What 700k Buys in a New Condo Tower in Brooklyn and on Seattle's Eastside

Here’s what you can buy in a new glass condo tower in Brooklyn and on the Eastside of Seattle.

On my way back from Inman News Real Estate Connect, I sat next to John who makes a monthly commute from NYC to Seattle meetings at The Cancer Care Alliance.  John and I had a long talk about his experience with New York real estate. John purchased a condo in Williamsburg this past year and during our conversation I was able to find out what 700k will buy.  I thought it would be interesting to compare Bellevue and Williamsburg, since both are located across a bridge from the “big city.”

First a bit of history about Williamsburg where he purchased a condo:

His condo is in a section of Brooklyn, Williamsburg, which lies across the East River from Manhattan and has traditionally been a working class community. Developers jumped on the gentrification bandwagon after the State of New York allocated money for a new park that will follow the East River. John made a purchase in a new glass tower  which will be right by this new park.  The park is scheduled to have play areas, walking/biking paths, and that all important dog park.

Besides its fabulous location, the complex, known as Northside Piers  is one of the few all-glass residential buildings in the New York area.

With 10 foot high ceilings and floor to ceiling windows offering unobstructed views of the river, the building will be state-of the-art.  John purchased his unit for $700,000 in February, 2007, almost a year ago. Each month prices go up making his unit worth considerably more before he has even taken occupancy.  (The building is behind schedule and is still not complete.)

So what did $700,000 buy in this new glass tower in Williamsburg?

 It bought a one bedroom unit with about 737 square feet, storage and a laundry area, top of the line finish work, and high end appliances, such as Subzero, Wolf, and Viking. The unit comes with spectacular views of the river and Manhattan. Parking is not included and there are only 170 spaces available for about $300-400 dollars a month in rent. 

Homeowner’s dues or maintenance fees, as they are called in NYC, are $700 per month for a unit of this size.  Fees give you a lot for the money:   interior, exterior, and grounds maintenance, garbage, heat and A/C, hot water, and gas.  Electricity and phone are not included.

Here is a New York moment:

The units also come with $6.00 a month in real estate taxes!  Yes, you read it correctly, $6.00 a month or $72.00 a year for 25 years.  At Inman News Connect we heard about this incentive created by Mike Bloomberg, New York’s Mayor.  If new condominium complexes include 20% of the units for lower or middle income housing, the home owners who purchase units at market rate get a tax break.  Overall, the units become more affordable with the low real estate taxes. (By the way, real estate taxes are usually much higher than Washington State, almost double.)

John thought his 700k would buy him a 400 square foot studio in Manhattan, so the Williamsburg condo is a fabulous deal.

Northside Piers
$700,000 1 bed/1 bath/ 737 sq ft/ parking not included/ $700 H.O. Dues/ $72 yr. real estate taxes.
What do you get in a “glass” tower/condo on the Eastside of Seattle?

Lincoln Tower
$679,000 1 bed/1 bath/719 sq ft/1 parking spot/ $352 H.O. Dues/views/ $3757 real estate taxes  (originally 720k)
$699,000 1 bed/1 bath/757 sq ft/1 parking spot/ $370 H.O. Dues/views/ $3904 real estate taxes  (originally 740k)

Bellevue Tower-LEED built building.

$609,900 1 bed/1bath 1200 sq ft/1 parking spot/$588 H.O. Dues/taxes TBD
$619,000 1 bed/1 bath/ 977 sq ft/1 parking spot/$487 H.O. Dues/taxes TBD
$719,000 1 bed/1.5 bath/ 1041 sq ft/is parking spot/$516 H. O. Dues/taxes TBD

Washington Square

$637,000 1 bed/1 bath/ 808 sq. ft/ 1 parking spot/ $299 H.O. Dues/taxes TBD
$641,000 1 bed/1 bath/ 926 sq. ft/ 1 parking spot/ $343 H.O. Dues/Taxes TBD

(Taxes are usually determined upon closing for new construction.  It’s safe to say taxes will be similar to Lincoln Tower, which are the only resale condos listed here.)

The Bravern

Here is the new kid on the block.  The Bravern is on NE 8th over by 112th Ave NE.  I attended an open house for Realtors the other day and I’ll do a more detailed post about the complex. Studios have been predicted to start in the 400k range.

Downtown Bellevue prices are similar to an up-and-coming Brooklyn neighborhood with views of the city and the river.  Bellevue is not downtown Seattle and Williamsburg is not Manhattan.  Both areas are expensive, but better priced than the heart of the big city. The proximity to the “big city,” plus the more for your money value helps to drive interest to Bellevue and Williamsburg.

 But the other reason for the burst in high rise condos on the Eastside that doesn’t compare directly to Williamsburg, is the growth of the job market on the Eastside. The Eastside is more the economic center of King County. People live in Bellevue because the downtown experience is becoming more dynamic, but also because they work on the eastside. Just take a look at traffic during rush hour.  The reverse commute is far worse!

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