Checking In On 268 Wythe Avenue
When we posted about this new condo project at 268 Wythe Avenue back in February before its came on the market, the majority of readers were positively disposed to its design, as are we. It’s now been almost four months since the development’s 13 units were offered for sale, and, according to StreetEasy, only one…
When we posted about this new condo project at 268 Wythe Avenue back in February before its came on the market, the majority of readers were positively disposed to its design, as are we. It’s now been almost four months since the development’s 13 units were offered for sale, and, according to StreetEasy, only one unit is in contract so far despite one round of price cuts back in June. Problem is, they’re all still priced around $700 a foot.
268 Wythe Revealed: You Likey? [Brownstoner] GMAP
” Once that dies down, Miami here we come. ”
You’re not talking about fly cuban honeys are you?
I was trolling on streeteasy last week and I think I noticed The Edge RAISED several of the prices on their listings. WTF are they thinking?
bjw2103:
I should also say that judging from your commenting history and unabashed defense of everything Williamsburg and knowledge of specifics of certain developments, you most definitely sound like a broker. Not that there’s anything wrong with that, but clearly it’s in your best interest to refute what I’m saying. Even if it might be more true than what you are saying.
bjw2103:
Unless you’ve done your own study, I’m more apt to take this guys word over yours on the inventory numbers.
“According to a study Maundrell released last month, 2,818 new apartments will have hit the market by the end of this year, with another 2,766 projected by the end of 2010.”
I don’t believe he’d be including Domino or the 3rd NSP in that tally to be completed by 2010….
Have you walked around the neighborhood lately? If you have, you’d see what rough shape it’s in with regard to empty and abandoned looking buildings on nearly every single block.
The only thing keeping the place alive right now is the nightlife and restaurant scene. Once that dies down, Miami here we come.
Oh come on guys, Brownstoner is supposed to be a step up from Curbed. I can’t speak to the accusations of “racism” here, but that doesn’t really have anything to do with this, does it?
A quick look at what’s being said here:
* People aren’t buying in Williamsburg: no doubt sales have slowed from peak big time, but this is an exaggeration. ~60 sales in the neighborhood in the past 60 days – that’s actually fairly healthy, even given the supply issues here.
* 5,000 units on the market (soon): this is a pretty gross exaggeration, as it includes A LOT of stuff that is nowhere near being built as well as stuff that may not ever be built (including 2,200 units at Domino, and over 1,000 other units for a third NSP tower, and one or two more Edge towers). That’s just not realistic. By my calcs, we’re looking at probably a little over double what Streeteasy is saying now (1,200-1,500) – still a lot, but let’s not go nuts here.
hahah snark
Williamsburg in a nutshell
http://en.wikipedia.org/wiki/Tulip_mania
Williamsburg in a nutshell
http://en.wikipedia.org/wiki/Supply_and_demand
“now, who the f knows where things are going”
I know exactly where they are going…down. You seem to be the only person who doesn’t realize that.
It is SO OBVIOUS from every one of your posts that you are one of those absolutely desperate buyers who are trying to cling to your housing equity. It’s one thing to tout your neighborhood, but to be an outed racist and continually come here and tell us how amazing Williamsburg is, is SO TRANSPARENT.
And we never heard your response from the questions posed to you last week…is there ANYTHING about Williamsburg you DON’T like??
You are a fool for being so blind as to what’s happening around you.
Oh and for hating an entire race of people.
Wine lover,
I don’t know why you continue to engage on this board. You are a racist, and everyone knows it.
Clearly you’ve never heard of a thing called “shadow inventory”
Here is something for your reading pleasure, since you clearly missed it…
http://nymag.com/realestate/features/57904/
And just a couple paragraphs for you:
According to a study Maundrell released last month, 2,818 new apartments will have hit the market by the end of this year, with another 2,766 projected by the end of 2010. On top of this, Fannie Mae, the country’s most dominant home-mortgage lender, recently implemented a policy requiring that buildings be 70 percent in contract before guaranteeing mortgages, thus delaying the moment when a developer can stop covering the taxes and common charges on a finished project. (While most other banks require 50 percent of a building to be in contract, Freddie Mac, the other chief lender, is expected to follow Fannie Mae’s lead later this month.)
“The thing is,†Maundrell told me as we drove past a sarcophagus of a building on Berry Street, “a year ago, those inventory numbers would have been great news. Buildings around here have been selling out so fast that there didn’t seem to be an end in sight.†He paused. “Now, with the new restrictions, the bottom line is that most of the new buildings will have to be turned into rentals. The problem is that, for a lot of these guys, that’s just not an option.â€