Williamsburg Condo Market Breathing Easier?
The Real Deal has an article in its new issue about how Williamsburg may no longer be the land of far too many condos: “Inventory, while still elevated from 2007, when there was an average of about 200-some-odd units on the market in the neighborhood, dipped below 450 units in January 2011, a strong sign…
The Real Deal has an article in its new issue about how Williamsburg may no longer be the land of far too many condos: “Inventory, while still elevated from 2007, when there was an average of about 200-some-odd units on the market in the neighborhood, dipped below 450 units in January 2011, a strong sign for the area.” Brokers say there are fewer condos available in non-waterfront areas, though Jonathan Miller, head of appraisal firm Miller Samuel, is skeptical that there’s no longer an oversupply issue, saying it will take “several years to resolve excess supply.” Meanwhile, David Von Spreckelsen, a senior vice president with Toll Brothers, says the second Northside Piers tower is 50 percent sold and “if there was no Edge, I think I’d be sold out right now.” Bullish, or just bull?
Has Williamsburg’s Glut Burned Off? [TRD]
Very big sales increase and contracts for both Edge and NSP since February 1. The smaller, less expensive Williamsburg product has mostly been sold and the big waterfront towers are the only new condo inventory available. Take your pick- both of these projects will be sold out at gradually increasing prices (unless there’s a big spike in interest rates) before any meaningful new product is on the market. And 421a means taxes will be negligible for 20 years. Some big retail news about to be announced for the northside will also be helpful.
I personally don’t get it, but mostly because I don’t understand the prices for new condos that aren’t particularly big with huge kitchen islands and at two bathrooms for every bedroom. Location, convenience, amenities, Williamsburg has always made sense.
Although, sure, it makes less sense now that it is very expensive and still covered with superfund sites and having no trees.
“Williamsburg Condo Market Breathing Easier?”
Snorkeling.
***Bid half off peak comps***
“what does that work out to in number of units?”
not sure – but it definitely works out to a whole bunch more people on the L train in the morning :-\
Another big advantage for the Edge is that if you live there you don’t have to look at the Edge.
What are the number of market units in Edge vs. NSP? Edge is is 40% sold for the whole project (last I saw), NSP1 is 100%, NSP2 is over 50% – what does that work out to in number of units?
from reading on street easy and talking to people in the hood, the Edge is coming out ahead in terms of the “best” in WB. the contenders being 125 N. 10th (sold out) 80 Met and NSP 2. Apparently, the amenities, quality of build, views, and overall service have shown to be the best among active buyers. also, the people that have moved in keep saying how “quiet” it is. this is a huge plus over Dumbo IMO where you have traffic and subways (and pollution). some choosing NSP for specific deals. most want to like 80 Met more because of it’s contextual brick, etc…, but the Edge is apparently just a very well done building. i have no horse in this game, but i’m actually going to go look at the building now out of curiosity.
not enough phantom to cover demand, you watch
Look for something decently built and see how much you find!
Northside 2 has been doing quite well, very quietly (which seems to be its M.O. in general compared to its gaudy next-door neighbor).
As for the market in general, how much phantom inventory is there out there? A lot of projects are still in construction (or back in construction). A lot of projects have been going rental (candy factory on Wythe is the latest).
They are right, I’ve personally done a handful of deals on the waterfront as of late. I get a lot of calls about Northside. Tower 2 is pretty nice.