Toll Brothers Gets Serious About Selling at Northside Piers
This may be looked back on as the moment sellers came to grips with the market reality: Yesterday Toll Brothers whacked prices on 36 units at the Northside Piers, its luxury waterfront project in Williamsburg. While these are hardly the first en masse price reductions we’ve seen, they may be the first example of large-scale,…
This may be looked back on as the moment sellers came to grips with the market reality: Yesterday Toll Brothers whacked prices on 36 units at the Northside Piers, its luxury waterfront project in Williamsburg. While these are hardly the first en masse price reductions we’ve seen, they may be the first example of large-scale, high-percentage cuts at a top-tier development. Take Unit 11G, for example: The 1,244-square-foot three-bedroom just went from $1,208,990 to $894,990, a dollar reduction of $314,000! And Unit 9G: Was $1,160,990, now’s $884,990. Prices on most of the other units were reduced only 10 percent or so, but still, this shows that Toll is getting serious about selling this stuff.
Development Watch: Northside Piers From Above [Brownstoner]
Putting the Pier in Northside Piers [Brownstoner] GMAP
Sales Begin at Northside Piers [Brownstoner]
Toll Brothers Making Less Money [Brownstoner]
The Edge Tops Out [Brownstoner]
“What The What doesn’t seem to realize is: as these prices drop, a whole new group of “gentrifiers” – like me – are going to buy.
Yeah cwbuecheler the kids are out back petting the Unicorn. That new whole group of “gentrifiers” are going to get robbed and having their asses kicked.
” It’s not like Williamsburg is going to go back to being a bunch of abandoned buildings and crack houses.”
Famous last words…
“BHO, your glee is unseemly.”
What about me?? I have a hard on right now!
BHO What’s Cracking Homeboy?? Hey I thing you need to change your name to Brownstones 75% off! Hey BHO what did you do to WASDER?? Man you PWNED the living Daylight out of him, LMMFAO!
The funny thing is the Retards have no comeback for you! That is beautiful…
” One of the units that was asking $700,000, is now right at $100K with the seller kicking in closing costs. And we are talking prime neighborhoods. So sit back and watch. It’s not going to be pretty for sellers who overpaid, but will be great for families in our city who can move back in and not have to live 2 adults and 4 kids in a studio that they still can’t afford.”
Hey Brownstoner this is your QOTD!
Man this thing is getting good!
The What (Obama will save us)
Someday this war is gonna end…
What The What doesn’t seem to realize is: as these prices drop, a whole new group of “gentrifiers” – like me – are going to buy. It’s not like Williamsburg is going to go back to being a bunch of abandoned buildings and crack houses.
BHO, your glee is unseemly.
“This may be looked back on as the moment sellers came to grips with the market reality…”
DOWN GOES BROOKLYN!!! DOWN GOES BROOKLYN!!!
-25%!!! Now that’s what I’m talking about!!!
***Bid half off peak comps***
Streeteasy says:
4 North 5th Street #9G
3 beds, 2 baths
Common Charges: $1,076
Taxes: $11
Price reduced $276,000 about 20 hours ago
611 days on market in StreetEasy
Once we join the rest of the country in terms of accepting reality – we are by the way now falling under the same lending standards of income to debt ratios, and under the new appraisal requirements set forth in the lending crack-downs – we should see prices return to levels where they still should be had the past 10 years of bizzaro world not happened. In 1-2 years (or less) wait and see if we don’t follow the rest of the country. I’m looking again at condos around Miami and they are around $100/psf – even less for anything that isn’t new construction. These same exact condos were in the $700-800 psf range just 2 years ago – I still have my old offering and information paperwork from when I was looking at the same units back then. One of the units that was asking $700,000, is now right at $100K with the seller kicking in closing costs. And we are talking prime neighborhoods. So sit back and watch. It’s not going to be pretty for sellers who overpaid, but will be great for families in our city who can move back in and not have to live 2 adults and 4 kids in a studio that they still can’t afford.
According to the Northside Piers website, which does have floorplans, the G-lines are one-bedrooms. Hrm. Or am I reading it wrong?
Still a little overpriced – I think 700psf would get people to start buying here again.
^^^ It’s like Tourette’s Syndrome, only less interesting. ^^^