What's the current wisdom about purchasing a condo in a new development in LIC or Williamsburg?

Asked by Christine, 10025 Mon May 18, 2009

We are contemplating purchasing a condo in LIC or Williamsburg but have heard some very mixed reviews. While many of the apartments are gorgeous, I've read on various sites that what appears to be a booming area may actually crash & burn.
If you folks think this might be a good time to get some good deals that will appreciate over the next few years, what percentage below ask should we be offering? Thanks in advance for your quick responses! Looking to buy within the next couple of months.

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4
Brian Dusseau, Agent, New York, NY
Mon Jun 3, 2013
Christine,

This is a sellers market, in most cases, if you negotiate you will not get the apartment. http://www.nytimes.com/2013/06/02/realestate/new-york-city-i…

You need to be prepared with a pre-approval and an attorney before you look at properties. The more prepared you are the better the chance of getting the apartment you want. My last two listings in LIC sold in ONE DAY with multiple offers. You need a broker who knows the neighborhood and inventory and can get you the apartment you want the day it becomes available. My last Buyer had his heart set on a one bedroom in an LIC new development but we could not even bid on the unit as it had not been released to the market. The developer would not release it until the other units below it had sold. I kept in constant contact with the developers agents, sold one of the lower units and got my client in first the second they released the unit he wanted. We got it in less than an hour after it went to market and had to pay the full ask.

LIC and Williamsburg will have ups and downs just like the rest of the NYC Real Estate Market but they have held up better than most and have exploded to the upside as the market has recovered from the crash.

All the best,

Brian
0 votes
Alexander Pe…, Agent, NY,
Tue Aug 7, 2012
LIC and Williamsburg have only been getting stronger and more popular with the growing interest and lack of supply. The new construction condos give you, as a buyer, tax incentives and beautiful finished homes. Just be aware of the market and whats available to you in your particular price range. There is plenty of opportunity here in LIC and Williamsburg still.
Feel free to call me if you have any questions

Alexander Pereira
Licensed Real Estate Agent and long time resident of Long Island City
646-512-1300
DOUGLAS ELLIMAN LIC
47-37 Vernon Blvd
LIC, NY
0 votes
Joseph Hasti…, Agent, Bayside, NY
Thu Jan 5, 2012
Hi Christine. I don't believe for a second that either LIC or Willimsburg will (to quote you) crash and burn. The appreciation curse is quite a bit longer these days. Buying a Condo for the home it should be to you is where it's at. I know everyone thinks they're gonna make a fortune buying and selling. Just keep in mind your ownership curve should be at least in the 5 to 7 year curve. That allows for building equity and appreciation. Now is the time for you to get pre-qualified to know what you can afford. Get your financial ducks in a row and your purchase should be nice and smooth. Good luck.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon May 18, 2009
If you are not currently working with a Realtor, now is the time. Your agent will be able to guide you with making reasonable offers, etc., after all the sellers have representation and so should you.

Anna
0 votes
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