One BBP Nears the 50 Percent Mark
One Brooklyn Bridge Park has sold a total of 202 units, almost the halfway point for the waterfront development, the developer announced yesterday. (This shouldn’t come as a huge surprise to anyone who read our post back in May reporting that it was 44 percent sold!) The condos first came on the market way back…
One Brooklyn Bridge Park has sold a total of 202 units, almost the halfway point for the waterfront development, the developer announced yesterday. (This shouldn’t come as a huge surprise to anyone who read our post back in May reporting that it was 44 percent sold!) The condos first came on the market way back in 2007, and those first couple of years were mighty slow going. The development is crediting “the opening of Pier 6 and immediate occupancy” for the recent boost in sales. To that list we might add last year’s sizable and overdue price cuts! Prices now range from $470,000 to $2,595,000, according to StreetEasy. GMAP
Have they sold any of the One BBP units overlooking the BQE?
11217 is totally correct Maly for the area that he’s referring to.
the AY housing is years away from coming on line, and the developments in williamsburg aren’t necessarily competition for the area.
Especially Domino – who knows when they’ll start! how can anyone bring up Domino – really? it’s a frickin’ factory now and they have no formal go ahead, so until they actually have construction workers there, i say let’s stop talking about domino!
These are completely meaningless numbers irt prices. Great! Now we have BHO using asking prices to determine declines, and you using Corcoran reports.
also market picking up, banks marginally better, prices not dropping further, there will be condo shortage in 25-36 months in BK
“How many sold for +31% YOY? Exactly. eff outta here!”
Park Slope zone:
The total number of brownstone sales this quarter was 84.
That number is up 21.7 percent from last quarter’s 69, and up 95.3 percent from the 43 sold in the second quarter 2009.
“Foreclosures have peaked nationally, but are still growing in the Northeast.”
See, DIBS. They’ve bottomed and are now on the rise!
“Park Slope (multi-family townhouses) are up 31% from a year ago according to the latest Q2 reports.”
How many sold for +31% YOY? Exactly. eff outta here!
***Bid half off peak comps***
Maly,
Park Slope (multi-family townhouses) are up 31% from a year ago according to the latest Q2 reports. As I said the other day, not all markets are going up/down in unison.
Domino is in Williamsburg and Atlantic Yards residential development is stalled. Even if ground were broken today, it would be years before there would be more towers.
At the rate of sales/rentals….most of these buildings…Oro, Avalon, Toren, One BBP, DKLB, etc will be filled up in another year. Sure, there are always small developments in the pipeline but where are the Toren’s of 2011 with a large number of units. I see very little being built right now in Brownstone Brooklyn/Downtown.
Maybe I’m missing some big projects which will be ready next year and in 2012….?
Again, I’m not talking Williamsburg. That is a whole other market from Brownstone Brooklyn and they have years of inventory there.
11217, there is massive development in the works, at the arena and the Domino factory. Some of it can be scaled up or the residential portion can be sped up, if there is demand and support at a profitable price.
Most economists predict flat to declining real estate prices until 2013, and employment/household creation are typically a lagging indicator. Foreclosures have peaked nationally, but are still growing in the Northeast.
“what happens to prices in another year when all these buildings are either totally rented or sold?”
Nosedive towards half off or worse. Can’t call the timeframe but move-outs/evictions/rental reductions and foreclosures/swim-aways will happen. FHA 3.5% down below sea level. Exodus from yellow submarines. There’ll be an FHA bailout.
“Wouldn’t it make sense that inventory in another year could potentially be quite a bit lower than even now due to the fact that we don’t have many more huge projects in the works right now in Brownstone/Downtown Brooklyn?”
Assuming no foreclosures, flash crashes, price declines and firings, sure, in a year. What about the years beyond? Do you not plan on sticking around then?
***Bid half off peak comps***