Back in '09 we caught wind of a pair of sellers trying to bail on their mortgages in the north tower of Schaefer Landing, South Williamsburg's favorite waterfront luxury condo complex/buoy in a river of despair. Recently both "short sales" found buyers, and here's what happened:
1) #20A: Purchased for $1.232 million in '06; desperate sellers took their plight to Craigslist last March. Listing language included, "Bank Says Bring Them A number in the mid 800's and the Property is Yours." The 1,270-square-foot 2BR ended up selling for $715,000, or $590 per square foot. Banks say a lot of things.
2) #7A: Same size as the above, and purchased for $925,000 in 2007. Re-listed as a short sale opportunity at $649,000. Sold for $665,000. Biding war! That's $523/foot, by the way.
One would assume that these successful short sales establish a new low for Schaefar Landing. One would be wrong. A fifth-floor, south-facing unit in the shorter south tower?2BR, 2BA, 1,211 square feet?is now listed for $589,000, or $486/foot. Floorplan, you ask?
Not bad, but it could definitely use more cabinet space for storing the canned goods and MREs dropped by the helicopters that deliver Schaefer Landing's emergency rations.
· Listing: 446 Kent Avenue #5E [Corcoran]
· Schaefer Landing coverage [Curbed]