Williamsburg Condo with 2 Outdoor Spaces: 174 Jackson Street, #2B

New to HomeCanvasr.com, it's a 1BR condo in Williamsburg with huge windows, exposed brick, exposed beam, all modern fixings, and 2 private outdoor spaces.  This new construction 8-unit condo, built in 2012, has central AC, washer/dryer in the units, and quality fixtures.  174 Jackson Street, #2B is asking between $750K-$850K and currently can't be found anywhere else besides HomeCanvasr.com

The bedroom and living room have sliding doors out to the private balcony, for that afternoon coffee...

And if that isn't enough, there's the private backyard downstairs with blue stone flooring installed, for all your barbecue and sun bathing needs...

With no elevator in the building, this unit on the 2nd floor is perfect.  It's nice to be in the rear of the building too, away from street noise.

Just 3 short blocks from the Graham stop on the L train, this is what the Billyburg condo buyers have been waiting for.  We haven't seen new construction this juicy since 37 Orient Avenue.  Jackson Street has an even more tasteful nod to the style of original details too.  Curbed covered these bad-boys when they went over ask at first sell-out.  Asking just over $1,000/sqft on this resale, it makes the $1,200/sqft condos over here look frothy.  With 732 square feet of interior space, some 600 square feet of outdoor space, tax abatement for years to come, and common charges under $350/month - this is worth a look for dozens of buyers.  Showing by appointment only next Saturday, October 4th from 1:00pm - 3:00pm.  E-mail Steven at steven@homecanvasr.com for more info.

Pro's:  location, 2 private outdoor spaces, 25' wide building, low taxes & common charges, new construction with tasteful style, 2nd floor rear unit, central AC, large windows, competitive price per square foot

Con's:  not a 2BR, no elevator, doorman, gym, parking or other frills of large condo projects

Ideally:  looks like a great a starter condo for lots of buyers who want to be just off the beaten path of one of Brooklyn's most hip neighborhoods

It's a Prime Williamsburg Condo: 119 North 11th Street, #3A

As seen on our new site HomeCanvasr.com for almost 2 weeks, it's a loft-style condo in prime Williamsburg at 119 North 11th Street, #3A.  This 1,300 square foot 2BR/2 bath third-floor condo is just off of Bedford Avenue and around the corner from McCarren Park, and all the other sites and sounds that make Williamsburg such a destination these days to even rival Manhattan.  Cleverly chopped into 2 units for the time-being, there's a play for a buyer to take on one unit, rent out the other, and combine them one day.  Or they can be easily combined now, and may be one day soon.  The asking price of $1.4M seems pretty reasonable considering that Corcoran just sold one across the hall for $1.75M with only 1 bath.  And they listed another one on the same floor for $1.885M, which also has only 1 bath instead of 2.  So why can't unit #3A chime in at the same price per square foot?  In the land of generic new construction getting $1,200+/sqft, is the $1,077/sqft old loft conversion king?

Low maintenance fees, humble-but-nice roof deck on the fifth floor, possibility for rental income and expansion some day.  You know we lean townhome, but this condo is worth a look for the Billyburg crowd for sure.  Owners have tastefully upgraded the place.  It shows really well.

Like all of these units, it has exposed brick, wood columns & ceiling beams.  There's an elevator and laundry in the building.  There is a storage locker for the unit in the basement.  It's not brand-new shinyness, but supposedly there are only a few of these industrial pre-war loft buildings converted in this style.  We see a buyer swooping this condo up before it hits a Corcoran.com.  Who wants to pay 6% if they don't have to?



Pro's:  primetime Williamsburg loft condo, competitive price per square foot, 2 bathrooms not 1, stylishly finished and divided into 2 units, easily combined back to one unit, 

Con's:  condos trading well over a million, some might opt for a townhouse in an "emerging neighborhood" of Brooklyn at these prices, Williamsburg is not for everyone

Ideally:  a great HomeCanvasr.com lead strikes again!  Get to this condo before the big brokers do.

Back on the Market in the 'Burg: 199 Devoe Street

Back on the market in Williamsburg, it's 2-Family fixer-upper at 199 Devoe Street.  With an open house this Sunday, it's easy to go see if the work needed is within reason for your budget.  The asking price of $1.15M is within condo alternative range.  The vinyl-siding is pretty much what we've come to expect for this area, and why we rarely go to the 'Burg for houses, but the seller told us it'd be $10K to slap a brick facade on here.  The inside?  Well a few quick & dirty shots is all we get...

You know we'd rather be deep in Crown Heights, Bed-Stuy, or Lefferts for this same price, but that's just us.  We're sure there's a Billy-Burger for whom 20' wide on 3 stories, even with almost no yard, even in fixer-upper condition, is a better look than a condo for ~$1M.  As the owner told us, "Small yard but sick views from the roof."  It wouldn't be the first time that was a compromise that worked for the right buyer.

Pro's:  anything off the L gets many people goin', open house is easy to check out, duplex with rental income, a few details worth keeping

Con's:  work to be done, almost no yard, vinyl-siding

Ideally:  even the raw ppsf heads could make a case for this one

Topics: We Weren't Kidding About Condos

We barely cover condos. But when we told you that it's hard to find a decent 2BR around $700K in the best parts of Brooklyn, we weren't kidding. Whether it's one of the best condo values in Williamsburg in the past few months, a mediocre renovation just across 4th Avenue from North Slope, a more modern place with multiple decks just in from 4th Avenue in Park Slope, or a small renovation in Boerum Hill that barely lasted a month on the market - it's slim pickens around that price range. Now StreetEasy is out with a 6 month report that captures the data pretty effectively. Granted, it only covers properties on their site, but they've got most of the major brokers and many of the smaller ones for condos, so the numbers are comprehensive enough to break down. And the story is a familiar one:


(click image to enlarge)

While European debt fears had the stock market falling off the cliff for a few months starting in July & August of 2011, condos were taking off in a bullish direction. The number of price increases is up 57% in 6 months, 130% year over year. Likewise, the number of price cuts is down 29% in 6 months, 49% year over year. Supply is down even though new listings are up because contracts are up and any new product is being absorbed faster. And it's no coincidence that our readers can barely find a decent $700K 2BR, because that's now the median listing price among all Brooklyn condos (including studios and 1BR's). In Park Slope, the median listing price is an even-steeper $829K, up 12% since August 2011. And Williamsburg saw a more drastic 30% uptick in pricing over that 6 month period. In Williamsburg, the $897K median list price for condos is higher than Park Slope, even with 5 times the inventory, and a price per square foot that's closer to a Brooklyn Heights townhouse at almost $1,000/sqft. Good news for whoever locked up 37 Orient Avenue before it was too late, and bad news for anyone who thought prices there were coming down.

Again, we barely cover condos, but these numbers might serve as a little food for thought for those fretting over the price per square foot for townhouses in these same neighborhoods. The median list price was $700K in Williamsburg, back in August when Apple was trading below $400. Like Apple, this Brooklyn real estate story runs deeper than the Dow, the Euro, and the global equity markets - and has decoupled accordingly:



So with the median list price up 30% over 6 months, and Apple up 60% over the same time, searching for a condo (or townhouse) at last season's pricing is like putting a limit order in for some Apple stock at, say, 500 or less... a great price, if you can get it.

Williamsburg's Best In Contract: 37 Orient Avenue, #3

Williamsburg's best 2BR condo just went into contract! It's not usually our move, but this was the best in breed for months. 37 Orient Avenue, #3 came out in August 2011 for $799K and went into contract last week. On our radar since its first week, this unique 2BR duplex in a small row house development has looked like a compelling buy since day 1. You get a top duplex with your own private roof, a working fireplace, a huge 2-story arched floor to ceiling window space:



$199 is as low as you're gonna find monthly maintenance for a 3BR/2B condo. $644/sqft for a condo with this kind of quality is a really compelling price with the median listings in Williamsburg sitting at $739/sqft.

Pro's: unique space, fresh interior, low maintenance, outdoor spaces, huge 2-story window, price, not a huge building

Con's: narrow space, not everyone's taste

Ideally: there's more product like this to come. Sleek, modern renovation comes to quaint row house living with great results.