Williamsburg

NYMag did an article on this about a month ago. It and LIC are ground zero of the NYC housing glut....

http://nymag.com/realestate/features/57904/

At least 13 units have sold at 125 N. 10th over the past few months, 34 more are in contract, and 19 are on the market. NV is almost sold out. NFORTH is almost sold out. Seems like quality projects close to the existing Bedford bustle are weathering things better that the outliers or the glass Goliaths on the water. Location, location, location.

Very little movement in what i'm looking for - a real loft - have a number of buildings saved and maybe one unit a month comes up.

NFORTH and those others are nice buildings, but in addition to that, i think they sold so many because they made consessions (threw in parking/storage/cash back).
example, a place will be asking $1 mil for a two bedroom, you negociate down to $870k with parking spot, storage, transfer taxes, and $50k cash back
when i go to the other buildings in the area and request similar consessions, they think i'm crazy.
i do like the area and a lot of the buildings. i do think the ones on the water would need to close roughly 25% below asking for me to feel like i'm getting a similar deal to those quality project blogo mentioned, just my HO

"At least 13 units have sold at 125 N. 10th over the past few months, 34 more are in contract, and 19 are on the market. NV is almost sold out. NFORTH is almost sold out"

Didn't we hear claims just like this 6 months ago, a year ago, on and on and on.

And they're suddenly true?

suuuuure....

the building on Roebling & N.8th that went rental has had tons of move-ins... the windows seem to all have window treatments up. also, didn't some rental building on Bedford rent out in one day?

the apts will all get filled one way or another.

the gentrification steam roller is still rolling.

also, the gigantic baby boom creates a new williamsburg inhabitant daily! in our condo, one baby born last week and 3 pregnant women. that was the 4th baby born this year.

Thats it! Infants with trust funds will save us and buy all the condos!

NYC10022, look for yourself. It's public record.

I already did.

> NV is almost sold out

Looks like 10-15% are still listed by the sponsor...

and NYmag covered its problems.

I sold 3 units over the past 3 months in Williamsburg. Sales are slower in Williamsburg than anywhere else in NYC. There's definitely a higher rate of 'trust' babies in Williamsburg than anywhere else. This downturn might have dried up a large pool of those trust baby money.

Where's that stick..........

NYC10022: Yeah, I have a hard time believing anything I hear about 125 N 10th.

228 N. 8th, the building which went rental, still has listings on Apts and Lofts. Don't remember the name of that building that sold out in a day.

I think Williamsburg must be a terrible neighborhood for babies. People are crazy.

NV had 11 apartments available at the begininng of the summer and seems to have sold a few more. 6 are currently listed for sale with 3 contracts out.

great neighborhood for babies! tons of friends their age.

you have to have children to understand this and how much it matters, but williamsburg parents are GREAT! when you have a kid you spend a lot of time with the parents of your kid's friends. if they suck, you are miserable. burg parents tend to fun, interesting and laid back. it's a pleasure. moved from park slope where the people were sooo boring or simply ridiculous.

lots to do for little ones. parks, local art, music, dance, gymnastics, yoga and soccer programs (etc...), great schools - 31, 34, 132, 84, 110, new charter, new montessori, impressive St. Nicholas, expanding private school programs starting with infant care at Williamsburg Northside. Short commutes for mommies and daddies. PS 31 - was written up in all the NY local papers just today has having been the winner of the National "Blue Ribbon" public school award.

my kid spending afternoon doing dance and gymnastics at Ms. J's on Kent in fact after a wonderful day with friends she's know for forever at pre-k. she's supper happy.

No question things have slowed down from the headier days of '06 and '07. Some buildings are just not moving, while others have done surprisingly well in this market. More people have definitely moved into 125 North 10th, but I have no gauge on how many are really left unsold. Same for 101 North 5th, but they seem to have done pretty well since lowering prices and paying all closing costs. nForth appears sold out, despite the kvetching above, and 72 Berry was well documented as selling out pretty fast. No idea about 229 North 8th, but rentals have done well of late (the building that leased out in a day was on Bedford and South 2nd; 44 Berry is out as well, I believe). 34 Berry is going to add a lot more units, though we have yet to see when they'll be available, or what the pricing will be. And looks like they've started work on the even larger rental across the street, though that's still far off, but I'm glad this will keep prices in check for quite a while.

There's 9 active listings (3 are missing the apt number, but you can see it if you click on the link)

Not sure where you are getting 3 contracts...streeteasy says 0

"known" not "know". apologies.

also, almost our entire condo building is filled with grown ups. little to no "trust fund" kid buyers. i think someone once did this, and was applied to the entire hood. i say the majority of condo burg buyers are couples, and most with kids or about to have them.

For NV (101 North 5th):

http://thedevelopersgroup.com/buildings/building.aspx?buildingid=1149&

wisco: Did not realize this given all the news you hear about the neighborhood. At an open house for 14 Hope Street I saw them installing a kid's jungle gym on the roof. I thought the developer was crazy! I suppose I could be mistaken, the park is lovely.

NV listings are available on their website www.nv101n5.com

80 metropolitan is to begin closings. I hear they are offering no concessions and many contract holders are planning to do the walk-away. It seems the bldgs mentioned above did have a reputation of being somewhat flexible and realistic which probably has something to do with their success. It seems the same won't be said of 80 met.

Hey williamsburger when did you go to the open house? A jungle gym on the room would suck for the penthouse owners.

Oh, I think that was in early summer, a while ago. It was only a young kids jungle gym, nothing too big. Still, it felt out of place. I would have perhaps preferred a fire pit or something cool.

williamsburger - i think all of gentrified brooklyn is having a baby boom. no one wants to move to the suburbs. i've lived in my condo for 3 years and many couples have had 2 kids in that time.

i just realized that previous post had crazy typos! sorry!

Probably because of crazily increased costs of living in suburbia. I had heard of Stoller Park City in Manhattan and Stroller Park Slope, I didn't realize it was Stroller Drifter Hipster Williamsburg too.

huppies -- hip urban professionals or, creative business professionals. there's 95% no suits to 5% suits right now. will not surprise me to see that change one day, but it won't for awhile.

unrelated, williamsburg is exploding as a new commercial photography area. many many photographers, assistants, stylists and photo editors live in the area. studios and equipment supply houses are everywhere. also, i'm in the biz and we did several location shoots in wburg in the last year, and all the locations were chosen by the clients!

i think many parents are avoiding the suburbs to give their kids a city experience and because they themselves prefer the city. also, for us, we wanted to see our child as much as possible and didn't want to waste hours commuting.

"i think many parents are avoiding the suburbs to give their kids a city experience and because they themselves prefer the city. also, for us, we wanted to see our child as much as possible and didn't want to waste hours commuting."

There are many trade-offs, one of them is commute time. Depending on where you work in Manhattan, you can be home in 15-20 minutes (door to door). Instead of wasting 2-3 hours a day commuting from Long Island, the suburbs of NJ and up state NY and Connecticut. It really depends on what's more important to you.

Williamsburg is here to stay. Yes, there are a lot of buildings with issues that's why it's important to do your own DD.

I went to 229 N 8th open house - saw a couple of 2 brs I was considering. Called and all the 2 br units were rented. Apts&lofts said they were very popular with people who wanted to share. The 1 brs are expensive for young people living alone, I guess.

I keep waiting for something in 55 Berry or the Mill Building... Don't seem to be old-style lofts going up for sale.