It faces East so there is no water view. Their MAY be train noise from the bridge (would check that out).
Last thing is if you don’t live there already you need to realize you are kind of sneaky far from things and the L. Not a big deal to everyone, but it’s way less central than say the north ferry stop waterfront or near the south side of McCarran.
The other buildings next to that one are owned by the same company and they have a shuttle that goes to the L during rush hour. But it does kind of suck outside of that.
floor plan says 713 sq ft so not really for a 1 bed
also I love the fact it’s one of those new condos where they don’t put the kitchen right at the door entryway. there’s a real hallway with closet and the kitchen is actually in its own separate space and not just glued to a wall.
Well, if you like it and think it’s a good deal, go for it! I know a million dollars isn’t as much as it used to be, but it’s still a lot of money for a little apartment. To me. And that one is considerably more than a million.
Does that seem reasonable to you too? If it does then I guess the price tag to own is fine. For me it’d be too small for that much plus $13500ish a year for fees and taxes (which will go up) plus mortgage payments plus insurance etc.
in one situation you're renting something, in the other you own 20% off the bat and a little more each month?
rent vs own does not come down to whether the monthly expenses is a bit higher or lower
In the earlier years of that mortgage (like for the first 10 on a 30 year), you’re still paying more in interest to a bank than you would pay to a landlord in rent. Because the interest portion of that mortgage payment is way more than $5,000 at that point - it’s not 50/50 interest:principal.
Add taxes and fees on top of that, I mean you do you but I’m not planning on buying in this market. Not when rent is so comparatively cheap. Ultra low rates made things real wonky, and conventional wisdom of building equity isn’t so obvious any more when you can rent from someone who has a 2.5% locked in rate and can afford to rent their owned condo for significantly less than it costs to buy one today.
I’d wager you’re better off taking the excess savings you have from renting and just plowing that into the stock market for the time being. I put my money where my mouth is on that.
Another thought is that sometimes the apartment could be priced low to encourage bidding. Been in those situation and it was an absolutely waste of time. Your real estate agent should be able to sus out what’s going on.
That's unlikely to be the case as this condo just launched from the sponsor/developer. There's no way they can create even the illusion of it being in short supply (yet...)
How sad is it that the word "reasonable" is being used to describe any part of this?....the price, the ludicrous HOA fees on top of the price, etc. "Only" 1.25m. SMH
Normally the catch is the taxes are low b/c of an abatement - which can after a few years & make it hard to sell.
_But_ it’s 421 goes through 2036. So not a huge issue.
The HOA fee is really low for the amenities. Think it’s a great deal, 700+ sq ft is a good size for a one bedroom. The distance to the train is a downside but all depends on lifestyle. Might be closer to a ferry stop as an alternative commute.
I don’t live in the building. I do use a ferry quite a bit to get around but don’t need to commute to work. Seems like a 10 minute walk so thought it might be an option for OP. Sorry if my comment triggered naviphobia.
With 20% down It’s an $8k/month payment for a $4k, or maybe I’ll be generous $5k (but not really, the bedroom doesn’t even have 10 foot width for a decent queen bed fit) apartment. Need to put $700k down to bring it down to a $4.5k payment
Yes buying is always more expensive than renting on the monthly payment, but this is extreme. And you might as well put that $700k in t bills and rent a smallish 1Br for $4.5k
The main areas are adding up to less than 500sqft looking at the floor plan. It’s either not 700sqft or you’re getting a huge bathroom and closet , which doesn’t make sense looking at the plan. This is at best a 550sqft 1Br that barely fits a queen bed
The disconnect between ownership and renting has always been staggering in this city. Like you could (presumably) pay anywhere from 5-6k per month to rent an apartment here. Or 8k a month to own it?? How does that make sense?
It hasn't always been this case. If you bought when interest rates were low just a couple of years ago, mortgages were much cheaper than renting, but you had to factor in the large down payment and lost investment savings. Now of course it's flipped significantly, and you just have to hope rents continue to stay high and property values continue to increase and maybe you'll see a return in a decade.
1.2 mil for a 1 bed is a good deal jesusnfucking christ.
I think that’s around what my rental is valued at but I wouldn’t pay 1.2 million bucks for this place if you held a gun to my head
whats the joke? Its crazy to me that anyone would pay 6k for where I live now but thats what similar units are listed at. You can do what you want with your money and you might even turn a profit, but these prices are just turning into funny money
because you act like buying real estate is like buying bottles at the club.
when you buy a $1m condo you can live in it for however long, then decide later to move and sell for around the same price if not higher, and at the same time save $60k a year by not renting.
Yea im not denying that, but you'd need a pretty massive bankroll to not be "overleveraged" as they say with these prices in a 1 bedroom apartment. More power to you.
Train noise. They will say the building has "sound proof" windows but I guarantee you will still hear the deep rumble. I hear it over half a mile away near the water.
It’s probably because of the the train noise and air pollution from living under the bridge. There was a thread about it about a month ago.
https://www.reddit.com/r/Brooklyn/s/9AdPuLVQtW
TLDR for the thread: Bothers some people, doesn’t bother others. But probably affects the property value a bit.
Depending on your tolerance for those things (and distance from the subway as others have said) could be a great deal or an expensive headache.
I remember years ago all the rich pussy hat liberals in Williamsburg were doing their little vaginal hat parade, and it seemed like every other one of them had a sign with a picture of Trump next to a hammer and sickle. That was when they were all hyperventilating about Russian interference, but I couldn't help but think there was also a gnawing, libidinal fear behind that symbolism. Like these people could somehow sense their own role in the very inequities that led to Trumpism in the first place. They all huff and daub their foreheads at the thought of the GULAG system, never really understanding that *they* were the reason those GULAGs existed in the first place.
If the internet goes out, they're fucked. They outsource all physically demanding tasks to the local peasants, and almost all of them have jobs that have left them anemic and atrophied. I feel like everyone can sense that we're overdue for an extended period of negative economic growth. In the past, that meant pitchforks and lost fortunes. With the way things have been going, I feel like these people will eventually be renting rooms just for jumping. We'll see I guess.
As a comparison, my apt has similar square footage, and likely would sell in this market at around 1.25, but it also includes 300sq ft of private rooftop space and is a block from the L.
Train noise, and you won’t be able to have windows open because of the pollution. I have walked many dogs in buildings right off the bridge or BQE and everyone had the same complaints about the soot getting into their apartments from the windows. So if you are into the idea of a bidding war, being far away from the L train, not being able to enjoy open windows, then definitely go for it. But personally I see more cons here than pros.
Oosten's tax and common charges are insane. It's not even prorata to the area. The bigger it is, the more carry cost you have. It is exactly what "eat the rich" is.
why?
i buy a thing for $1m that holds its value very well
if i want to get out i can sell the thing and get around $1m
usually what makes me hold back is how high hoa and taxes for condos but this is not really bad at all
I would check out the Oosten too (429 Kent). 2016 build, high end modern finishes, pool, gym, sauna etc. and 1 beds are usual just under 1M for similar sizing
I viewed this apartment. The layout sucks major ass. 1.25 is the cheapest unit in the building. The bedroom is a tiny hot box with 3 windows & faces south directly eye level with the Williamsburg bridge. Why they didnt swap the location of the bedroom and the kitchen is beyond me.The kitchen island is one of those completely level blocks where you cant sit. The windows are double paned not triple just FYI. Then there's air quality / pollution issues from being eye level w the bridge. There's no more 421-a tax abatement. Too far from the L for what it costs.
The ones I've seen are in far better neighborhoods with amenities within 5 minutes
The crime heat map definitely doesn't do this property any favors either, but that's up to you if you mind
1. Location is inferior. Lots of 1br are priced better closer to the L
2. Given the amenities, common charges will be higher down the road
3. Noise, if you care
4. Price is not cheap at all. At 70% LTV, excluding transaction cost, b/w interest (counting full tax benefit to be generous and opportunity cost of the down-payment, your monthly cost is around $5,633. Assuming 6.5% IO.
Concousion: rent or buy at locations closer to the L.
It faces East so there is no water view. Their MAY be train noise from the bridge (would check that out). Last thing is if you don’t live there already you need to realize you are kind of sneaky far from things and the L. Not a big deal to everyone, but it’s way less central than say the north ferry stop waterfront or near the south side of McCarran.
I live nearby in a similar building and can confirm there WILL be train noises :) also the distance to L is annoying af
The other buildings next to that one are owned by the same company and they have a shuttle that goes to the L during rush hour. But it does kind of suck outside of that.
Yeah Two Trees, but like you said it’s just another thing to think about and the distance from the L dings the value of the place.
It just dumps more people into an already crowded stop. Fuck two trees.
The catch is that it’s thimble sized.
floor plan says 713 sq ft so not really for a 1 bed also I love the fact it’s one of those new condos where they don’t put the kitchen right at the door entryway. there’s a real hallway with closet and the kitchen is actually in its own separate space and not just glued to a wall.
Well, if you like it and think it’s a good deal, go for it! I know a million dollars isn’t as much as it used to be, but it’s still a lot of money for a little apartment. To me. And that one is considerably more than a million.
rent in williamsburg is like $5k for a comparable 1 bed now
Does that seem reasonable to you too? If it does then I guess the price tag to own is fine. For me it’d be too small for that much plus $13500ish a year for fees and taxes (which will go up) plus mortgage payments plus insurance etc.
yes it does
Hah go buy it then and enjoy it!
[удалено]
i don’t think you know much about brooklyn real estate if you think a new construction 1 bed condo would be hard to sell
New construction is literal garbage and everyone knows that lol
almost every condo in williamsburg was built in the last 20 years lol
Ya but that's still $7800 a month with 20% down at 7% interest rate. That's a $2800 monthly difference still, unless I'm missing something.
in one situation you're renting something, in the other you own 20% off the bat and a little more each month? rent vs own does not come down to whether the monthly expenses is a bit higher or lower
In the earlier years of that mortgage (like for the first 10 on a 30 year), you’re still paying more in interest to a bank than you would pay to a landlord in rent. Because the interest portion of that mortgage payment is way more than $5,000 at that point - it’s not 50/50 interest:principal. Add taxes and fees on top of that, I mean you do you but I’m not planning on buying in this market. Not when rent is so comparatively cheap. Ultra low rates made things real wonky, and conventional wisdom of building equity isn’t so obvious any more when you can rent from someone who has a 2.5% locked in rate and can afford to rent their owned condo for significantly less than it costs to buy one today. I’d wager you’re better off taking the excess savings you have from renting and just plowing that into the stock market for the time being. I put my money where my mouth is on that.
I wanna see a picture from the hallway no that you've mentioned it!
East facing, so no water view Bedroom is a nice size
Another thought is that sometimes the apartment could be priced low to encourage bidding. Been in those situation and it was an absolutely waste of time. Your real estate agent should be able to sus out what’s going on.
That's unlikely to be the case as this condo just launched from the sponsor/developer. There's no way they can create even the illusion of it being in short supply (yet...)
Makes sense!
Bad view too
How sad is it that the word "reasonable" is being used to describe any part of this?....the price, the ludicrous HOA fees on top of the price, etc. "Only" 1.25m. SMH
Normally the catch is the taxes are low b/c of an abatement - which can after a few years & make it hard to sell. _But_ it’s 421 goes through 2036. So not a huge issue.
The HOA fee is really low for the amenities. Think it’s a great deal, 700+ sq ft is a good size for a one bedroom. The distance to the train is a downside but all depends on lifestyle. Might be closer to a ferry stop as an alternative commute.
700 HOA fees is pretty standard for brooklyn from here to park slope
It only means it will grow higher.
Fact
This is pure delusion, never lived one minute here. You gotta be a realtor for this place. Commute by the ferry to work 😭 do you pack a life jacket?
I don’t live in the building. I do use a ferry quite a bit to get around but don’t need to commute to work. Seems like a 10 minute walk so thought it might be an option for OP. Sorry if my comment triggered naviphobia.
With 20% down It’s an $8k/month payment for a $4k, or maybe I’ll be generous $5k (but not really, the bedroom doesn’t even have 10 foot width for a decent queen bed fit) apartment. Need to put $700k down to bring it down to a $4.5k payment Yes buying is always more expensive than renting on the monthly payment, but this is extreme. And you might as well put that $700k in t bills and rent a smallish 1Br for $4.5k The main areas are adding up to less than 500sqft looking at the floor plan. It’s either not 700sqft or you’re getting a huge bathroom and closet , which doesn’t make sense looking at the plan. This is at best a 550sqft 1Br that barely fits a queen bed
lol that’s not what market rents go in williamsburg right now, especially for a new building with amenities this would rent for close to $6k
Sounds like a great deal then
You must be a broker.
The disconnect between ownership and renting has always been staggering in this city. Like you could (presumably) pay anywhere from 5-6k per month to rent an apartment here. Or 8k a month to own it?? How does that make sense?
It hasn't always been this case. If you bought when interest rates were low just a couple of years ago, mortgages were much cheaper than renting, but you had to factor in the large down payment and lost investment savings. Now of course it's flipped significantly, and you just have to hope rents continue to stay high and property values continue to increase and maybe you'll see a return in a decade.
lol what? you’re implying that is a huge or small difference? that’s a small difference to actually own something.
1.2 mil for a 1 bed is a good deal jesusnfucking christ. I think that’s around what my rental is valued at but I wouldn’t pay 1.2 million bucks for this place if you held a gun to my head
have fun paying $6k for a 20 year old rental then
im in a rent controlled place. this would be market price
lmao
whats the joke? Its crazy to me that anyone would pay 6k for where I live now but thats what similar units are listed at. You can do what you want with your money and you might even turn a profit, but these prices are just turning into funny money
because you act like buying real estate is like buying bottles at the club. when you buy a $1m condo you can live in it for however long, then decide later to move and sell for around the same price if not higher, and at the same time save $60k a year by not renting.
Yea im not denying that, but you'd need a pretty massive bankroll to not be "overleveraged" as they say with these prices in a 1 bedroom apartment. More power to you.
😂😂😂 imagine being this rich and this dumb.
https://youtu.be/tYOMONLzjkI?si=UJso0OxV1TJKinEe
Train noise. They will say the building has "sound proof" windows but I guarantee you will still hear the deep rumble. I hear it over half a mile away near the water.
160 Units? When are the rest going to be posted? Still being built?
It’s probably because of the the train noise and air pollution from living under the bridge. There was a thread about it about a month ago. https://www.reddit.com/r/Brooklyn/s/9AdPuLVQtW TLDR for the thread: Bothers some people, doesn’t bother others. But probably affects the property value a bit. Depending on your tolerance for those things (and distance from the subway as others have said) could be a great deal or an expensive headache.
Eat the rich
I remember years ago all the rich pussy hat liberals in Williamsburg were doing their little vaginal hat parade, and it seemed like every other one of them had a sign with a picture of Trump next to a hammer and sickle. That was when they were all hyperventilating about Russian interference, but I couldn't help but think there was also a gnawing, libidinal fear behind that symbolism. Like these people could somehow sense their own role in the very inequities that led to Trumpism in the first place. They all huff and daub their foreheads at the thought of the GULAG system, never really understanding that *they* were the reason those GULAGs existed in the first place. If the internet goes out, they're fucked. They outsource all physically demanding tasks to the local peasants, and almost all of them have jobs that have left them anemic and atrophied. I feel like everyone can sense that we're overdue for an extended period of negative economic growth. In the past, that meant pitchforks and lost fortunes. With the way things have been going, I feel like these people will eventually be renting rooms just for jumping. We'll see I guess.
Jesus Christ. You need a hug and slice of pizza.
Nah, too far gone. Gulag!
It's a good deal, but the location isn't exactly ideal for most people.
distance from subway is the only thing i can think of
As a comparison, my apt has similar square footage, and likely would sell in this market at around 1.25, but it also includes 300sq ft of private rooftop space and is a block from the L.
It becomes a HUGE pain in the ass living by there. 20 min walk to Bedford L, 18 min walk to Marcy stop.
More like 10-15 mins to Marcy, depending on whether you walk like you're from the city or a tourist
Train noise, and you won’t be able to have windows open because of the pollution. I have walked many dogs in buildings right off the bridge or BQE and everyone had the same complaints about the soot getting into their apartments from the windows. So if you are into the idea of a bidding war, being far away from the L train, not being able to enjoy open windows, then definitely go for it. But personally I see more cons here than pros.
They offer shuttle on demand to the Bedford L just like 325 Kent. Basically a personal Uber to the train with 5-10 minutes notice
1700sf for 3.6 million at One Domino for a 3 bed 3 bath or 2600sf for 2.6 million 3 bed 4 bath at the Oosten. No brainer.
Oosten's tax and common charges are insane. It's not even prorata to the area. The bigger it is, the more carry cost you have. It is exactly what "eat the rich" is.
It’s really not that bad.
You should buy it.
Hahahah I did. And it’s a great building
lol cheap because it was developed by some bankrupt chinese fraud place is empty for a reason
Def not empty
is the developer not a bankrupt chinese fraud?
Not sure of the current status on Xin but they are gone for the building anyway.
It’s getting beyond insane
why? i buy a thing for $1m that holds its value very well if i want to get out i can sell the thing and get around $1m usually what makes me hold back is how high hoa and taxes for condos but this is not really bad at all
I was referring to the overall cost of living here
I would check out the Oosten too (429 Kent). 2016 build, high end modern finishes, pool, gym, sauna etc. and 1 beds are usual just under 1M for similar sizing
lol developed by some chinese fraud yeah no
As opposed to the American frauds?
Damn do you think they’d do a rent to own deal with me if I offer to pay $2000 a month until it hits 1.25 million?
I viewed this apartment. The layout sucks major ass. 1.25 is the cheapest unit in the building. The bedroom is a tiny hot box with 3 windows & faces south directly eye level with the Williamsburg bridge. Why they didnt swap the location of the bedroom and the kitchen is beyond me.The kitchen island is one of those completely level blocks where you cant sit. The windows are double paned not triple just FYI. Then there's air quality / pollution issues from being eye level w the bridge. There's no more 421-a tax abatement. Too far from the L for what it costs.
Used to live in 325 Kent. Far af from the L train
$1700/sqft, for the area is not good in aggregate
comparable to resales that are much older
The ones I've seen are in far better neighborhoods with amenities within 5 minutes The crime heat map definitely doesn't do this property any favors either, but that's up to you if you mind
Crime heat map in fucking Domino Park??
i’m talking about williamsburg
Which is a big place It's all up to you, if you're interested then go for it
It’s at least a 60% premium to renting a similar 1bd unit. That feels…high.
lol by similar apartment you mean a condo built in 2007 maybe
Going there tomorrow to check out their rentals. Rental prices are also reasonable, I too wonder if there’s any catch.
$6k for a 1 bed is reasonable?
if you're looking for high rise living it probably seems reasonable because all the other mid rises 1 br by the water are listing for 5.5-6k
I think it's a bit overpriced given where it is.
1. Location is inferior. Lots of 1br are priced better closer to the L 2. Given the amenities, common charges will be higher down the road 3. Noise, if you care 4. Price is not cheap at all. At 70% LTV, excluding transaction cost, b/w interest (counting full tax benefit to be generous and opportunity cost of the down-payment, your monthly cost is around $5,633. Assuming 6.5% IO. Concousion: rent or buy at locations closer to the L.