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
“I can’t think of any reason that would lead a rational person to sell at this time,”
Posted by: cheeseburger at August 10, 2009 3:05 PM
How about lack of insufficient funds to cover their liabilities? Or fear of future losses and trying to get out before the roof caves in?
Agree, no rational person would look to sell in this market. But that assumes a rational person purchased a year ago in williamsburg at 1 million bucks. SO I think we can assume that’s not the case.
Seriously, I would love to see the business plans for these developments — the rational for building so many million-dollar 1000 sg ft two- bedrooms — or $500-600K one bedrooms. Was the assumption that Manhattan would be overtaken by off-shore investors (all those Irish carpenters!) so the middle-rung wall street crowd would flock here?
Between Williamsburg and Downtown Brooklyn (Oro, BellTel, Hanson, Forte, be@, Toren), there are far too many condos sitting empty. [And I know that you all love Toren and it isn ot completed yet.] And that doesn’t even touch the new rental buildings…
Something has to give.
It’s actually a fairly quick exercise. Adding numbers up doesn’t take a lot of time (who knew?), especially when the information is easily accessible on public websites. But hey, if you’re completely paranoid and want to go ad-hominem to prove whatever point it is you think you have, go nuts. Notice you still haven’t provided any actual facts – solid effort.
Why would a non-broker go around and count every single available unit he can find for sale in the neighborhood of Williamsburg, Brooklyn?
You are one bored mofo.
Don’t buy it.
Nope… Cheeseburger, I’m with MfN… easy come, easy go. If it wasn’t a 2-bedroom luxury apartment that she bought for ONE MILLION DOLLARS… maybe I’d have a little twinge of sympathy.
But someone that buys this sort of place and has this sort of cash (or thought she did) should just suck it up. No sympathy.
Obviously at some point she had the means to buy this property. This isn’t a workingman’s property. If she didn’t figure in a contingency plan, then that’s her fault. Buy a place for $700,000 instead of $1,000,000… with a similar down payment… and you have a mortage payment that’s HALF as much. Pay absurd amounts for real estate and your get slapped in the balls. This shouldn’t be a surprise.
So when can I rent one of these empty condos for really cheap? I’m ready.
“I believe it’s closer to 2800.
I think you are a broker trying to prop up the neighborhood, bjw2103.
You are counting just the most well known places. Go walk around and you’ll find another 50 buildings here and there on every side street with a tons of empty units.”
First, believe what you want, but I’ve actually presented some facts up there. Until you come up with anything better, you’re somehow corroborating 2800 just from “walking around”?
Second, this “you must be a broker” paranoid bs is hilarious. Just because I post to debunk some highly dubious “stats” I work in the industry? No, sorry. Are you a Park Slope broker trying to scare people away from Williamsburg? See how ridiculous that sounds? Enough.
Third, I don’t think my list just counts “well-known places.” I did specify that anyone should feel free to add if I missed anything, so please, go ahead. You really disqualify yourself from reasonable conversation when you use blatant hyperbole so often.
“I think it’s absurd how you don’t comment on anything else, but these threads about Williamsburg saying the same thing over and over.
And I believe you do the same thing on streeteasy, if I’m not mistaken.
Wouldn’t your time be better spend actually trying to sell units, than count them?”
I think it’s absurd that you care so much about where I post. I live in Williamsburg and care about the neighborhood; sorry if my comments offend you, but I’ll post to threads I’m interested in. Get over yourself.
I believe it’s closer to 2800.
I think you are a broker trying to prop up the neighborhood, bjw2103.
You are counting just the most well known places. Go walk around and you’ll find another 50 buildings here and there on every side street with a tons of empty units.
I think it’s absurd how you don’t comment on anything else, but these threads about Williamsburg saying the same thing over and over.
And I believe you do the same thing on streeteasy, if I’m not mistaken.
Wouldn’t your time be better spend actually trying to sell units, than count them?
Let me rephrase… I feel bad for anyone who must put their home on the market – especially in Williamsburg – right now. I can’t think of any reason that would lead a rational person to sell at this time, other than serious illness or a similar crisis.