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12/03/2005

The latest word on the Washington


Per this weekend's NYT listings, you too can join 'discerning Washington buyers' by purchasing a unit at the Washington Condos. They are 70% sold, which translates into 27 units out of 39.

Seems like there is a price break on unit A4C. On the website for $799K, they are advertising it for $750K<-- another Brooklyn price chopper special.


17 Comments:

At December 03, 2005 11:42 AM, Anonymous Anonymous said...

By my calculations, 70% of 39 is 27.3 and on their website they show 11 units available.

Even so, it appears to be going rather slow and A&H has gotten limited buzz going for this property.

I believe these could sell much faster with better marketing.

 
At December 03, 2005 12:02 PM, Blogger ltjbukem said...

you are right, sorry for the typo. have you joined the washington yahoo group yet?

 
At December 03, 2005 12:19 PM, Anonymous Anonymous said...

I agree with anon. The marketing of this building sucks considering it is a real deal. It's hard to find 3 bedroom condos at this price and they should be sold by now (and at the higher original price). This building is so centrally located to established neighborhoods and hip upcoming ones, not to mention the proximity to the C train and all the other lines a couple of more blocks away. What's going on? I think A/H has a laissez-faire attitude and an old fashioned one. Despite the inherent value present, you still need to create buzz. What about it??

 
At December 04, 2005 9:12 PM, Blogger LL said...

A&H should be brought up on charges of negligence. It is reprehensible that they jeopardize our investment by doing such a poor job of marketing such a steal. Bullshit!!

 
At December 05, 2005 11:02 AM, Anonymous Anonymous said...

I agree with the above comments. Anyone can sell in a hot market, even the bumbling A/H brokers.
Now, we will see their true mettle.

 
At December 05, 2005 11:45 AM, Anonymous Anonymous said...

strange world - 'consumers' complaining about 'retailer' giving price reductions - very strange

yes, the floor plans and designs are very nice and compared to other buildings even cheap on per sqft basis

But the real estate game is about location, location, location - not about the wood choosen for your kitchen or the brand of your diswasher

maybe the pre-construction buyes here haven't been that wise by looking at designs and not at the fundamentals like school district, atlantic yards project, being on semi busy street and being in competition to NewsWalk....

how many 700k apartmens have been sold around the washington in 3 block radius (excluding NewsWalk)

and yes, be sure to buy from a good broker....

 
At December 05, 2005 1:15 PM, Blogger ltjbukem said...

well, the greene house condos are pretty close to AYards and they've sold all but 5.

the school district is also the same one in clinton hill and i don't see that stopping anyone from moving in there. just check out brownstoner.com

plus, as the washington's site, says, it is 'redefining luxury condos'. i think this is only the first project of many that will break the 700k barrier, including the one on bergen that's being built by newswalk, the 918 pacific, 934 pacific, etc.

 
At December 05, 2005 7:08 PM, Anonymous Anonymous said...

anon 11:45, with due respect, you don't know what you are talking about. First of all, on Dean bet. Carlton and Vanderbilt , there's a condo building that has units going for up to a million. And that's across the street from the homeless shelter.
There are a very few good school districts in nyc, no matter where you buy, save for the PS 321 district which is unique and the silk stocking district along Madison in manhattan. So if you buy anywhere , for the most part in Brooklyn, you'll be spending extra for private schools.
As far as location goes, this building is more ideally located than mostly all of Clinton HIll for example or South Park Slope past 18th St. which is a hot neigborhood. And in those places the prices are even higher on a per sq. ft. basis as compared to the Washington without the design and the built-ins that the smart preconstruction people bought into.
By the way, a three bedroom in Newswalk, (which there is only one of) sold three years ago for 1,400,000 and anything with 2 bedrooms goes for over 1,000,000. We're talking about two blocks away and Newswalk will be more impacted by the Ratner scheme than those living at the Washington.
In fact, the people in the Washington, will have their cake and eat it too, when they can choose to wander over towards Flatbush and see what's going on there or chose to stay blocks away.
People with vision know a good deal when they see one and they also know the value of living in Prospect Heights, a great, hip and diversified place.
The problem is that this building has taken too long to get finished and that A/H needs to get off their butts and do more.

 
At December 05, 2005 11:12 PM, Blogger ltjbukem said...

this 2 BR in newswalk is asking $849K
http://www.brooklynproperties.com/condo237.htm

and this place at the merchant house condos is asking $1.395MM
http://www.brownharrisstevens.com/detail.aspx?id=355372

 
At December 06, 2005 1:26 AM, Anonymous Anonymous said...

The Washington set a pricing precedent even before the 1st price increase, there aren't even comparables to the prices the Washington is getting. Not to mention the fact that the Washington was 50$ sold in 4 months with 4 consecutive price increases. Oh and I found 27 seperate articles and releases and highlights on the washington. All the brokers posting vile slander have absolutely no idea what they are talking about, get a grip and get a clue!! By the way, I heard the Washington is off the market.

Here are a few updates...
Beacon Tower -Only 50% Sold!!
The Nexus- Only 70% Sold!!
Court House- 0% Sold!!
Greene House- Still 6 Units left!!
98 St. Marks- 0 % Sold!!
678 Union St.- 0% sold!!
The Terraces- Only 5 sold!!
J Condo- Only 40% sold!!
Highpoint condos -0% sold!!
8on8- only 2 sold!!
184 Park Place- Only 9 sold!!
The Carriage House- Only 9 Sold!!
31 St. Felix- 0% Sold!!
The Merchant House- Still not sold out!!
481 Prospect Place- 2 Units still available!!
The Stagg-Still not sold out!!
Schaeffer Landing-Only 70% sold
L3-Only 2 sold!!
176 south 4th St-Only 1 sold!!
794 Dekalb-Only 5 Sold!!
The Dunham-Only 1 Sold!!
252 Richardson-Still not sold out!!
145 Union-Only 4 sold!!
The Kent-Still not sold out!!
342 Bedford Ave-Still not sold out!!
The Mccaran-Still not sold out!!
14 Townhouses-0% sold!!
Rose Hall-Still not sold out!!
230 7th Street-Only 1 Sold!!
71 Carroll Street- 0% sold!!

...You people have no idea!!

 
At December 06, 2005 7:43 AM, Anonymous Anonymous said...

who's a broker???? not me.
there are other people with interest in this project, esp. since they are investing hundreds of thousands into it.
on the other hand, your list is revealing...

 
At December 06, 2005 9:42 AM, Anonymous Anonymous said...

I am not a broker as well...

I find this just funny. Buyers of new construction condos setting up webpages to pimp their investment. A little bit a la brownstoner...

To bad this has now become a negative buzz. Would I invest in a place after a price reduction, people complain about bad marketing and slow progress - I doubt it.

This all reminds me of the tech bubble, where on message boards people pointed out the latest and greatest undervalued stock/IPO to show what great stock picker they were. We know where that ended....

So there have been price increases? Even worse. That gain has been done by the developer, not by the owner. Do you guys really expect appreciation of 20% or 30% short-term? That would push prices to almost 1m...will happen, but not short term (less than five years) maybe 10 to 15years

It is great that developers asking upt to 1m for apt in your neighborhood. Asking price. Asking price. Show me actual closings...

BTW: The three bedroom at newswalk with 2000sqft and 1.4m was probably high up, south facing, corner units with private outdoor space. Not that long ago I saw 1200sqft lofts in the 600k region.

PS: I am a pre-construction owner as well...not at the Washington

 
At December 06, 2005 9:46 AM, Anonymous Anonymous said...

Are people actually proud here to live in an apartment that set a price precedent?

 
At December 06, 2005 10:57 PM, Anonymous Anonymous said...

30 people so far seem to think so... people will find out soon enough the amount of amazing things that are going to happen to Prospect Heights. Out of any neighborhood in Brooklyn, Prospect Heights and the Gowanus have the brightest futures!!

 
At December 06, 2005 11:04 PM, Blogger ltjbukem said...

i don't think there's any stigma attached to buying into a project that sets a price precedent. think of any new west village condo that set per square foot records or the plaza hotel units that are turning coop/condo and will be selling at 2000 psf or any of the new tribeca loft/warehouse conversion condos. all those are setting price precedents.

or yet, think of newswalk when ppl first brought then. look how good they turned out. and then sweeney building and 1 main in dumbo.

 
At December 07, 2005 9:18 AM, Anonymous Anonymous said...

Interesting comparison:

The Washington vs Plaza Hotel
The Washington vs Sweeney Building

Nothing else to add....

 
At December 07, 2005 9:38 AM, Anonymous Anonymous said...

to anon 9:18, don't be such a jerk. you know the point that was being made

 

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