Still room for higher values in Williamsburg?

I think the only rational answer is, 'Who knows?' I recall when 99 Jane street hit the market at $500 a square foot in the West Village, many thought this was nuts. A more relevant analogy might be that not to long ago we assisted a buyer with a purchase at The Edge in Williamsburg a large two bedroom with water views that priced out at about $800 a F2, they almost did move forward, this was like 2010 or 11, many here on SE thought prices would collapse, my clients got caught up in what now is viewed as trivial stuff while we negotiated the final price. Let's just say they are very pleased with their purchase. They ultimately purchased it because they loved it, could afford it and planned to stay for quite some time.

It is very difficult to discern in the present moment what the future will hold. However I think we can safely say that over the long term NYC real estate rises in value. 3 years is too short a period to purchase most real estate in my opinion, 5 years is just getting into the comfort zone (some don't care, they just want what they want). Ask yourself, "will you love living in this neighborhood/home? Can you comfortably afford it and have adequate savings after the purchase? Do you plan on staying put for at least 7 years? Trying to guess the price action over 3-5 years is very difficult.

Keith Burkhardt
TBG

When Aboutready sells, there will be 3-5 years of appreciation left.

There's a lot of chatter in Williamsburg among the hipsters that the area's time of coolness has truly come and gone. There's a big party coming up in early December honoring "the death of Williamsburg." That is not a meaningless thing to note. There are SO many new units in development right now, I don't know how many are rentals v. condos. I mean Keith's right, of course, but you invest your money looking forward as well as looking back. An investment strategy of "who knows" isn't really helpful :)

FWIW I agree that south billyburg might still have some real value tucked away.

Crime in interesting. There seems to be a disconnect between the crime stats available and what people living in the neighborhoods feel and say. I was doing some research yesterday and ended up talking to a resident at 80 Meserole Street, which is east. Her perception is that crime is a big problem, she worries about it too. Yet the data don't really back that up, at least compared with say Downtown Brooklyn.

If I had extra money to invest, and a time horizon of at least 5-10 years, I'd look hard at Crown Heights (around Berg'n beer hall) or down the east side of Prospect Park (Lefferts), or if that's too pricey then of course Ridgewood.

What is the theory behind crime decreasing in the future? I don't see it. Just look at recent fights on the subway.
http://theurbandaily.com/2014/11/11/viral-slap-subway-video/
http://nypost.com/2014/11/12/argument-on-packed-subway-car-escalates-into-shoving-match/
http://www.nydailynews.com/new-york/nyc-crime/man-65-dies-pushed-bronx-subway-article-1.2012658

The subway is a condensed microcosm of NY. It reflects an early warning on exploding tensions.

http://www.nydailynews.com/new-york/mta-board-member-ban-backpacks-trains-article-1.2013547

South bburg has great restaurants, and not that much development. Because the transportation sucks. I will consider buying there after the kids are gone and my husband would then drive to work. There is virtually no crime, other than organized, in the area east of the bqe. None. I have yet to see or hear about a single thing, and that wasn't true of PCV. I know people who have lived here forever, and they all tell me this is one of the safest areas around. You will smell pot daily, but you will not be mugged.

That backpack article proves nothing. Seriously.

@ flutist amazing what is happening in Crown Heights....last house we bid on there had 30 offers. If you really have a long view, limited budget and want to get in near the beginning of a possible paradigm shift in a neighborhood; look into Sunset Park.

Every time I go to Williamsburgh, I hate it in a different way. This week it occurred to me that it was just like Boston. And that's a rather serious charge.

At least its residents finally shaved, though.

Try Broadway Junction / East New York.

I agree with alanhart. Williamsburgh is not New York. The people from Williamsburg, unless they had no choice, are people with inferiority complex who couldn't figure out that Williamsburg makes them even more inferior, not the opposite.

I lived in Williamsburg for 9 months when I first moved to NYC.

My excuse, at least, was that I was new to the city and didn't know any better. But I wised up pretty quickly and moved to "real" Brooklyn as fast as my legs would carry me (Brooklyn Heights).

It's a great area , as long as you are near the subway of the East River

"I lived in Williamsburg for 9 months when I first moved to NYC."

... but shortly thereafter the tunneling for the L train was completed and the neighborhood began to change.

He moved as fast as his legs could carry him. With possessions, that probably took weeks. Reminds me of a Portlandia episode. Probably later took him months to move to the ever so desirable neighborhood of Washington Heights. Matt, that neighborhood trend spotter, timing is everything.

I've been wrong about this for the past, oh, 3-4 years, but I still feel pricing in the northside is maxed out or close to it. And if you check the archives of this lovely (ok, formerly lovely) site, you can find plenty of people excoriating/mocking me for "pumping up" the 'hood when I bought here way back in Q3 '08. I'm in no position to retire as a result of my somewhat fortuitous RE decisions, but at least some of those yokels got a little egg on their face :) That said, I'd be super cautious to buy in this climate.

@alanhart, as a native Bostonian and current Williamsburg resident, I must be your evil twin, no? Archnemesis at least?

I'd have to agree with KeithB: "Who knows?". The rise in prices has been breathtaking, but supply remains limited and demand high. Apartments in my building from studios to penthouses seem to move within a month of listing at prices I think are unrealistic. Very few condos are being built. Most new developments are rentals. At this point I would say that as long as prices don't exceed Manhattan condo prices, there seems to be room for more increases.

I do like the restaurant scene on the south side. Domino will anchor S. Williamsburg. If prices are much lower than N. Williamsburg it would be where I would look at this time. Once Domino is up I see it rivaling the north side in terms of services. Transportation is a concern.

Apple is building a retail store on Bedford Avenue, announced today.

>Apple is building a retail store on Bedford Avenue, announced today.

Well, who says it's a top?

http://streeteasy.com/talk/discussion/36686-williamsburg-rivaling-manhattan