Does anyone have thoughts on buying 1st floor condos in Williamsburg? I am seeing many 1st floor listings being the last to go, but the carrot at the end of the stick is that the price per sq ft is lower. My first inclination is to avoid them, but there seems to be many pros and cons and I would appreciate if the folks on the board can help me validate them, taking into account the neighborhood.... [more]
Does anyone have thoughts on buying 1st floor condos in Williamsburg? I am seeing many 1st floor listings being the last to go, but the carrot at the end of the stick is that the price per sq ft is lower. My first inclination is to avoid them, but there seems to be many pros and cons and I would appreciate if the folks on the board can help me validate them, taking into account the neighborhood. The condos I am looking at are quasi-luxury buildings with no doorman, as far west as Berry Street and no further east than Monitor Street, within 5 blocks north or south of the L-Train.
Pros:
1. Less expensive per sq ft.
2. Larger.
3. Don't need to worry about disturbing neighbors in the apartment below.
4. Don't have to wait for an elevator.
5. Move will be easier easier.
6. Temperature will be cooler in the summer.
Cons:
1. Less safe. More likely to have a break-in. (Is seems intuitive, but is this statically true?)
2. Less privacy. Need to keep blinds shut so that people won't look in.
3. More likely to hear noise from the street and people entering the building.
4. More prone to pests.
5. Temperature will be colder in the the winder since heat rises. Heating bills might be higher.
Thanks!
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Response by jasonkyle
almost 17 years ago
Posts: 891
Member since: Sep 2008
The noise will be unbearable. It's practically a college town still. Don't do it. Unless of course you face the back and get a garden out of the deal then by all means go for yours.
My sister had a first floor apartment in Riverdale that flooded and it was a giant mess. She had to throw out her carpet, have the floors redone, and fight with both her insurance and the co-op's.
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Response by KipsBayRenter
almost 17 years ago
Posts: 6
Member since: Feb 2009
@jasonkyle - Do you think that noise level is less apparent from the 2nd floor? The buildings are low to mid-rise, so there are not too many options.
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Response by jasonkyle
almost 17 years ago
Posts: 891
Member since: Sep 2008
I have lived in a few places in williamsburg (bedford and lorimer stops). I was happier with the ones that faced the back of the building. I think street noise is an issue for the first 2 floors yeah but its unbearable for ground floor street facing apartments. Just my opinion though.
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Response by KipsBayRenter
almost 17 years ago
Posts: 6
Member since: Feb 2009
Wow, never thought about flooding. That could be a huge problem. I am a light sleeper too, so noise is going to be an issue.
Great input, jasonkyle and bardamu! Thanks!
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Response by mutombonyc
almost 17 years ago
Posts: 2468
Member since: Dec 2008
kipsbayrenter,
consult with bjw2103 he is the realtor for willyb and will be able to assist you like no other.
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Response by kylewest
almost 17 years ago
Posts: 4455
Member since: Aug 2007
You are contemplating buying a compromised apartment in a not-entirely-stable fringe area with RE values likely (already) being hit harder than more established areas. In this market, if you are not already an owner and essentially swapping assets to trade up, why on earth would you contemplate such a move? In case you guess wrong about the value of the apartment as an investment, you'd better be prepared to stay there quite a long time because reselling will be tough and even harder if the market trends much further downward--which many believe is probable.
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Response by bjw2103
almost 17 years ago
Posts: 6236
Member since: Jul 2007
KipsBayRenter,
I think your list of pros and cons is pretty accurate. There are pretty substantial trade-offs for living on the ground floor, but it works for some people. Because these tend to be the last to go in new developments, you may also be able to negotiate quite a bit, as a sponsor may be eager to unload the last few units. If you're ok with the idea of living on the ground floor, I think some aggressive bidding is worth a shot.
As for the flooding issue, that's a bit ridiculous. Look at the actual map - the area you're looking at is pretty low-risk and in the same category as much of the west and central village. And a good chunk of Williamsburg has no significant flood risk. It's really a non-issue.
Street noise is more of a legit concern, and largely depends on the block you're on. North 7th and Bedford is obviously going to be noisy, as is much of North 6th and parts of Grand. Most blocks are quiet though, so I'd suggest you spend a fair amount of time in the areas you're interested in to gauge the noise levels. As a general rule, if there's a restaurant or loud bar in the immediate vicinity, you're obviously going to get more foot traffic and noise. If you do your due diligence, there won't be any surprises.
In the end, I mostly agree with kylewest here. Your area of interest is too broad for me to say much about the potential value of the apartment. Monitor St is really in Greenpoint, close to the BQE, and not as close to the trains as some would like, whereas Berry is prime northside WB (and not really "fringe" in my book). You would have to negotiate a pretty good price (read: low) for me to really recommend going for something now. Patience is well-served here, and though everyone's situation is unique, I'd suggest you continue attending open houses and maintain open lines of communication with sellers/brokers until you find something that suits you, without being in any kind of a rush. Good luck!
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The noise will be unbearable. It's practically a college town still. Don't do it. Unless of course you face the back and get a garden out of the deal then by all means go for yours.
Con: much of Williamsburg is in a flood zone.
http://www.nyc.gov/html/oem/downloads/pdf/hurricane_map_english.pdf
My sister had a first floor apartment in Riverdale that flooded and it was a giant mess. She had to throw out her carpet, have the floors redone, and fight with both her insurance and the co-op's.
@jasonkyle - Do you think that noise level is less apparent from the 2nd floor? The buildings are low to mid-rise, so there are not too many options.
I have lived in a few places in williamsburg (bedford and lorimer stops). I was happier with the ones that faced the back of the building. I think street noise is an issue for the first 2 floors yeah but its unbearable for ground floor street facing apartments. Just my opinion though.
Wow, never thought about flooding. That could be a huge problem. I am a light sleeper too, so noise is going to be an issue.
Great input, jasonkyle and bardamu! Thanks!
kipsbayrenter,
consult with bjw2103 he is the realtor for willyb and will be able to assist you like no other.
You are contemplating buying a compromised apartment in a not-entirely-stable fringe area with RE values likely (already) being hit harder than more established areas. In this market, if you are not already an owner and essentially swapping assets to trade up, why on earth would you contemplate such a move? In case you guess wrong about the value of the apartment as an investment, you'd better be prepared to stay there quite a long time because reselling will be tough and even harder if the market trends much further downward--which many believe is probable.
KipsBayRenter,
I think your list of pros and cons is pretty accurate. There are pretty substantial trade-offs for living on the ground floor, but it works for some people. Because these tend to be the last to go in new developments, you may also be able to negotiate quite a bit, as a sponsor may be eager to unload the last few units. If you're ok with the idea of living on the ground floor, I think some aggressive bidding is worth a shot.
As for the flooding issue, that's a bit ridiculous. Look at the actual map - the area you're looking at is pretty low-risk and in the same category as much of the west and central village. And a good chunk of Williamsburg has no significant flood risk. It's really a non-issue.
Street noise is more of a legit concern, and largely depends on the block you're on. North 7th and Bedford is obviously going to be noisy, as is much of North 6th and parts of Grand. Most blocks are quiet though, so I'd suggest you spend a fair amount of time in the areas you're interested in to gauge the noise levels. As a general rule, if there's a restaurant or loud bar in the immediate vicinity, you're obviously going to get more foot traffic and noise. If you do your due diligence, there won't be any surprises.
In the end, I mostly agree with kylewest here. Your area of interest is too broad for me to say much about the potential value of the apartment. Monitor St is really in Greenpoint, close to the BQE, and not as close to the trains as some would like, whereas Berry is prime northside WB (and not really "fringe" in my book). You would have to negotiate a pretty good price (read: low) for me to really recommend going for something now. Patience is well-served here, and though everyone's situation is unique, I'd suggest you continue attending open houses and maintain open lines of communication with sellers/brokers until you find something that suits you, without being in any kind of a rush. Good luck!