years from now, when a buyer sees 2 apartments, one in the Nexus, one in 70 Wash, I beleive the Nexus spaces will not stand the test of time (especially if the apartment doesn’t view the street) Good luck! Dumbo is a great area, just be smart how you get here! (disclaimer: I own an apartment in dumbo. I am not in the real estate business, and I have no connection to the Developer’s Group or to 2 Trees.)