About Brooklyn's Williamsburg

Converse is opening a community-based recording studio in Brooklyn named "Rubber Tracks." The sneaker company hopes their Williamsburg venture "will serve as a catalyst for originality by giving new and emerging bands the opportunity to record their songs in a high-quality studio setting. Musicians of all genres will be able to apply in advance for a time to use the studio – for free. As in no cost."

I am sooooooo down for signing up for that party.

Read the full skinny here: http://play.converse.com/play/blog/?p=2809

Since I am not the only real estate professional on this platform who can sing and play you guys need to think about expanding your creative content holdings. We can do an ActiveRain Rocks tour. Just sayin'... ;-)

Recently when I was in Williamsburg, Brooklyn showing condos for sale to an investor I came across a new selling technique from the developers. An up front discount on the selling price that would be honored as long as the client signed a contract by a specific date. New York City is probably one of the few real estate markets that does not slow down to a halt in the Fall and Winter months. We are lucky to be a cosmopolitan city with people moving in and out at all times of the year. Even for rentals there tends to be a steady stream of clientele.

So, when I was in Williamsburg this past Wednesday (if you are following me on Twitter you would already know that) I was shocked to see a 10% up front discount to clients on contracts signed by September 1st, 2010 for a new construction condo for sale on Kent Avenue. The building is selling quite well and expects to begin closing on it's second phase right before the Holiday Season. The first phase only has 1 unit left! What does it mean? Is Beford Avenue in danger of falling off into the East River? Not likely. The developer simply just wants to complete the project smoothly as we come out of a low market.

For a home buyer or investor this is great news. Not only is the buyer getting a great deal but they are getting a great deal at a discount in a high rise building with a pool! Try spending $700,000 in Manhattan in see what amenities you get. Definitely not a 2 Bed/2 Bathroom condo on the water front with a 25 year tax abatement. If you are looking for a great condo for sale in Williamsburg, Brooklyn contact me today to discuss your options. Discounts will not last forever so STRIKE WHILE THE IRON IS HOT and lock into a great deal and low interest rate.

Brooklyn Waterfront Construction

Following in the footsteps of Manhattan, the Brooklyn and Queens real estate markets also posted price declines and huge drops in sales during the first quarter of 2009—but much like the boroughs themselves—they didn't completely follow in the big island's footsteps. Today the Prudential Douglas Elliman/Miller Samuel Brooklyn and Queens market reports were released (available for download here), and there are some juicy findings:

1) Brooklyn: The median sales price in Brooklyn was $474,600 during the first quarter, a 9.9% drop from the previous year's median mark of $527,000. Interestingly, the decline was consistent across all property types (whereas Manhattan resales took a huge dip, while new-development closings actually went up in price thanks to cushy contracts negotiated forever ago). Unfortunately, like Manhattan, the number of sales took a nosedive—down 57% to 1,186. In North Brooklyn, which includes Williamsburg, the median sales price dipped 4.5%. Condos made up 84.5% of all sales in that area. The allegedly invincible Brownstone Brooklyn took a 9.4% hit in its median sales price, which decreased to $1,087,500.

2) Queens

: The median sales price fell 4.8% from last year's $413,000 to $393,000, with similar declines by property type but different peaks and valleys based by region.

Northwest Queens, which includes Long Island City, saw nearly a 16% increase in its median sales price

(to $549,428) thanks to a large amount of new development (new units accounted for 47% of all sales in the area for the quarter). Sales declined 52.2% to 1,801, while inventory surprisingly dropped 7% to 10,421 units. The co-op marker saw the smallest decline in median sales price across the borough, with less than a 1% drop.