Development Watch: Urban Green Still Stalled
We’re not sure what’s more amazing, the fact that the Urban Green Condos worksite at 142 North 6th Street in Williamsburg has been inactive for months because of a partial Stop Work Order (related to shoring up neighboring properties) or the fact that they’ve managed to sell almost half the units while there’s nothing more…
We’re not sure what’s more amazing, the fact that the Urban Green Condos worksite at 142 North 6th Street in Williamsburg has been inactive for months because of a partial Stop Work Order (related to shoring up neighboring properties) or the fact that they’ve managed to sell almost half the units while there’s nothing more than a hole in the ground. The cheapest apartment to be released so far was a 565-square-foot studio offered for $430,000 that’s already in contract; on the other end of the spectrum, there’s a 1,600-square-foot three-bedroom still available for $1,300,000. What do you attribute all the presales to?
Available Listings [Douglas Elliman] GMAP P*Shark DOB
Development Watch: Urban Green [Brownstoner]
Development Du Jour: Urban Green [Curbed]
While that may or may not be true, it does not simply give someone the ability to get out of their contract without forfeiting their down payment. There is more than likely a mortgage contingency in the offering plan. Unless those people can prove that they cannot get financing up to whatever the contingency percentage is, they are still liable for purchasing the apartment, or they lose their down payment.
What makes this different is the market and mortgage rates. You can lock in for a year with no penalties but what happens after two years which obviously this building won’t be ready for closings before then. There is enough finished or semi-finished product out there making a sketchy purchase like this ignorant and foolish.
Why do you say that? Why would someone be willing to walk away from their 10% down payment? People buy off of a sales office and floor plans all the time. It is a commonplace in nyc real estate. What makes this any different?
I am sure a lot of those who signed contracts will be trying to get out of them in the coming months.
I think this location is great BUT I wouldnt buy here for the simple fact that they havent even poured the foundation yet. Maybe it will be considered a good buy in 2-years when people are actually moving in.
2 bedroom facing N.6th st on the street level for $785K thats crazy to me.
mike 12:56 I totally agree with you.
that is an excellent location.
sone flippers who will get caught with their pants down?
Sold meaning “sold”. I bet at least half of the people will back out before completion. Predicted move in date sometime in late 2009.