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 feel bad for this seller. There must be some reason they have to do this. Why would you want to compete with all the other undsold units in the building, especially since you can buy other units directly from Toll Brothers and benefit from that “live free for one year” deal. Granted, the D units are nice (and way better than the B units mentioned above).
Meanwhile, 24D is also a resale in the building (according to SE), but very ambitious. They want more than they paid a year ago.
Yeah – I realize 11217. the rental market is going to get really interesting in N Brooklyn.
However, I think you’re going to see the biggest drops in rents in the ‘fringe’ areas of north brooklyn (east williamsburg beyond graham, greenpoint, bushwick) as people start to move back to the areas in williamsburg they were priced out of.
also – isn’t 20 bayard almost fully sold/rented? I think they only have 2 units still on the market. I can see that building out of my bedroom window and most of the lights are on during the night.
and i think most of the units in 30 bayard are in contract.
I’m not sure some of you realize how many apartments are sitting vacant in buildings in Williamsburg, which people THINK are already sold out. Some of those buildings along McCarren Park are 20-30% empty STILL.
And DH, if those 2800 instead become rentals, do you have any idea what sort of downward pressure there will be on rentals?
I guess that’s great news for the new college grads.
In any event, I’m not sure why people are brushing aside the numbers so quickly. Everywhere I turn when I’m up there, there are buildings which look completely empty.
Yeah m4l – actually i rechecked, and the units i mentioned have ‘northwestern’ exposures – so I’m not sure if the city views were blocked by NSP2.
I would think they could get $820,000 for it, for the pretty views and the terrace. At this price, with 20% down you would qualify for a conforming loan of $650,000 which many banks are comfortable with. That would put their monthlies at $4,200 ($3,700 after tax), which isn’t out of line for this sort of place.
Hey, I’m not J. Miller – but I don’t think we’ll see anywhere close to that amount of condos come on the market.
The crap on the waterfront and the other well done buildings, sure. And they will languish on the market until they are priced realistically.
The rest? Rentals. And if they are priced correctly they will lease the entire building in a day.
DH, western exposure would have similar views right? if so, this seller in trouble cause out door space can’t bridge the massive price diff
Per Crains:
http://www.crainsnewyork.com/article/20090809/SMALLBIZ/308099970#
I’m much more apt to believe them and Jonathan Miller, than “wine lover” on Brownstoner. But that’s just me.
Not sure how much outdoor space this place has, but the sponsor is still sellings units 22b/25b with western exposures, 1100 sqft with no outdoor space for 700K-ish.