I'm hearing from multiple sources that there are many architectural issues with the recent developments in Williamsburg. A lot of builders that decided to bank on the latest frenzy did not have enough experience to build appropriately. For example, whoever saw the unit at 170 N11th Street recently in the Lucent building should know that this building has MAJOR architectural issues and will not be... [more]
I'm hearing from multiple sources that there are many architectural issues with the recent developments in Williamsburg. A lot of builders that decided to bank on the latest frenzy did not have enough experience to build appropriately.
For example, whoever saw the unit at 170 N11th Street recently in the Lucent building should know that this building has MAJOR architectural issues and will not be approved by a bank for a mortgage! The only people that will be able to buy in this building will need to be all cash because it will never get approved by a bank for structural reasons. Please see the one bedroom in the building that supposedly sold months ago and is now back on the market due to the fact that the bank will not lend for this property!
Buyers should know that this is prevalent in a lot of the new buildings in Williamsburg.
All I can say is, BUYERS BEWARE!!! You will get stuck with something that you might have difficulty getting out of, especially at these prices!!!
The brokers in the area are begging buyers for listings and willing to go out to the market at RIDICULOUS levels to test it. This sounds like a massive bubble to me.
If I was a betting man I would put my money on the Williamsburg condo market softening by the end of this year. Rentals will turn into condos and everyone will want their "big pay day!" And you will see an influx of sellers trying to get $1000/sqft when they bought for $600-$700/sqft just 2 years ago!!!
Does this sound normal to you?? It doesn't to me. Something is up. Don 't drink the kool-aid!
Good luck to all!!! I'd rather just rent in Manhattan and not get involved in this fabricated and irrational market!!
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Response by greensdale
almost 13 years ago
Posts: 3804
Member since: Sep 2012
Is Gretsch falling apart?
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Response by mym
almost 13 years ago
Posts: 188
Member since: Jun 2009
I do think that there is something of a bubble in Williamsburg fueled by foreign investors, low interest rates and obviously low inventory. Many forces propelling both Americans and foreigners to invest in US at this time and it becomes like any stock or comodity.
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Response by moxieland
almost 13 years ago
Posts: 480
Member since: Nov 2009
Ok. Three attempts at being cordial. I'm sure a vitriol laced rant will get a response. Hey Misha you're a worthless piece of slander spewing trash. Take your unsubstantiated claims of across the board shoddy construction and stuff them up your tight FIDI ass! You are what makes this board pathetic. Trolls who make up stories that they can't back up in any form. You don't have broker friends. You don't have any friends. You just have a hard on for moving to a hood you can't afford. I wish you luck in your attempt to dissuade 1000's of people from moving into the most vibrant, eclectic and interesting good in NYC. Have fun in FIDI, Nyc's equivalent of Dodge City.
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Response by Ottawanyc
almost 13 years ago
Posts: 842
Member since: Aug 2011
Moxie, you should be careful, you may get sued for defamation.
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Response by mym
almost 13 years ago
Posts: 188
Member since: Jun 2009
Just to mix it up a bit...I have been in a stunningly beautiful apt. in FiDi. and love that little park near train station . Think the area has charm. I have to agree that Williamsburg feels like the cooler place for young people, but on a gut level FiDi seems more intrinsically beautiful. Where I would live would depend on the particulars of the apt., my commute etc...
In terms of shoddy construction, I already told you- in my limited experience, came across huge puddle in gut renovated building...building that sent contracts out but had to back out and return money because architect lost his license, and a third building that went on the market a full year before it got its c of o. Scariest thing is that all 3 of these are small buildings with 8 units or less. Think of your potential assessments....
Nonetheless, do I wish that I had bought last year? Absolutely..Would I buy now? Probably not...Don't forget, Williamsburg is primarily a condo market. Condo markets zig zag much more than co-op markets. Whatever complaints one has about co-op boards, they are what prevented Manhattan from fluctuating like Miami...no creative financing, no cash deals if the source of cash did not seem reliable and respectable.
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Response by misha2306
almost 13 years ago
Posts: 44
Member since: Jan 2013
Moxie - I appreciated your rant. In case you are blind or simply challenged, NMT answered your question about 40 posts ago. Are you simply ignoring the links he put up? Do I need to put up the same links or do a google search for more?? I get it, you live in Williamsburg, you love Williamsburg, etc... That's fine, i'm happy for you. This post was not meant for you. Please move along to the post about how your assessment fees are going to go up soon due to shoddy construction and inexperienced developing... I will not respond to any more of your useless posts going forward. Thank you.
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Response by moxieland
almost 13 years ago
Posts: 480
Member since: Nov 2009
Wow! Small world. Your broker friends were referencing the same building that another poster put up a link to? What are the odds? As for you no longer responding to me, I'm so sad. It's clear you prefer to respond to rants than to rational inquiries. Have you been a masochist your whole life? Do you enjoy flogging in private or only publicly? Your circuitous, fact less, useless posts show you crave abuse. I'm sorry you're broken. I'm sorry you're unloved. It's all going to be ok once you get that little condo in Williamsburg.
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Response by misha2306
almost 13 years ago
Posts: 44
Member since: Jan 2013
I love your passion.. let's move on.
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Response by aboutready
almost 13 years ago
Posts: 16354
Member since: Oct 2007
This is hardly limited to Williamsburg. There's shoddy construction throughout the city, including plenty of buildings in manhattan. I agree with the posters that say to wait until a building has been sold out for a few years, use a good engineer to inspect. Major structural damage should be evident, and lesser things have likely been taken care of.
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Response by greensdale
almost 13 years ago
Posts: 3804
Member since: Sep 2012
Which has more "shoddy" construction - Williamsburg, Long Island City, Hoboken and Jersey City, or the newer developments in Harlem?
Bit of actual advice: You can go on ACRIS and see who is financing in a building with a lawsuit on (which is most in Billyburg). Not all lenders will lend but most will and once a building is approved its golden.
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Is Gretsch falling apart?
I do think that there is something of a bubble in Williamsburg fueled by foreign investors, low interest rates and obviously low inventory. Many forces propelling both Americans and foreigners to invest in US at this time and it becomes like any stock or comodity.
Ok. Three attempts at being cordial. I'm sure a vitriol laced rant will get a response. Hey Misha you're a worthless piece of slander spewing trash. Take your unsubstantiated claims of across the board shoddy construction and stuff them up your tight FIDI ass! You are what makes this board pathetic. Trolls who make up stories that they can't back up in any form. You don't have broker friends. You don't have any friends. You just have a hard on for moving to a hood you can't afford. I wish you luck in your attempt to dissuade 1000's of people from moving into the most vibrant, eclectic and interesting good in NYC. Have fun in FIDI, Nyc's equivalent of Dodge City.
Moxie, you should be careful, you may get sued for defamation.
Just to mix it up a bit...I have been in a stunningly beautiful apt. in FiDi. and love that little park near train station . Think the area has charm. I have to agree that Williamsburg feels like the cooler place for young people, but on a gut level FiDi seems more intrinsically beautiful. Where I would live would depend on the particulars of the apt., my commute etc...
In terms of shoddy construction, I already told you- in my limited experience, came across huge puddle in gut renovated building...building that sent contracts out but had to back out and return money because architect lost his license, and a third building that went on the market a full year before it got its c of o. Scariest thing is that all 3 of these are small buildings with 8 units or less. Think of your potential assessments....
Nonetheless, do I wish that I had bought last year? Absolutely..Would I buy now? Probably not...Don't forget, Williamsburg is primarily a condo market. Condo markets zig zag much more than co-op markets. Whatever complaints one has about co-op boards, they are what prevented Manhattan from fluctuating like Miami...no creative financing, no cash deals if the source of cash did not seem reliable and respectable.
Moxie - I appreciated your rant. In case you are blind or simply challenged, NMT answered your question about 40 posts ago. Are you simply ignoring the links he put up? Do I need to put up the same links or do a google search for more?? I get it, you live in Williamsburg, you love Williamsburg, etc... That's fine, i'm happy for you. This post was not meant for you. Please move along to the post about how your assessment fees are going to go up soon due to shoddy construction and inexperienced developing... I will not respond to any more of your useless posts going forward. Thank you.
Wow! Small world. Your broker friends were referencing the same building that another poster put up a link to? What are the odds? As for you no longer responding to me, I'm so sad. It's clear you prefer to respond to rants than to rational inquiries. Have you been a masochist your whole life? Do you enjoy flogging in private or only publicly? Your circuitous, fact less, useless posts show you crave abuse. I'm sorry you're broken. I'm sorry you're unloved. It's all going to be ok once you get that little condo in Williamsburg.
I love your passion.. let's move on.
This is hardly limited to Williamsburg. There's shoddy construction throughout the city, including plenty of buildings in manhattan. I agree with the posters that say to wait until a building has been sold out for a few years, use a good engineer to inspect. Major structural damage should be evident, and lesser things have likely been taken care of.
Which has more "shoddy" construction - Williamsburg, Long Island City, Hoboken and Jersey City, or the newer developments in Harlem?
>I love your passion.. let's move on.
Wow, this thread has so much passion.
http://movies.nytimes.com/2013/03/06/movies/gut-renovation-su-friedrichs-look-at-gentrification.html?_r=1&
Bit of actual advice: You can go on ACRIS and see who is financing in a building with a lawsuit on (which is most in Billyburg). Not all lenders will lend but most will and once a building is approved its golden.
Here's a bubble one in Manhattan, at http://streeteasy.com/nyc/building/50-gramercy-park-north-new_york
https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=TApFUoJAM6I_PLUS_UAP9n3uhFw==&system=prod
Misha2306, any update? Any new sources?
Old sources: http://streeteasy.com/nyc/talk/discussion/4032-your-new-construction-building-will-fall-apart-soon
any update from misha? or from buyers aboutready or Ottawanyc or bjw2103?
more of too much.
C0C0, are you moving back to NYC?
C0C0? Will you be at the next SE get together?
hfscomm1