Condo of the Day: 1 Northside Piers, #15D
Here’s one casualty of the real estate bubble in Williamsburg: After buying this two-bedroom, two-bath unit in the first Northside Piers building last summer for $1,082,490, the new owner is now trying to unload it. She put it on the market ten days ago for $1,299,000 but by Friday had cut the price to $995,000….
Here’s one casualty of the real estate bubble in Williamsburg: After buying this two-bedroom, two-bath unit in the first Northside Piers building last summer for $1,082,490, the new owner is now trying to unload it. She put it on the market ten days ago for $1,299,000 but by Friday had cut the price to $995,000. So now even if she gets ask for it, with the brokerage commission she’ll be out $130,000 or so. Painful. Nice views though!
1 Northside Piers, #15D [Halstead] GMAP P*Shark
The ironic thing about this is that the majority of people who really want to live in billyburg anymore are the kinds of people who could never afford those places in the first place.
It’s rental hell for years to come or an absolute crushing decline in prices to attract people who see value. Otherwise why not wait to buy a condo-box in Manhattan?
Not nearly enough quality development/infrastructure to support the prices, plain and simple. It’s bedford street’s charming 20-something strip plus an overgrown blob of half-built high-rises that have ground to a halt.
It’s just kind of a boring place to walk around after 15 minutes.
11217, look, I don’t get into ad-hominem bs usually, if you insist on thinking I’m a broker, you should probably seek a little medical attention. I’m not – get over it.
And yes, there’s quite a difference between 1400 units and 2800 – I’ve always been cognizant about the large amount of inventory in the neighborhood, but it never ceases to amaze me how carelessly people start repeating gross exaggerations as fact. I read the Crain’s piece (thanks for assuming I didn’t) and saw they quoted the same report you cited last time.
(I can’t believe I’m arguing with a paranoid Sloper).
(I can’t believe I’m arguing with the Northside Piers broker)
Doh.
“I totally agree that the unit is/was overpriced, but the actual resale hasn’t happened yet.”
So what…you think this place is going for over ask??
LOL.
Good lord, man. I don’t see what your issue is. You are arguing that Williamsburg as what…3 years of unsold inventory instead of 5?
Ok, that’s great. Enjoy it. I’m done.
The article I posted was from CRAINS NEW YORK. I didn’t make the numbers up myself. How about reading it first before you post nonsense.
“The “facts” are provided above in that this apartment is going to sell for less than what it was bought for.
And that’s without the 1400 or 2800 additional units.”
Yeah, as you yourself put it, that has NOTHING to do with what the inventory is/will be. And of course, you are the one who started posting about shadow inventory in the first place, on a thread that really didn’t address that at all. Furthermore, you’re very confused as to what a fact is. I totally agree that the unit is/was overpriced, but the actual resale hasn’t happened yet.
I wonder how potential resales in Belltel lofts, oro and forte would fare right now
I love the asshole broker photos… only a broker would take pictures of vies like that on a rainy day.
“Notice you still haven’t provided any actual facts – solid effort.”
The “facts” are provided above in that this apartment is going to sell for less than what it was bought for.
And that’s without the 1400 or 2800 additional units.
If they doubled the square footage on all of this crap, I think it would sell. The real question is, who wants to spend $1MM for 1200 square feet?
Re: unsold inventory, does that count all of the half-finished projects and vacant lots that have turned what used to be a solidly blue-collar neighborhood into a horrific example of urban blight? Because that’s what gets me: Williamsburg was never traditionally pretty, but it used to be vital and alive. Now, aside from admittedly nice restaurants and ridiculously overpriced boutiques, it is kind of a worse neighborhood than it ever was.