1bdrms in williamsburg bk

If youre not pressed to buy then why not just wait for that perfect deal you cant refuse. Its a buyer's market and as long as you have somewhere to live why rush? Look around, take your time, and find that right deal. And see how low theyre willing to go. Just make sure you get into a fixed mortgage if you buy. sunny_hong@countrywide.com

lit, I bought a 2BR fairly recently in Williamsburg, but I would tell you to hold off unless you find yourself a good deal - for example, there are only a few first floor apartments left in my building, and I'd bet you can negotiate a decent percentage off asking, or at least get a lot of concessions. There's a fair amount of room for negotiation in the area right now, precisely because there is a lot of inventory, with more to come. I love the area though I think you should only go for it now if it's going to be long-term (which is my situation as well).

yeah, I think I found the right 1bdrm for my fiance and I, but I'm going to low ball the offer and see how neogatiable the price is. The building is 50% sold so it seems to be doing well. I'm just not sure if i should wait for the 2nd wave of condo buildings because the prices will be lower? What building to you live in bjw? Do you think 560k is good for 701 sq feet with a balcony? it's right by bedford ave. Right now I'm renting for 1k for a small 1 bdrm (500 sq feet). I'm just sick of renting and I want to buy something finally. I might make an offer of like 525, is that too low?

lit,
I wouldn't pay 560k for 1br/ba. Stick with renting for now.

I have an apt in Williamsburg 2br/2ba 900sf and it's resale value is around $610-650k (new construction)
Currently rented out at $3000/month

lit, even better
I know a new construction in NYC Midtown west 1br/1ba 630sq, nice layout for $620k.
paying 60k extra for nyc is a better deal.

lit, my building is very close to the Bedford stop as well, so we're talking about prime Williamsburg here, where ppsf is ~700-750 for new construction. I think 560k is too high for the 1BR you're looking at, as ba294 said, though I obviously don't know a lot of the details. Views are significant, as is the balcony if it's more of a terrace. There aren't too many comps available yet for new stuff in WB, but you can get a good idea through Streeteasy and elsewhere with a little digging.

ba294, do you find that $3k is a pretty standard rate for a 2/2 in prime WB? I'm curious what my place would actually go for. Broker told me $4200, but he was talking out of his you-know-what, as brokers are prone to do sometimes.

yeah, but we have a lot of family in the area and my fiance is going to work in a near by school. So living in bk would have many benefits. Do you guys suggest any other buildings to check out?

lit, you're worried about re-sale but that really depends on what your time horizon is. If you plan to sell in a couple of years, it's probably not a good time to buy, and definitely not new development. If you see this being your primary home and are going to stay for 5+ years then hopefully the market will have changed direction by then. And it also depends on what your timeframe is to buy. I've been looking for the last year or so and prices really haven't dropped. There is definitely some room to negotiate, but how long are you willing to wait to see if prices drop? And people are buying, so the unit in the building you want may not be available, so that's a risk you take also. There is a lot of inventory, but each building is different. For example there's the Rialto and NV around that area. I find NV to be expensive, especially the common charges, and it has those PTAC units in each room which I don't like. The Rialto is across from a funeral home, which some people wouldn't like. The Edge seems like the highest-end building around there, but it won't be done for what, another year or so? And there will be construction going on around there for years after that as they build the other buildings. bjw2103's building is nice, I would definitely check their 1 bdrms which are similar to nforths.

lit, have to echo fedup's thoughts here. It's mostly about your timeline here. I would definitely negotiate hard with any apartment you like, at least to test the waters, and don't be afraid to walk and revisit in a month to see if they've softened. I visited quite a few buildings, and as you probably know, quality can vary a lot from building to building. I don't know much about 111 Kent, but that's a property I would look at now, as well as NV. Their asking prices are surely high, but I generally like the smaller buildings west of Bedford (mine is only 27 units - I think there's only 1 or 2 1BRs left actually, and they're ground floor). If you want to email me with more specifics offline, feel free to do so - tack on @columbia.edu to my screenname.

Why are you worried about reselling? If its a short term deal, buying is probably not optimal given fees and the like.

If its long term, thats another story...

bjw2103

mine is a 900sf 2/2 so it's little on the smaller side. I could've easily gotten $3200 but I needed it occupied immediately and found a tenant at $3000 in under 24hrs.

If the broker told you $4100, then you can probably find a buyer at that range. They usually lowball a little so you might end up getting more than 4100.

oops, sorry mine is on lorimer stop. you should yield more.