If you've been planning on checking out apartments in Williamsburg, now might be the time to buy or rent.
According to a new report by MNS Real Estate featured in DNAinfo, sales prices of new condos in the neighborhood have dropped by a third, from $900,000 at the end of 2012 to around $600,000 this spring. Moreover, the price per square foot has decreased by 19 per cent, from $900 to $718, the lowest since 2011.
But of course, the neighborhood isn't getting cheaper as a whole. MNS CEO Andrew Barrocas attributes this trend to the recent construction boom in areas outside of North Williamsburg, where condos are decidedly more expensive. For example, in South and East Wiliamsburg (or . . . Bushwick?), the median sales price for new three-bedroom units is just $314 per square foot (huh?), compared to $914 in North Williamsburg.
· New Williamsburg Condo Prices Plummeted This Spring, Report Says [DNAinfo]