Free rent for a year at Northside Piers??

Wow expecially if you can get a 5 year mortgage

W'Burg umm NS (W'Burg) is not sinking? It will only get worse before it gets better. Today, a year of living free a slap to the face. NSP, PH apt true value is 110K LOL. I bet this coupon won't move many if any units. NS W'Burg won't hold up. LOL. August 31, 2009 the deadline.

anybody want a one year fully amortizing loan at 18% and 5 points?

Developers for many reasons will go to great lengths not to reduce prices. With single family homes it comes in the form of free upgrades like better appliances, etc; for condos it's a years free maintenance. Unfortunately this does not show up in ACRIS data, another reason why buyers and sellers get ticked off when the appraisal comes in lower than prior recorded sales...

NSP, trying to get it as its cooling off.

Never gonna get it never gonna get it.

I love that song, especially when it swings in the breakdown.

What's the point? If i understand it right, you pay full price, they pay the 1st 12 month out of a 360 month mortgage? That's only a 3.33% rebate!!!!! Is that a joke?
Better wait a hand full of years and snatch one of these condos at 50% off...

tenemental,

We have the same taste in music.

SH,

NSP and a host of other developments are known for adding insult too injury.

mmmm...50% off

NSP, 50% off, still greatly overpriced.

"NSP and a host of other developments are known for adding insult too injury."

What does this even mean? I know you hate the development of the neighborhood, but a little substance behind your words would help.

As for 50% off, I can see some units coming down that far from the initial asks, but I'd be surprised to see many come down 50% from current asks (talking about the first tower here). There's no harm in bidding that of course...

Because of time value of money, it is a little better than 3.3% off, but still a joke. If they gave you the payments up front, assume a $1.25MM place, $1 MM mortgage, 1 years payments at 5.5% would be about $68,000, or 5% off. You have to discount that slightly though since it is over the entire first year. Another way to look at it is $12,000 off (how much equity you build over the first year) plus a years worth of rent. Of course the price for that is the $250,000 down payment you could be earning interest on...plus the very likely possibility that by the time you start making payments you will already be under water

Not to mention that you probably do not get the interest tax deduction, which is especially powerful in year 1 of a mortgage. This is just a creative smoke and mirrors way of getting some sucker to pony up at today's prices. But what it does show is that Toll Brothers believes the market is heading down

I think its shows they really need to get some $$$ in the door quick. I sense danger

marco_m, I think you're right. Toll is getting creamed with high 8-figure losses every quarter.

bjw2103,

You don't know what I hate. Obtaining a mortgage, living free for one year and catching that falling knife. Do I need too add more?

"Wow expecially if you can get a 5 year mortgage"

W'Burg is not filled with rich folks.

yes, its filled with their children.
;-)

Good Day nyc10022 long time no text,

LOL. Someone rebutted that NYT article, using the census from 2000 that showed W'Burg is filled with resident struggling to get by. 3% of W'Burg residents can truly afford the 600K homes for sale and they already own at 200K cheaper than the 600K they are asking for today. Next year the census will take place, those numbers will be very interesting. :o).

"You don't know what I hate. Obtaining a mortgage, living free for one year and catching that falling knife. Do I need too add more?"

Well, you make it pretty clear sometimes, so I think I do. But seriously, if you take high asking prices and marketing so personally, some might say you're a bit sensitive. My advice? Bid low or move on.

bjw2103,

As I told you before I don't hate the building or the neighborhood I dislike what the neighborhood has become to an extent. But seriously, some would say since you jump to the defense of W'Burg and dispute their school poor performance which is supported by fact and say your POV matters because you live in the neighborhood but don't have kids and kids that attend schools in district 14 which is an outright delusion. Some might say you're a bit sensitive. My professional advice? Your property value will not increase and you will not sell your overpriced property for a price equal to or more than what you mortgaged for. Now put that in a pipe and smoke it.

Funny stuff mutombo. To recap:

I said: "I know you hate the development of the neighborhood, but a little substance behind your words would help."

You said: "bjw2103, You don't know what I hate."

I said: "I think I do."

You said: "I dislike what the neighborhood has become to an extent."

So, yeah. Exactly what I said. As for "defending" the neighborhood, I do post when I feel people are either misrepresenting it or just regurgitating misconceptions. Overall though, I expect people can discover for themselves what the truth is. I don't think it's dangerous for me to engage in discourse about these things, yet you seem to think I have something to sell. The plain truth is, I don't, as much as you want to believe it. And yet, you continue with this "more than what you mortgaged for" malarkey, as if you knew a single detail about my apartment. The truth? You don't have a clue. My advice? Stop giving a great basketball player (and human being) a bad name.

bjw2103,

There's help for delusion and you need it.

FYI!

LOL, all time low.

http://www.brownstoner.com/brownstoner/archives/2009/07/come_on_and_tak.php#comments

bjw2103,

If I would had made that exact statement about DUMBO you would be in agreeance LOL. Do anyone know if any developments in DUMBO are offering 1 year of free rent, common charges and taxes?

I think these scams are like ARMs. Anything short-term isn't in the best interest of responsible residents.

"If I would had made that exact statement about DUMBO you would be in agreeance LOL. Do anyone know if any developments in DUMBO are offering 1 year of free rent, common charges and taxes?"

Which statement? Don't make that kind of claim without anything behind it. Also, can you tell me what "agreeance" means? Is it the same thing as "fecious"?

bjw2103,

Don't piss on my leg and tell me its raining. Dumbo a niche neighborhood and W'Burg a diverse neighborhood.

W'Burg is so diverse they have fallen too:

http://www.brownstoner.com/brownstoner/archives/2009/07/come_on_and_tak.php#comments

Has DUMBO fallen to these tactics?

31 AUG the deadline, I bet it won't be enuff to move the market. The NS of W'Burg sky is falling I bet it won't hold up as you predicted. Duane Reade coming to the area will not increase property value LOL. Loser.

"Dumbo a niche neighborhood and W'Burg a diverse neighborhood."

Yeah, I've said that before, and I have nothing against Dumbo; a lot of it has to do with the fact that it's a relatively tiny neighborhood. What the hell is your point?

"W'Burg is so diverse they have fallen too:
http://www.brownstoner.com/brownstoner/archives/2009/07/come_on_and_tak.php#comments
Has DUMBO fallen to these tactics?
31 AUG the deadline, I bet it won't be enuff to move the market. The NS of W'Burg sky is falling I bet it won't hold up as you predicted. Duane Reade coming to the area will not increase property value LOL. Loser."

Why don't you post it a third time, even though it's merely repeating what to OP linked to? What you're doing has the distinct whiff of desperation. What for, I don't know, but it's just bizarre. As for this tactic by Toll, I agree, it won't have much of an impact (though there's been a dozen closings in the past 3 months, which isn't a ton, but a sign that the price reductions are helping move units finally). And what exactly have I predicted, mutombo? Come back when you're done just being an idiot who gets off on stirring the pot.

bjw2103,

Why don't you stop telling SE W'Burg public school are performing at an B+ rate when the schools are barely making a passing grade. Desperation you have some hutzpuh.

"Why don't you stop telling SE W'Burg public school are performing at an B+ rate when the schools are barely making a passing grade. Desperation you have some hutzpuh."

You're once again full of it. Please give us a little credible evidence that they're "barely making a passing grade." There's plenty of evidence that shows otherwise. You're a desperate man, mutombo.

bjw2103,

When nyc10022 and U went @ it she pointed out schools in district 14 are performing poorly by stats posted by you I believe and did so because you misread the stats then your new argument was well the schools performance has improved that improvement included district 14 schools still barely making a passing grade. Then you went on a tirade against nyc10022 stating you don't have kids that attend schools in district 14 so what you have to say don't matter and you do have kids that attend schools in district 14. Then you said because you lived in the neighborhood you talk to parents who have kids attending schools in the district so your POV was unbiased and nyc10022 POV was biased.

bjw2103, again, you are so agenda laden its not funny then you said a schools stellar performance will increase property value LOL. As I told you before its over not its not over. If W'Burg public schools were ranked at an A+ your property value will not increase ITS OVER. Which leads me back to my conclusion, you are not happy with your "purchase" because its a depreciating asset and its not a car. I know your type you want the market to skyrocket back to those abnormal prices so you can sell as I told you before fill in the blank LOL.

Truly, I feel bad for you and those in your situation but you went for the okie doke during and illusion and now you pay and your paying a lot for something that should truly be no more than 120K at LOL. As I always say search within yourself don't fall for propaganda that B. Corcorcan, S. Orman, M. Bloomberg and others try to impose on society.

mutombo, what's clear is how desperate you are to paint me as you've described above.

You're obviously misrepresenting the discussion about schools pretty badly. If people really want to inform themselves about the schools in the area, there are several ways of doing it (and the DOE stats are online, if you want to see the results - more As than all other grades combined); I was simply responding to what I felt was a misrepresentation of the schools here. On top of that, you're just wrong if you think good schools don't affect property values - there is a correlation.

I don't know what you think is "over" but I'd stop worrying about it if I were you. I don't care so much about the market; I'm living in and enjoying my apartment, so please stop feeling "bad" for me. And if you think Corcoran, Orman, and Bloomberg are trying to "impose propaganda on society" you're as paranoid as you are desperate. At this point, I'd suggest we continue this discussion over email if you feel the need to go on - no sense in cluttering up this thread anymore.

bjw2103,

No, you're misrepresenting the discussion about schools. If, W'Burg schools ranked at an A+ performance, the property value in W'Burg will not increase trust. There is a correlation between crime and RE value as well.

"I don't care so much about the market;"

I disagree with this 100% and you know this statement is untrue.

My mother told me when you point one finger at someone you have 3 pointed at yourself.

"No, you're misrepresenting the discussion about schools. If, W'Burg schools ranked at an A+ performance, the property value in W'Burg will not increase trust. There is a correlation between crime and RE value as well."

The only correct statement in there is the last one.

"I disagree with this 100% and you know this statement is untrue."

Well it's just a he said/he said argument at this point. If you don't believe me, fine, whatever makes you happy, but that's pretty foolish, no?

"My mother told me when you point one finger at someone you have 3 pointed at yourself."

mutombo, you do realize that the vast majority of your posts involve finger-pointing, right? Seriously though, post your email (or set up one for this purpose) and let's continue that way. We're wasting everyone's time here otherwise.

I purchased in tower 2 back in feburary 2009. Do you think they will give me the 12mth free mortgage and common charges? If not, is there anything I can do legally?

yigz,

NO and NO.

Yigz,

Please ignore mutombo. You may have a few options depending on where you're at in the process. If you've completely closed, I don't think much can be done, but consult your lawyer at the very least to see what he/she has to say. If you've signed a contract but haven't closed, you may have a decent case, and telling the sponsors that you're considering walking away (esp if it makes sense financially) will certainly give them incentive to close the deal. Either way, if your lawyer is familiar with new development, they should be able to handle this better than anyone for you. Good luck!

This smoke and mirror offer has expired; I'm sure they were able to find a few takers. Does anyone think they will slash prices again for the remaining units in Tower 1 or would that automatically reduce the prices for Tower 2? Anyone know when the Edge will get it's TCO?

The conclusion please.

I finally took a walk thru Wbrg (north) after hearing conflicting stories for the past 10 years about what's going on there. My impression is that it's a very interesting neighborhood playing out the same gentrification script as many Bklyn & Manhattan neighborhoods and is presently trying to grow from young and trendy into adult and trendy. The financial meltdown makes those big glass towers on the waterfront classics in bad market timng, but all this snide gloating over the downfall of Williamsburg by people who obviously have no interest in living there is a tad overdone. Of course RE values are declining there. They're declining on the Upper East Side as well. Wmburg will not go down the tubes; it will continue to attract a certain type of (young) person. Some will move to EV/LOE as prices decline; others will take their places in Wmbrg. Crime? You had to see Alphabet City in the '80s!

I don't think crime is an issue; its the lack of services by the waterfront and the desolation.

HH - yes, I agree that living all the way over at the waterfront is going to be inconvenient. Looks like developers were banking on big views = big prices. But not every unit will have big views. Those prices, BTW, are 2002/2003 prime Manhattan prices. That's the biggest problem. But the whole neighborhood is not going to bite the dust. I'm reacting to thread after thread of vitriol inspired by the hipsterfication of Wmburg and Greenpoint.

HH11231

I don't think crime is an issue; its the lack of services by the waterfront and the desolation.

Its a combination of lack of services in addition to oversupply, coupled by a great recession and real estate market in the dumps!

We headed out there yesterday to meet some friends and on what should be the quietest weekend in the summer all the restaurants were hopping with brunch crowds. I think the inventory oversupply argument is totally valid but I'd still bet on Williamsburg to thrive over Manhattan nabes with abundant luxe condo stock: FiDi, West Side corridor out by 11th Ave, Murray Hill, etc. Anyone agree?

Arlodog - I agree, because I was there yesterday as well and was ver-r-ry impressed that it was hopping with life. To be fair, tho, the LES was also hopping with life, and now East Houston Street is nearly as difficult to navigate as Canal St. "Murray Hill," or what the south-of-34th-St residents pretend is Murray Hill, is dead.

"You had to see Alphabet City in the '80s!"

30yrs takes another victory lap on a prior argument on SE.

30 yrs, I don't remember the prior argument - was it a prediction that Wmsbrg will become AlphabetSoup City in the '80s, or that AlphieTown will return to its prior crack-vial-strewn cesspool, or both? What I am saying is that we are nowhere near those days, not in Wmsbrg, nor in "East Village." But who knows what the future will be? Bigger better BigBrother surveillance cameras?

Did anyone out there take advantage of this offer? I notice that it is no longer available.

giving away razors to get you to buy razor blades comes to mind... hey the hoover had a great thing going till the no bag vacuum came along... FLMAO