Over a $1000 sqft? 238 Ainslie Street

It's not worth it, noobieboobie.
Not even if they claim that noobiedoobie will be living there.

Little deceiving as that is based on 650 sq ft and does not include the two massive decks. Now why you would need two massive decks for a one bedroom is another question. Terrible layout.

ottowanyc-what areas are you exploring now?

I'm done. Bought in bburg.

Ottoway, what is deceiving about $1050/sqft in East Williamsburg? What was your $/sqft and what was deceiving about it? But to the question at hand, how is this possible looking at the sales in the whole building averaging $850+/sqft? Is Williamsburg as a whole zip code, 11211, etc, really pricing in along with the "Manhatties"? Is resale for the "break even" in three years?

I can't speak for Otto, nor would I want to.
However, the square footage listed should be for year-round livable area, rather than outside decks.

If a buyer values those two massive decks then you can re-sell.
Most people who buy want livable year-round space. Decks, although you own them, are an added plus.

From what I have seen, properties with unique features (e.g., massive outdoor space, 20-ft ceilings, tremendous views, direct access to the elevator, etc.) typically don't follow the usual "per SF" pricing formulas--making comps not very meaningful, even within the same bldg.

Of course, paople vary in how they value these features...and some may consider them extremely desirable while other, not so much...or even extremely UNdesirable!

Although it is absolutely correct that these two massive decks aren't "livable space," I am sure there are potential buyers who'd value giant outdoor space over indoor space. They just need to find the right buyers. I, for one, LOVE the idea of hosting summer rooftop parties and I'd be willing to pay extra for such fabulous outdoor space (but I can't do 718...especially there...).

In any case, I think I understand the idea behind how this unit has been priced, although I am not saying it is "correctly" priced!

It's good for party-throwing people.
You can even split the guests up on two different terraces.
Still, it's only good for warm weather months, not year-round.

Is there a way for this to be the new norm for the area surrounding it? Do the locals know about the audacity of this happenstance? Anyone have any real comments regarding why this is possible, instead of outdoor deck talk? I don't think the urgency of the $1000/sqft threshold being obliterated is making the rounds with those that have over 500 comments, hidden or not (Truth, Alan).

It's audacious.
Some people are willing to overpay for RE. Not just in that area.

That's my real comment.

Why not drop the buyers a note and ask what they were thinking? http://streeteasy.com/nyc/closing/4303657

A little confused by the audacity comments.

Sometimes it is hard to quantify the outdoor space. Here not so much, look at all the other units in this building that went for around $750 a sq ft (with small balconies, so still outdoor space) and then you'll see the premium for the two decks. Also note that in an incredibly "hot" market this unit took almost two years to sell. I saw this unit, it was fine but a joke for that price. I am shocked that anyone paid that. Also need to factor in the tax abatement. FOr idea of this place being overpriced compare to this: http://streeteasy.com/nyc/property/1427854-villas-2-4b which is two minutes away.

When I looked there were lots of spaces around here that had outdoor space and what I would do is try and compare the unit without the outdoor space and then figure out how much of a premium I would be willing to pay. I reckon that for a really huge outdoor space like this a reasonable premium in a smallish unit (under 1000 sq ft) is $100,000 or so.

In Bburg the only places at $1000 are on the water (really only the Edge) and around northwest williamsburg. The only places that will come close to that level will be along the water or the park. East Williamsburg will not get to those levels. Here it is important to keep in mind how huge williamsburg is.

Not sure if this adequately responds to your hyperbole!

The audacity of hope.

http://streeteasy.com/nyc/sale/579643-condo-58-metropolitan-avenue-williamsburg-brooklyn

6C closed for $875k at the end of November. 1220 sf is a reach, but not inconsistent with what is fairly universally seen in measuring new development condos. It still seems expensive to me, it's on Metropolitan, but it seems more in line with what I'm seeing (excluding those big ones on the water). There are plenty of resales in the $600 psf range, although not in "prime" locations.

Another unit at 238 Ainslie, 4A, sold for $480k this summer, which looks like it was about $800 psf (and still very high in my estimation), but was only on the rental market for 13 days listed at $2800, which also seems very high for the location.

I'm seeing prices higher than 2008 for resales, but what I'm really seeing are crazy rents. The march east, though, continues. That area is still grittier (although almost all of Williamsburg is pretty gritty in my estimation) but there are a number of decent places on Graham now, and Grand has a couple as well. We know a couple of the restaurant/bar owners in the area and they have say that commercial rents have been rising around the East Williamsburg/Williamsburg border.

A lot of the resales were likely based on earlier contract dates, though. Sometimes two years or more earlier.

thanks for the color, ar.

Yes rents are insane. Will be interesting in a year or so as there is an incredible amount of construction going on, especially in the last two months or so. All of them are for big buildings that will be rentals. Must be at least fifteen new buildings in NW williamsburg going up.

And AR, mot sure when you were last around here, but around the water is anything but gritty. Incredibly gentrified with lots of lame chain-type places going up. All the smaller, "cool" places are closing: http://brooklynpaper.com/stories/35/50/dtg_zebulon_2012_12_14_bk.html

Think it is becoming a sort of mix between Meat Packing and Murray Hill.

It's true that I stay away from the water. And you're right, the development has really picked up.

I think the interesting stuff is being pushed south and east. And into greenpoint. I think the waterfront and nearby experience and the rest of the area are almost like two different worlds. Having lived through the gentrification in Chelsea and Hells Kitchen I'm hoping that this one will slow down.

http://www.brownstoner.com/blog/2012/12/boutique-condo-sells-out-with-nice-numbers/?stream=true

Well, there's a trend. How about spending some time looking at recorded sales more broadly before proclaiming that all of 11211 is pricing at a certain level?

Noobie, if you're going to come on here as a broker and pose as a civilian, at least try and do so subtly. Gees, did you call Brownstoner as well? Bit of a self licking lollipop no?

As I recall if you bought this unit you also got a free car (a mini to be specific). Were other incentives offered to get this price. And great job, only took two years to sell, where everything else in Burg sells in a week.

Another example of unscrupulous (and in this case incompetent) agents in Williamsburg. Buyer beware.

definitely not posing. but thank you for the "comp". really hope you enjoy your pad. hopefully you will upgrade when you find that special someone. and for your info, or lack thereof..nothing sells in a week except your BS.

Nah, his bullshit gets wiped-up for free.
I read the NY Post yesterday and they had an article about higher rent prices in W'Burg and the surrounding
Brooklyn neighborhoods.
I didn't post a comment on this thread trying to look like some kind of RE sage, while only stating what I read in the newspaper .