Williamsburg

Where is all this new construction you speak of in Bburg that is coming on line in next few years? Almost everything being built now are rentals. And I don't think that abatements will play that much of a factor, although it will have a bit of an impact it will be tiny. And there is a lot of crap construction, but there also some really nice places. Bburg will remain valuable for one simple reason: it is one stop from Manhattan and so it will eventually level off, but then it will just move with the rest of the RE market.

ottawanyc, you keep forgetting that people have X to spend on housing. once the taxes go from $100 per month to $1000 per month, something has to give.... the price. that goes for all abated properties, not jub bburg. the issue is that bburg is a "new" neighborhood with 90% of stock new construction. that will cause a bigger swing as oppose to other neighborhoods that were actually neighborhoods prior to 2000.

AB: I am not forgetting it, I am just suggesting that while there will be an impact it will not be as dramatic as 30%. Most abataements still have 10-20 years left. Before they are done the neighbourhoods will have changed a lot due to the massive Domino construction and the Greenpoint construction which will both have commercial space. So sure it will have an affect, but these doom day scenarios are ridiculous and a decade premature.

> Keep in mind, the abatement will run out in all buildings in the next 20 plus years so everyone will be in the same boat.

Right. But since the Zombie Apocalypse will get us before 2035, I am less worried about my abatement.

In theory shouldn't the prices generally creep down as the abatement comes closer? Each month goes by the abatement's value gets smaller, correct?

Ottawanyc pointed out the key element that distinguishes the area around the Bedford Ave L and towards the River - proximity. Location. Location. Even though it's in Brooklyn this area is still more convenient to many desirable destinations/attractions (e.g., the Village, Highline, Union Square, SOHO, Grand Central, etc.)than the UWS, Battery Park, Financial District, UES. The abatement expiration is not going to cause a mass exodus. The expiration isn't going to be a surprise that springs upon thousands of residents overnight causing a flood of properties. The tax abatement is not a secret. People will anticipate and plan (and most likely advance in their careers over the next 10-20 years to support higher taxes).

Billy, that's kind of short-sighted. One or two (or three or five) more l stops gets you a lot more for your money (although less and less recently), an easier time getting on the l train and recently a hell of a lot of new food options. Things are spreading south and east, to a lesser extent north as the g train isn't a popular option. Unless they landfill the river you won't have a hell of a lot new to the west. But I agree it's an easy commute to the areas many residents frequent much less often after they move here. Work excluded, of course.

And the abatements are generally 25 years. I don't think those are available any longer on the water.

http://www.nytimes.com/2013/05/02/fashion/williamsburg.html?pagewanted=1&_r=2&smid=tw-share&pagewanted=all&

why is 30% always the correction number ?

Those paying 1200$ psf in prime willaimsburg are comparing to manhattan, not bushwick

(Referring to waterfront )

You might just want to check out the price increases in the other parts of the area. Not bushwick, not waterfront. There's a lot in between, and there's plenty in bushwick I'd deem a decent choice right now.

But a lot of the area is not what you posters consider "prime". And that's often where appreciation opportunities are the greatest.

I see -- my take is that those big price increases are spillover effect from high prices in waterfront and north Williamsburg , as those who would consider a little further out find Williamsburg too expensive now . But many (not all) of those paying the really high, record breaking for the hood prices on the waterfront simpy wouldn't look further in ....eg, Chinese buyers.

And agreed greatest appreciation is (or was before it already happened) non "prime" areas .

"once the taxes go from $100 per month to $1000 per month, something has to give..."

ab, long established on here that you tend to greatly exaggerate the abatement issue. Don't know too many WB condos with unabated taxes of $1K/mo.

"But a lot of the area is not what you posters consider "prime". And that's often where appreciation opportunities are the greatest."

At this point, I tend to agree. With pricing where it is now in Bedford-stop WB, I don't see a whole lot of room for appreciation left. At least not near-term. By now everyone knows the Whole Foods is coming (and yes, we already have our own poor man's Eataly, hb). Bushwick's a gamble but potentially a (relatively) lucrative one.

not much inventory in Bushwick. Also looks kousy.

the 421A EXEMPTION argument is so tired....24% increase (inside word is that it is in contract 'above list') in representative sample below despite expiration of the 421A EXEMPTION. also note that the Condo/COOP ABATEMENT will always in one way shape form (unless the sky falls) be available to buildings post 421A EXEMPTION.

http://www.kwnyc.com/index.cfm?page=details&id=39243

STREETEASY HISTORY
06/28/2006 Previous Sale recorded for $1,850,000.
02/04/2013 Listed by Keller Williams NYC at $2,295,000.

Are you suggesting that the abatement will be extended beyond its own initial run? Or just that taxes will ramp up from zero to intolerable over a number of years, and stay there?

If you are talking to me, and are referring to a building be able to obtain a condo/coop abatement post 421A exemption, then that's what I am saying. Put another way, the condo/coop and 421a are two totally different tax breaks - one of which (condo/coop) can be applied for and obtained after the other (421a) expires.

As to your second question, I have no idea what you are asking, again, IF you are talking to me.

I was talking to you.

The exemption and abatement are often (usually/always?) offered upfront as a package deal. Once the exemption is used up, the abatement kicks in, ramping up on a set schedule.

It's news to me that another abatement can be added in to the process at any time. And, in fact, I doubt it.

What are typical condo prices in chelsea or west chelsea or grammercy or easy village , ie all along the L line.

Don't think the prices in those Manhattan areas have anything to do with the L. But expensive, as there is very little condo inventory in those areas and location is hard to beat.

alanhart - I have never heard of any building receiving condo/coop and 421a breaks simultaneously (package deal?!?!) - if that's what you're saying. also, the phase out of the 421a is not the condo/coop kicking in - it's the phase out of the 421a, again, if that's what you are saying.

again - a 421A is a commercial exemption program that reduces the taxable assessed value of the prop and thus the taxes owed. the condo/coop is an abatement or a tax credit against the tax owed. two different programs. a condo whose 421a period has expired can apply for the condo/coop abatement and receive it. period.

Anyone who bought "prime" Williamsburg in 2012 obviously paid considerably more than prices were in 2010 or 2011. Prices have continued to rise in 2013. Should they have bought in bushwick or east williamsbirg since they missed most of the big bump in prices .

>Anyone who bought "prime" Williamsburg in 2012 obviously paid considerably more than prices were in 2010 or 2011. Prices have continued to rise in 2013.

Did they open an Eataly in late 2011 or early 2012? That might account for the increase.

Effing hell, you think you are clever but you are boringly repetitive beyond belief. No substance, stupid comments, just useless.

Some of the comments about prime burg are oddly similar to the manhattanites who can't seem to grasp that prime burg is not just a second choice for people. I'm sure 10 years ago (and I looked in the area over 20 years ago but we moved to the west coast then) but now there's so much in the almost prime areas. But those touting the prime areas don't seem to have any real experience with other areas (maybe Dumont and Brooklyn Star, two ok but not great places).

"Even though it's in Brooklyn this area is still more convenient to many desirable destinations/attractions (e.g., the Village, Highline, Union Square, SOHO, Grand Central, etc.)than the UWS, Battery Park, Financial District, UES."

Huh? Do you own a map?

Williamsburg more convenient to GC than the UES? Financial district has many, many more subways and similar distance.

>Huh? Do you own a map?

I think most of us use Google Maps at this point. Maybe you should trade in your Rand McNally.

Geographically GC may be closer, but there are many areas east of 2nd Avenue that are less convenient. And head anywhere downtown from that area using public transportation and it becomes a chore. I'll race you to SOHO, far West Village, or Chelsea from the UES, Financial District, or Battery Park City. Go.

AR: i do quite like the pig tails at brooklyn star. But very true: there is a lack of yuppie infrastructure once you cross the bqe. Up to graham stop is nice, but after that is quite rough. I think greenpoint is the place that still has loads of value; or some at least.

They haven't had the pig tails for quite awhile. But I think you miss my point. There are great options in the not prime areas. St. Austere, Il Passatore, Mesa, Becco, Hope Garage, St. Anselm, Xixa, Santos Anne, Miller's Tavern, PT, Nights and Weekends, i could easily name dozens more. I find the options generally better outside of the area described as prime, particularly if prime is defined as Bedford and west, as it has been here (although Cantina Royal, La Nonna and Cadeques are all on my favorites list).

"Hb, not to give myself too much credit, but I've called almost every appreciating market in NYC three to five years in advance for the last 15. You're wrong"

This is a joke right?
The same person i've been debating with during most of 2009 about buying is now saying she sees an 'appreciating' market 3-5 years in advance!!

WTF!!! This is complete trash.

Don't make me digs up those threads..

If it ain't Manhattan..it's a 'fringe' neighborhood.

EXACTLY! You finally figured it out.

Any thoughts on Greenpoint?
Close enough to Williamsburg but more family oriented. I find Williamsburg to be full of drug users.

I agree that I am "prime" Williamsburg-centric, as are most posters here. But I am making efforts to explore the areas east of the BQE, by the bridge (though I think this is "prime" already) and Greenpoint. That's one thing I love about Williamsburg: after three years, still much to explore and discover. We have recently fell in love with Traif. We've been in love with Bistro Petit. Xixa is next. We've enjoyed Mesa Cayouacan and Café Argentino. Lots of stuff popping up in Greenpoint. So I agree that value is to be had in these areas.

As to prices in Williamsburg I think at a minimum the neighborhood is pegged to Manhattan prices. That is, as Manhattan prices rise in neighborhoods mentioned above, Williamsburg prices can match the rise. What the discount to Manhattan prices should be, if any, is debatable. Maybe a Williamsburg bubble can be defined as prices above Manhattan comparables. But then again maybe there has been a paradigm shift where Brooklyn is more desirable than Manhattan and value can rise higher than those in Manhattan!

Greenpoint Franklin street area is cool -- buying here is a little risky if you try to buy a place with a view because a lot of building is slated for west street. Also, those many belvedere buildings units that pop up for sale seems fairly rough in terms of quality. Personally, I don't like the mcgorlik park area as much .

Mesa coyoacan area is nice -- far enough from bqe, lots of cool places in that area. I do wonder about construction quality of some of the small places there.

(Ericho -- if that quote is from someone who just bought recently, after the 2010 and 2011 run up, it is a real stretch indeed) .

"That is, as Manhattan prices rise in neighborhoods mentioned above, Williamsburg prices can match the rise"

So, Williamsburg tanked like Manhattan did?

My seller had a 6% gain on an '04 contract. After transaction costs a very real loss. I'm paying at least a third less than a comparable rental with a measly down payment. I'm happy, your mileage may vary.

'Ho, I've always been a Williamsburg proponent. But for the child I likely would have bought there instead of Chelsea in the early 2000s.

LookPied, Traif is fantastic. Xixa is just as good. Mesa is opening Zona Rosa at Metropolitan and Lorimer. I have yet to try Bistro Petit. If you like savory creeps give Pates a try. Cheap, too.

AR: No more pig tails! That is news to me. I go there very often and have been recently so that must be in the last two weeks or so. But you say it with such definitiveness so it must be true. Otherwise I think we are agreeing. The places you mention are all to the West of Graham. West of Bedford is becoming pretty cheesy.

Akir: as others mention Greenpoint is great. I go there more and more and there are some great little spots and more opening all the time. Near the water will start to look like the waterfront in Bburg with the new developments. For me the sweet spot is actually a bit more in where there are still nice tree lined streets. If you worked in midtown and had a family it would be fantastic.

Otta,

I agree. Prices are lower than Williamsburg but you are close enough to enjoy the many restaurants and neighborhood perks. It is also a very short drive/jog to LIC which has become the fastest developing neighborhood in NYC.

And I think when they get the bike thing you'll see a lot of people just do the short bike ride over to get the 7. They will also have to improve the G, as the L is bursting at its seams and must be working near max capacity at rush hour. Then there is also the ferry now, so transport options improving fast for greenpoint.

Ottawa, maybe I'm mistaken. Although I wouldn't order them, you'd think I'd at least notice them, it's a pretty small menu. I actually was too harsh on the Star. The brunch is a hipster mob scene, but other times are pleasant. The menu disclaimers are very funny. But leaving without consuming a gazillion calories is difficult, not pies 'n thighs difficult, but not easy.

I prefer east of the bqe to greenpoint because more areas are accessible (although you lose LIC), you have the old-school tree-lined streets, and I prefer the much-maligned l train to the options further north, for both practical and recreational reasons.

ericho, this thread is about williamsburg, not LIC.

LIC has not done at all well, especially when compared with williamsburg.

AR I am exactly with you on the sweet spot in terms of area. I avoid the Star for brunch. I usaully get the pig tails (imagin a combination of wings and ribs), the mac and cheese and 2 pints of Guinness. I try to avoid teh Star precisely because it is so heavy, but am helpless. And I never really understand why people hate the L. It runs every 3 or 4 minutes in the morning. My oly comment is that it is getting pretty tight.

>I'm paying at least a third less than a comparable rental with a measly down payment.

Doesn't seem like a credible claim at all.

I like Greenpoint quite a bit - my only concern is the transportation factor. The ferry and (someday) bike share certainly help, but not having a direct line to Manhattan will always hurt it to some degree. In my eyes, it's a lot like Red Hook. Potential for a really nice waterfront enclave, but will always have one major negative. Probably more "value" than prime WB right now, but don't think by a whole lot.

Williamsburg is fine!

"LIC has not done at all well, especially when compared with williamsburg."

What is the average price increase in Williamsburg since the lows in 2009/2010 compare to LIC?
I'm looking at prices in Greenpoint/Williamsburg/LIC (hunters point) and i find prices in the following order.

LIC (Hunters point)
Williamsburg
Greenpoint

"I like Greenpoint quite a bit - my only concern is the transportation factor. "

Like the Bedford station in Williamsburg, Greenpoint station (G) has similar walking distance (potentially 4-6 blocks) if you are closer to the water. I work in midtown so G to Court sq to the 7 isn't all that bad.

I'm not going to turn this into a Williamsburg vs LIC thread. I'm a big fan of Williamsburg. My 'fringe' comment was trying to stroke the Manhattanites.

What is the primer building in Willaimsburg? Can anyone direct to a link?

Looking at the primer building in LIC (The View), things have been FLYING off the shelves with 23+ units sold over the past 8-9 months with an average price of about $950-$1000 psf. At the bottom (2009), these units were going for 600-650 psf. That's a 35-45% price appreciation.

Here are the recent sales for the View (East Coast).
http://streeteasy.com/nyc/building/the-view-at-east-coast

Ar -- it's great you like Williamsburg , But you would obviously have been able to get a comparable property 25 to 40 percent cheaper in 2009 or 2010 or 2011. No big deal but you say you spotted trends in advance -- fine but you were a very insistent bear with a decidely negative outlook from 2009 to 2011 at least. Now you say you understand the potential of east willaimsburg , bushwick but come on that is the screamingly obvious story of the last two years at least (check any interview with David mandrell...lol). It's just a bit rich to buy in a trendy hood at the near peak (?) and then go on about how you have greater insights . You dislike abatements -- how,long left in yours ?

And I'm in a (many would say and be right ) less cool but similar place which has tracked willaimsburg prices fairly closely.

When did I say I dislike abatements as a rule? If you look at my writing on bu I was very much in favor of the 25-year abatement, which my building has.

I would be terribly hesitant to sign a contract per-finished construction. Which would make buying at certain times virtually impossible. I got a fantastic deal.. I won't give the details, but it had to be something remarkable to make me buy.

You didn't read my earlier post, did you? I bought 6% above a 2004 price, I could have gotten something cheaper in 2009 only if I had bought in one of the properties that had visible water damage and floor problems.

For all that you seem obsessed with my decisions, you don't seem to recall that I stayed in manhattan because of the kid.

Now, if I didn't have any kids, Jackson heights. Or grand concourse.

Yeah, right.
aboutready claimed in an se post, not long ago:
"...I know Brookyln is not for me."

*I know Brooklyn is not for me."

Look, it's everyone's least-favorite ex-receptionist Gertz gal plaintiff!!!

^^ Look , it's nobody's favorite troll, alanhart.^^

Ar --ok. Just started rubbing me wrong way on the prime , non prime thing , (been all over e wmb and bushwick, and see little for sale in the latter).

Interesting to hear you refer to queens ( I think). I swear I know zero about queens but went to see a jazz musician friend playing recently in sunny something or other and it was not far at all from modtown, low rise, cheaper apparently, lots of cool places around , and I was left wondering why this is not more sought after. Call me ignorant, but in my narrow minded set, no one talks about queens, ever, absent the golde triangle in lic.

People who think that E Williamsburg and Bushwick will take off are sorely mistaken. Bushwick is a bit of an armpit. Sure it has some very hip places, but it is dodgy. What makes Williamsburg and Greenpoint desirable is that they are not in the least gritty.

>What makes Williamsburg and Greenpoint desirable is that they are not in the least gritty.

No, of course not.

AR:
>When did I say I dislike abatements as a rule? If you look at my writing on bu I was very much in favor of the 25-year abatement, which my building has.

Didn't you support a few years ago a retroactive elimination of the abatements from existing owners?

Why are MOST of the 2009-2011 housing BEARS all 'grayed' on the SE forums?

AboutReady, W67th, ALLANHART, ColumbiaC, etc.

Why are every good thread derailed by these BEARS?

Can we go back to talking about Williamsburg..

Again, may i ask again...what are some of the more expensive condos in Williamsburg? Anyone?

Edge (water) gretch (south). Ikon (park).

Anything south of N. 12th, north of Grand, west of Bedford command the highest per square foot (>$1000). The Mill Building on N.3rd is on one of the best blocks and the units sell for >$1M. PSF is not as high as some other buildings but the units are large driving the high prices.

Any thoughts on why Williamsburg has completely outperformed LIC?

It is truly astounding--one all, the other none. why?

Because BBurg is a destination in itself and there is loads going on in terms of music, bars, art, restaurants. That being said I have never been to LIC...

Ottawa, I've got to disagree. There's grit sprinkled throughout prime and non-prime areas. And it used to be that the grit was far more apparent, because that was pretty much all there was. I think it's doomed, the menu is dull and prices are too high, but the fact that someone opened the new Williamsburg Kitchen in that location is fairly remarkable.

One demographic trend that supports certain sub-markets is the marked increase in households with only one or two people. Manhattan has always had a high percent, but the trend is growing due to a number of factors. One person, no trust fund, bushwick.

reallynow, not all of east of the bqe is east Williamsburg. I think parts of queens offer tremendous value. Others not so much. If you love per-war and want less restrictive coops (generally) Jackson heights is great. And you can get to lga in ten minutes.

Sunnyside. Another area with upside potential.

I've never been totally anti-owning, I've had five mortgages after all. I've been against overpaying to paint your walls aubergine, the notion that somehow owning is inherently superior to renting, being house poor, irrationally tying oneself to a very illiquid asset. There is and always will be an emotional component to owning (the first thing I did was rip out the developer-grade kitchen and order a shiny maroon Viking, which I use two or three times daily and adore), but there should be a balance between emotion and a realistic assessment of what is economically the most viable decision.

Except for w67th none of us have crystal balls. Many are screwed due to circumstance (job loss during recession), many are benefitted (careful saver scoring historically low interest rates). Due to manipulation we have anything but rational markets. The wise person would pause and consider before making a purchase that typically ties up a large percentage of his or her ready cash in an economic environment that still faces huge challenges.

>Except for w67th none of us have crystal balls.

You forgot Somewhereelse. He's told us that he bought stocks on the exact day of the market low, sold some two years ago at an interim peak, bought more at each of the dips, and bought a place in Flatiron the day before Eataly was announced to open.

I bought stock the very day that Eatzi's, the similarly cleverly-named food emporium, opened in the basement of Macy*s flagship store. I used it to make porcini risotto. It was good. It's always better to rent than to own.

"Because BBurg is a destination in itself and there is loads going on in terms of music, bars, art, restaurants."

So why has none of this happened in LIC? despite that both neighborhoods were equally rough only a few years ago.

Williamsburg has caught on and ramped, both in terms of its culture, but also price appreciation. LIC.....nuttin.

Yikes is there any reason why people would go hang out in LIC? Like I said, I've never been there and that is because I have never had occasion to go. I know lots of people come to hang out/go out in Bburg, but have never heard anyone say, hey lets go to that great bar/restaurant in LIC. Might still be a nice place to live due to proximity with midtown, but that does not make it a great neighbourhood.

Have the gays been in LIC?

"That being said I have never been to LIC..."

I'm not sure why there's so much negativity towards LIC. The prime areas in Hunter's point south are cleaner, more families and young professionals than WBurg.

"So why has none of this happened in LIC? despite that both neighborhoods were equally rough only a few years ago."

Also confused by this. Like Wburg prices in LIC (Hunter's Point) for all new condos are priced between 850-1000 psf. I did a lot of research and both Wburg and LIC prices have been comparable in every way.

Ottawanyc,

"Yikes is there any reason why people would go hang out in LIC? "

The waterfront parks in Hunter's Point South is probably one of the best place to hang out with your friends and family during the Spring/Summer months in NYC. It's rated as one of the best parks in all of NYC. Unlike Wburg, i find the Gantry Park with more space and substantially cleaner.

http://www.yelp.com/biz/gantry-plaza-state-park-long-island-city

This is a good review on LIC Gantry Park:

"Honestly? This is probably the best park in New York City.

I mean, yeah, there is Central Park, in all of its glory - but this place has the best city skyline views and its pretty much never packed out. Ever.

There is no garbage here. You will be hard pressed to find a cigarette butt. None. Its spotless. I guess maybe because its a state park with rangers and maintenance rather than a city park with the lackluster parks department - whatever the reason, it's incredible. It really is like an oasis in this festering zoo we live in.

There is a huge expanse of lawn, boardwalk, adirondack chairs, cool modern design features, HAMMOCKS!, a futuristic playground for the kids that looks like it was designed by a German designer with a black turtleneck and round glasses, concessions, piers - I can go on and on. It doesn't get any better for a city park.

The only real drawback is its surrounded by the Ikea towers (i used to live in one) - those glass and steel monstrosities packed with yuppies overpaying for the veneer of luxury. I called it the yuppie projects when I lived there.But that doesn't really affect the park - in fact, it may improve it - because yuppies marry hot babes. And when they are off during the day being masters of the universe on Wall Street - their ladies like to get some sun in Gantry State Park. Often topless. Enter Jackson G. "

The stranger comparison, and also the explanation for the difference between the two neighborhoods, has to do with the organic gentrification in Williamsburgh, which I'd say followed a pretty normal gentrification curve beginning a few years before I moved there in 1984, and of course accelerating greatly two weeks after I left in 1990.

It's no surprise it's garnered wide word-of-mouth, and has developed a rich array of restaurants, which attract people from around the world and even from Manhattan (not that I care for any of them ... they're all on the suburban cocktail/appetizer/wine/main plan, which is not for me).

LIC, by comparison, has been the next big thing since at least the late 1970s, but only attracted new (which is to say other than the old-line white ethnic working class, and other than the hundreds of thousands of poor people in the Queensbridge and Ravenswood NYCHA housing project mega-developments) when top-down, non-organic New Territories development occurred on EPA Superfund brownfields. And then, okeh, lots of people there, so throw in five or so suburban restaurants.

None of that will ever rub off on the surrounding neighborhood, and the entire area will remain what it is: nighttime storage for worker drones, just like Newport and the like in Jersey City. First resort for youngish people fresh off the boat from India who, for reasons unknown, gravitate towards such high-rise storage cubicles. Last resort for everyone else.

LIC will never be like Williamsburgh. I'm very glad I don't live in Williamsburgh anymore, and I keep my car doors locked and the "recirculate air" function turned on when I drive through LIC.

I broke this posting up into shorter paragraphs for ericho75.

Akir: you did note third para!

Park sounds nice.

http://streeteasy.com/nyc/sale/852685-condo-21-45-44th-drive-hunters-point-long-island-city

So this has been on market for a month. New, nice construction in bburg like this would be 1100 sqft and go for over ask, all cash in a week. I.e. http://streeteasy.com/nyc/sale/847851-condo-162-north-12th-street-williamsburg-brooklyn

Will see how long it takes in lic and what it goes for.

Looking at the recent 4C sale in the building, 3C is trying to capitalize on the recent surge. Is 3C own by BJC? In late 2012, 4B closed at $765 psf. The C line might have better views/outdoor space to warrant the higher price.

http://streeteasy.com/nyc/closing/9672106 - 4C $1077 psf
http://streeteasy.com/nyc/closing/4158604 - 4b $765 psf

Prices for these 'fringe' neighbors sure are surging.

>Any thoughts on why Williamsburg has completely outperformed LIC?

The Hasidim.

There are plenty of families in the burgh, and the hipsters will continue breeding, but akir's point is one of the reasons bburgh is doing so well: it's THE alternative choice for the younger purchasers, and word of mouth has spread that it's better on many levels than a lot of downtown neighborhoods. And certainly cheaper.

"He's told us that he bought stocks on the exact day of the market low,"

Let's be clear... on the day of the market low, I said I was buying. It wasn't those after-the-fact calls others have claimed to make.

In sure that it would be an interesting match if you faced off against Chuck Norris and the Dos X beer guy.
You are so smart and so precise. Even inoitall is no match.

"Williamsburg has caught on and ramped, both in terms of its culture, but also price appreciation."

'bottoms, hilarious to read you openly eating crow after blasting anyone buying in WB, what, as recently as a few months ago? Troll on...

Perhaps he is hoping to get in there with Aboutready.

ar, it's also become a tourist destination (for better or worse). In the past 2-3 years, it's a bit ridiculous how many Euros I observe getting off at Bedford, large foldout NYC map in hand. I don't really spend time in LIC, but I don't believe it's got that kind of recognition with out-of-towners. Best guess is it's a product of all the references in pop culture to WB, as well as the great food and drink in the area. Maybe some of the galleries, but there are other destinations for that crowd as well.

Looking at some of the comments here, it's baffling how clueless most people are on this board. Williamsburg is prime real estate and will only get better with time. Back in early 2010, I read a bunch of negative reviews when I was considering buying in Williamsburg. I quickly realized though that most people dont understand real estate so I went ahead and bought an apartment for $850,000 which was 650/ft. Today my unit is selling for 1250/ft which is based on actual CLOSED SALES. I'm laughing all the way to the bank. Easiest money I ever made!
So all you naysayers out there, keep on with your head in the sand while people will balls get rich. And again thank you for all your negative comments because that is how I got such a fantastic deal. My only regret is that I didn't buy a couple more.

Lance1, I'm also a WB owner, but I kind of doubt sales in ANY building here are at $1,250/sqft. Comps?

It'd have to be one of these 11, but can't tell which: http://streeteasy.com/nyc/closings/williamsburg-brooklyn/type:condo%7Cprice:840000-900000%7Cclosed_between:20100101-20100803?order_by=price_desc

BJ: DId you look at all:

http://streeteasy.com/nyc/sale/878867-condo-34-north-7th-st-williamsburg-brooklyn

http://streeteasy.com/nyc/sale/878582-condo-85-north-3rd-street-williamsburg-brooklyn

http://streeteasy.com/nyc/sale/875895-condo-1-northside-piers-williamsburg-brooklyn

Seems the floor for resale in new buildings is $1000, but most are reportedly going all cash and above ask. $1250 still seems a little more rare, but there are still lots of examples.

Ottawa, those are just asking prices. But a resale unit recently closed at around $1200 psf at the edge. A studio, I believe.

The comps that really blew my mind are the two recent low floor closings at 139 Skillman. $900ish per square foot, much higher than earlier sales on higher floors, and decidedly not prime.

NWT, I'm no longer an SE insider, so can't see that list :(

Ottawa, those are all still on the market. Asking prices don't mean much.

Thanks AR and BJ, I had not realized that those are asking prices. And why would asking prices mean nothing BJ? They mean that this is what some agents clearly think to be achievable based presumably on recent comps. Would be one thing if these were lingering on the market for months. But in a market like this there is no point in way overpricing and scaring off people. Check back in three weeks and see if they are gone.

And getting close here: http://www.nydailynews.com/life-style/real-estate/girls-creator-lena-dunham-eyes-billyburg-gretsch-building-article-1.1330450