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Bullish on the North Brooklyn Condo Market?

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All this time, we've looked at the sales figures for North Brooklyn condos and the thousands of units that will be coming on the market in then next 12-24 months and figured that if Dante were alive, he'd be renaming the Ninth Circle of Hell "The Williamsburg Condo Market." But, we're wrong. Very wrong. Things are going to be okay. Today's Observer notes that the Burg is "turning into the neighborhood for price-savvy condo buyers and space-hungry families tired of cramping into ever-smaller apartments." The interesting part is that it has a chat with Jeff Levine, who is behind Douglaston Development's premiere Edge development on the waterfront, which will be bringing 575 units to market. Mr. Levine says that 110 of them have already been sold, which makes even our cold and snake-like hearts go pitter-patter. Quoth Mr. Levine: "We were a real estate market on steroids and now we are back to selling at a pace which is more in line with a normal market." Meanwhile, Elan Padeh, president of the Developers Group, also says the world isn't ending: "There is a tremendous amount of buyers out there; the trouble is wrapping up mortgages." Eh, but that's a possibly troublesome detail. The story does note the growing rent-to-own trend too. We'll let Mr. Levine have the last word: "You would have to be brain-dead not to be worried, but there will be a market here."
· The Brooklyn Bright Spot [NYO]