MORE in W'burg?? Anyone know the scoop?

munckee, I've seen these, but most of them are a bit mysterious. Two of the developments (I think 40 and 44 Berry) have details up on Curbed - one is a conversion rental, the other (I think) is still planned as condos. THe large development on North 11th is going to be a major rental development, though they are cleaning up the ground, as there was an oil tank there previously, I believe. No idea what's happening across from 101 North 5th. Unless you're talking about SteelWorks Lofts? That one is in trouble I think - they haven't touched it yet and the sales office is closed indefinitely.

@bjw2103 Thanks for the input. Been keeping an eye on your postings regard 80Met. I thought SteelWorks was on 4th? There's a building directly across from NV that definitely had workmen in it when I walked by this afternoon. I'll try to take another wander past over the weekend.

WillyB is going to hell in a hand basket. The new developments will not be condos they will be rentals. They will be empty for a long period of time before someone occupies them. SteelWorks Lofts is the only story out there to the public, about a development with truth to it, The Edge, Northside Piers and etc. stories are very similiar privately but the difference is they have a few tenants that are renters. If you don't believe me go to www.craigslist.org and keep track, on a calendar, of how long old and new properties are sitting on the market, the price drops and the different brokers for the same apartments. WillyB in there PRIME would not had given 1-3 months free and no brokers fee, its a sign of things to come. The R.E. industry will face so many regulations courtesy of our gov't this year they are going to try and make it impossible to buy.

munckee, you're right, I never even noticed what was going up on N5th there. No idea what it is. 80 Met is an interesting building - it's going to turn out quite nicely, I think, but I always thought it was a little too expensive relative to other developments in the area (even though the quality is clearly above average).

mutombonyc, what's your obsession with posting about the market in WB, especially in this thread? This is not a thread about the state of the market, but you feel the need to post your brand of doom and gloom everywhere. Stick to the threads.

bjw2103, I was priced out forever in WB, I know WB very well and the circus frenzy it has become is depressing, if you knew WB how I do I think you would have a better understanding on my haters stance. Yes, change is inevitable, but the prices are ridiculous. This thread is about the state of the market as it relates to WB, Dumbo, GP, etc. At no point did I deviate from this or any thread. If you can truthfully say I lied in any of my threads I will not post again.

"This thread is about the state of the market as it relates to WB, Dumbo, GP, etc."

For the record, I had no intent of this thread relating to "Dumbo, GP, etc.". I'm considering a purchase in WB (haven't decided when yet) and I'm trying to figure the whole thing out. I'm not here to argue about which neighborhood is better, etc. I'm simply trying to get a grasp on how the overwhelming number of new developments in WB will effect the market over the next, say, 6 months and beyond.

There's a new development on just about every corner here (70 Berry, 72 Berry, 123? N. 5th, 10th & 11th between Bedford and Berry...and I'm sure I've missed a few). The location works for me, but I'm concerned about buying now or even in the next few months only to find that as more and more dev's are completed, the over-saturation of the WB market will effect my purchase.

Don't forget the new dev on Wythe btw 6th and 7th. Looks like the foundation is done.

> mutombonyc, what's your obsession with posting about the market in WB, especially in this thread?

How could you!

Posting about the WB market on a WB thread!

;-)

I think this is one of the neighborhoods where prices will drop fast.

nyc10022 Happy New Year :^* MUAHHHHHH lol

djradon how is your search coming along.

munchie & bjw an illusion an illusion. munchie will be a renter. WillyB will not be as prime in 2009 as it were in 2005-2008. I gave plenty of food for thought, expanding horizons & options. Some SE'er may want to ask about Dumbo & GP so I beat them to it since it applies inventory (supply) & demand.

on www.brownstoner.com an article was posted about a robbery in Clinton Hill and the bloggers were upset because what does crime have to do with R.E. R.E. and crime goes hand in hand. We have all of these new luxury condos for sale oops rent and this higher crime, what an investment, especially those not from NYC preferrably from the midwest when Jay walking is the talk of the town.

Now i'm venting. If you were back in the midwest you would not be talking about views of the east river or any river, psf, natural lighting lol bunch of asses on this, where is the nearest subway located, how far do I live or prefer to live from Manhattan or any center city, rooftops and etc. You have assisted in sending WillyB, GP, Dumbo and etc. to hell in a handbasket and the joke is on you because now YOU can't afford it and are looking for a deal. I do smell an exodus out of NYC 2009-2010, do anyone care to add why there will be an exodus out of NYC?

Elvis has left the building

"bjw2103, I was priced out forever in WB, I know WB very well and the circus frenzy it has become is depressing, if you knew WB how I do I think you would have a better understanding on my haters stance. Yes, change is inevitable, but the prices are ridiculous. This thread is about the state of the market as it relates to WB, Dumbo, GP, etc. At no point did I deviate from this or any thread. If you can truthfully say I lied in any of my threads I will not post again."

I know it pretty well - I live there. This thread was not about whether "WillyB is going to hell in a handbasket." That was my point, which nyc10022, in his lovable obtuseness, completely failed to see. He also failed to notice that mutombonyc repeats this every chance we get. I have no problem with that opinion, but there's no reason to repeat it ad nauseum. He may not like that Dumbo was now included in that "handbasket" assessment though.

*he gets.*

bjw2103 they wanted the scoop and they got it. If you don't like it, so what. If my answer the same, its because the question the same.

mutombonyc, again, I have no problem with your assessment. But the question was about any information specific to a few developments on Berry, North 5th, and North 11th. It was not about the general state of the market - there are other threads for that.

i'm a little torn on bberg. I've liked how things were coming along for some time now. And with all the extra inventory that was being built, i figured i could get a good deal on a place as well. But now I'm a little concerned about all the construction that is taking place in the areas mentioned on this thread. There is sooo much. What happens if these walled off lots don't get finished? Do they become havens for crime, etc?

@mutombonyc Uh...yeah. Thanks for the input. Because you know me at all.

Special_K, I think you're right to be concerned about the inventory - it was arguably my biggest issue before buying there. From a neighborhood and (relatively quick) resale perspective, it's not great, but I do think you have to take individual buildings into consideration. I specifically chose a building where most units were sold, and construction was essentially complete. This greatly lowers your risk, I think. One of the good things about the recession is that the pace of new development has almost ground to a halt, and we'll get a clearer picture of the real inventory in the next few months to a year, I think. As for unfinished lots turning into crime havens, I really don't see that happening. The much-maligned lot on North 7th between Bedford and Berry (which has been sitting relatively untouched for almost 2 years now, I think) has seen no such thing.

> He may not like that Dumbo was now included in that "handbasket" assessment though.

I can't imagine anything not being in the handbasket these days...

I don't think anywhere is safe from this market.

munckee is being sensitive.

bjw2103, thanks for not having a problem with my assessment. When it comes to this market, all statements are going to be generalized now fill in the blank__________________________. I think you don't like that, I let it be knowned your property is worth less then what you mortgaged it for, does that upset you? I know you and I know you were trying to price folks out, the jokes on you now.

mutombonyc, what are you talking about? You let it be "knowned" that my property is worth less than my mortgage? Aside from the fact that you're wrong, you don't know a thing about me or my place. I'm sorry you feel "priced out" but pretty silly to try to take other people down. Good luck.

Wouldn't the term now be "priced in"?

;-)

LMBBAO @ nyc10022.

bjw2103, you know what I'm talking about. You have a vendetta against me the blood of jesus. My first reply did not deviate from the questioned initially asked. Like nyc10022 said you are priced in forever LMBBAO, short sale? I can never be priced out of WillyB, I lived there when it was no man's land and folks thought WillyB was in The Bronx or said where is that. I'm one of the few folks who will forever have made out good. The jokes is still on you.

If you buy now in WillyB you will be priced in forever.

nyc10022, it all depends on the person and what they can afford. mutombonyc said above that he "was priced out forever in WB."

mutombonyc, you're clearly a bit unhinged (that whole "blood of Jesus" thing - yikes!).

"I'm one of the few folks who will forever have made out good." Great. I don't think this applies to anything here, other than your ego.

bjw2103, bartenders should not be alcoholics. Gheez, you are just some jackleg in the house bartender.

bjw2103 did your property gain, lose or maintain value?

mutombonyc, I don't know for sure because I haven't tried to sell it, but going by very recent comps in the building, I would guess it's maintained value. Even for people who have actually sold their places in the past few weeks, I'd be very surprised to see many instances of people who sold for less than their mortgages were worth.

Williamsburg is sitting on top of a toxic waste site. Word is that the Fed Govt is soon to pronounce the entire area a superfund site.

Also adding to the allure of Williamsburg is the machete wielding gangs roming the streets and the massive amounts of unbuilt inventory still available.

New year, same old petrfitz. Happy new year to you too, buddy!

bjw - i see that you have accepted and it and dont even try to argue that williamsburg is not a gang infested toxic waste dump with decades of unbuilt inventory. hope that you enjoyed a few pabst blue ribons over the holidays.

petrfitz, I have accepted that you have an extremely distorted view of Williamsburg. I happen to completely disagree with it, but that's ok.

perfitz, you seemed peeved. All your RE losses getting you down?

No need to take it out on fellow owners...

nyc10022 - you still have not posted 1 opportunity where money can be made in real estate. All you do is attack and nay say. the boards are waiting for you to display your knowledge and point out 1 opportunity out of the 11,000 available units. why wont you just point 1 out?

bjw2103, you seem too know a lot but don't know if your property lost, maintained or gained value because it sure did not gain or maintain value. I'm here and I'm telling you your mortgage, for your property and the current value of it don't coincide for a happy marriage, lets compare your property to the lady who had a kid to save the marriage, we all know how that story ends. We have three choices, we know your property did not A) Gain value B) Maintain value so it could only be C) Lost value, process of elimination. bjw2103, if your in your property to remain in it and pass it down to your kids you are good to go but if its an investment aka flipper sucks to be you.

mutombonyc, I don't get how anyone can pretend to know as much as you do about my place without knowing a thing about it other than the general neighborhood it's in. Your analysis should rely on comps (which I have the data on), not your simplistic game of a, b, or c. Regardless, I live in this property - it is not an "investment." Good luck to you.

bjw2103, You seem very upset. Laws of nature can only be defied for so long, do you agree? Given all that is going on in the economy, I don't want & need any media comps and data to tell me lies. Barbara Corcorcan stated in an interview with Matt Lauer "now is the time to buy" Matt said are you serious Barbara said yes. You can call my "games" simplistic but you won't say I'm telling lies. One of my colleagues said no one wants to hear their properties are losing value because his property has lost values like yours. bjw2103, you did never answer the question, I don't need you too because I know you and know the truth about that property you "purchased".

Ok mutombonyc, I see your end-game here. If you think you "know" me and that real comps (not "media comps," whatever those are) are lies, you are not prepared to have a conversation here. Shouldn't you be practicing with the Rockets now anyway?

You purchased at 500K your property is worth 375K. What is your asking price? I bet you won't get what you are asking for. Real cute Blow Job Willie, "Shouldn't you be practicing with the Rockets now anyway?" You will forever be priced in, do I smell short sale?

@bjw2103 I have a couple questions that you seem like you might have experience with...any chance I could get in tough off the boards?

mutombonyc - thank you for your rent check this month. i will be using some of it to pay my mortgage the rest will go to massages and happy endings. You can see that I am spending the 50% of your take home that you send me each month very wisely.

Your Landlord

Your_Landlord NOT, get real with yourself the only massages and happy endings you will experience will be from self loving. You will be paying a mortgage that is more then the property is worth, jokes on you and you will never have a mortgage free party. How much equity do you now have in your home? Did your property gain, maintain or lose value oops I forgot you don't know the answer to that question just like bjw2103, HINT you lost value in your property. Go and take my rubber rent checks that I'm giving you and shovel it.

How much equity do you now have in your home? - about 90% - roughly $1.2 million in my primary residence bsed upon today's value.

Did your property gain, maintain or lose value ? - there have been an unrealized loss in value from peak prices in 2007 about 20%. There is also an unrealized gain of over 300% from purchase price in the original 2001 transaction.

How much have you made from your investments in paying rent from 2001? in the past 7 years you have probably paid about $350K in rent. what was your gain or loss on those dollars?

You are telling a 90% lie.

You don't want to say how much value your property lost its ok.

In the last 7 years is so incorrect on your part you are no where near the ballpark.

As previously stated, the only massages and happy endings you will experience will be from self loving.

mutombo - please provide proof that properties in manhattan neighborhoods have not increased 300% since 2001. Also do the math, if a property has more than doubled in value, and the original purchase involved a high percentage down, what would be the equity stake?

also if you did not spend that much money on rent in the past 7 years, you are living in a shit hole studio. that provids us insight into your level of earning potential, investment ability, and ability to play in the market. in other words, you are a cog, a drone, trying to act like a bigger player than you are. You are trying to speak on RE investment when you can only hope someday to be able to afford a 300 sq ft brooklyn rat hole.

by the way, next year your rent is going up 15%. just because.

What year did you mortgage your property in manhattan? That will explain all in a nutshell.

I like that you are continuing to insist I'm a renter.

2001 at 4.5%

please explain in a nutshell

You did not buy at the peak so you are in the same boat as me. You might forever be good. You seem to have a lot of investments going on, that tells me you lost money last year and will continue to lose money this year. You see, I'm not a gambler I'm a saver. How would you feel if your property went below 2001 prices? It just might. Landlord, If the economy continues to spiral downward your tenants, that supports your massages and happy endings will no longer be able to pay you rent. I know one thing you won't be getting a 15% increase from your tenants this year. More money for you big timer?

And you are boasting and bragging about your equity, at the end of this year, if you are telling the truth, that 300% increase your were talking about will decrease half of that.

mutombo - can you tell me what investments you have that didnt lose money last year and will not lose money this year?

As I said I don't gamble. My home is not an investment, its a place to live that I purchased in 1984. I have a 401K and yes I lost but I continue to budget and save.

so how much did you lose by not selling at the top of the market last year?

I did not lose anything, its a place to live, not some investment. LOL. If, I would of sold during the peak I would be in your gloves caught that falling knife.

munckee, I'd be glad to help any way I can. I'm not comfortable posting my email here, due to this thread's complete hijacking by trolls, though if you feel like posting yours, I'll send you a message. We'll figure something out if not.

LOL @ bjw2103.

@bjw2103 You can catch me at my username (at) gmail if that makes sense. Hopefully it won't get inundated...

Landlord future that shows no rent paying tenants where did you go?

FYI!!!

As Wall Street continues its slide, dragging the city’s economy with it, analysts today projected unprecedented deficits that will likely mean more taxes and service cuts over the next year and a half.

A report released by the city’s Independent Budget Office predicted gaps of $7 billion in the fiscal years 2011 and 2012, some 40 percent higher than what Mayor Michael Bloomberg forecast in November.

“The city is looking at further spending reductions and/or tax increases,” said IBO Deputy Director George Sweeting.

The City Council has already approved a 7 percent property tax increase to close the current deficit and the Bloomberg administration has called for slashing the next two police classes, cutting the hours of fire companies and shutting down health clinics. In his November budget plan, the mayor also suggested raising income taxes.

Bloomberg will present a budget to the council on Jan. 30.

“The mayor has continually said that things have unfortunately gotten far
worse since he laid out the budget picture in early November,” said spokesman Marc LaVorgna. “We will have a full update of the city's budget outlook later this month when the mayor presents the preliminary budget.”

The IBO report projects that by the end of 2010, the city will have lost 242,700 jobs from its employment peak in early 2008.

The financial industry is poised to shed over 82,000 jobs, about 17 percent, by 2011, the report said.

Only a quarter of those jobs are expected to come back and the industry will look vastly different when the recession ends.

“The financial industry that emerges from the current crisis is likely to be smaller, less highly leveraged and less profitable,” the report said.

my buildings have no financial or wall street tenants

Wrong answer, anyone, employed at risk of losing their job. What you do for a living?

i am not in finance, law, or real estate. my industry is up 25% this year. i am not worried nor are any of my co-workers.

what do you do for a living?

Rent - Own Own - Rent.
Chiefs - Indians Indians - Chiefs.
One hand washes the other.
In an Absolut world.
Figures change common sense don't.

hmm mutombo - cant answer as to what you do for a living?

mutombonyc, in case you hadn't noticed, Your_Landlord = petrfitz.

This year just began and your industry is up 25% wow, can I join you(joking)? My industry on a high but it will be coming down, when I don't know, I'm not worried, I must say, but I can't speak on behalf of my co-workers.

Landlord you have a lot of knowledge and should post more. I won't change my stand on this market. A lot of youngster have to get their priorities straight. We were all young once so I hand out The Be Young passes to an extent.

in case you havent noticed bjw = health insurance lacky & poor RE investing W'burg condo owner.

Oh petrfitz, when will you learn? It's great you think you know what I do (though you don't)! Good luck on Pitt Street!

i live on 500 driggs (renter). n9th and driggs. essentially new. 2bdrm. 1024 sq ft. no doorman. elevator bldg. loft-like ceilings.

began lease last summer at $4000/month. it was nuts but i was priced out below 14th street at the time (similar apts in soho that size for going for $6000 and near union square for $4500 but smaller than mine). my lease is up this summer. i am ok with the place. what would you guys renegotiate for? i am thinking $3500 as a starting point. would you guys go lower?

@anonymousbk Start on Craigslist and see what similar units are now going for. Wouldn't worry about it till summer though...

anonymousbk, is that Sophia Lofts? If so, I really like the building. I think you should ask for less as a starting point and see what happens. I'd guess $3250 and maybe settle somewhere around $3500, but really depends on the demand when the lease is up, though I suspect you'll be in good shape. Take a look around at other recently renewed rents if possible and gauge from there.

munckee, I'll write you later tonight or this weekend!

@bjw2103 Sounds good, thanks!

I did answer, get off my balls, damn.