Brooklyn Bargains? This Week's Condo Price Cuts
935 Pacific #401 1230-sf, 3-bed, 3-bathOriginal listing: $900,000, 5/2/07Price as of 12/12/08: $779,000Listed by Aguayo & Huebener 440 Kent Avenue #PH2A/2B 3,540-sf 5-bed, 4.2-bathOriginal listing: $5.2 million, 10/17/08Price as of 12/12/08: $4.7 millionListed by Sotheby’s 12205 Flatlands Avenue | | | Next → | Single Page
935 Pacific #401
1230-sf, 3-bed, 3-bath
Original listing: $900,000, 5/2/07
Price as of 12/12/08: $779,000
Listed by Aguayo & Huebener
440 Kent Avenue #PH2A/2B
3,540-sf 5-bed, 4.2-bath
Original listing: $5.2 million, 10/17/08
Price as of 12/12/08: $4.7 million
Listed by Sotheby’s
12205 Flatlands Avenue
650-sf 1-bed, 1-bath
Original listing: $149,000, 11/12/08
Price as of 12/10/08: $139,000
Listed by Maxima
Well, to be perfectly honest, it used to not matter what your credit score was but now it matters a little more. But don’t be put off by that. Just save your money and you will find a way to get a condo.
An example: I know someone who had godawful terrible credit (for a reason — he purposefully did not pay bills) and put off buying a place because he was worried about the credit. Just because he didn’t know any better. Now he regrets waiting. Then he spent a year “cleaning” the credit up – that is, he paid his bills. He was able to get into a coop, of all things.
i am completely bewildered by the price of $900 for pacific street. that is nuts.
the schaffer landing property most likely has jaw dropping views. i have never been in there, but i hear it’s pretty amazing. there are some very successful people in there.
If you bought that Flatlands place, you would want (re:need) some spare cash to fix it up. I’d imagine 15-20K minimum. When you own the place, you typically want it to be nicer than a rental. But, when you’re renting and the place is a dive, who really cares? Don’t blow all your cash buying a fixer, esp. if it’s the first one you’ve bought. Save more, or try and find one that needs no work.
Rob — I too am one of the oldest (and a mom). There will be opporunities to buy in the next year. If I were you, I would put myself on an austerity budget and save everything I could. Your best bet is to buy a less desirable unit in a new building where the sponsor/developer wants to get out and will bargain. So look around — see where you would be happy living. A studio on a lower floor could be your entree to ownership. You are young and when the market moves up, you will have a base to trade up if you want to. A very nice guy bought a 1-bedroom in my building back in the early 90s (post crash) at foreclosure for $55K (had been about $140K); he sold about 8 years later for $250K and the unit is worth $400K now. You can do it.
Ha, only 4.7 million. What a bargain! 🙂
Rob, I am one of the oldest Brownstoners, I am sure, so permit me to give you a bit of a *MOM LECTURE*:
Yes, you should have saved! Here you are going from place to place with roommates, and you’re still having to check out Craig’s List to find something to cut expenses even more. It may not be all that much “cheaper” to own at first, but once you are invested in your own place, it forces you into a budget and motivates you to cut back on the crap so you can spend what you manage to save to fix the place up and get it the way you want it. With what’s coming down the pike here you probably could get a nice studio or one bedroom, maybe “out there” a bit, but hey, very few people move into their dream house the first time they buy. And as the years pass, and rents continue to increase, before long, you will be paying less for your very own place than you would be for one of these shares!
Old days, say 30 years ago, with a good broker with some contacts, you could squeak in with 10% and a less than perfect credit score; now I don’t know. There will likely be some bargains like that Flatlands place (probably will go for even less, and yes, it has potential) for a while now. So cut back on the fun and start saving!!!!!
If someone gave you peeps in a secret Santa situation, they know you very well.
I think the Pacific Street listing cut happened a few months back.
Still waiting for real price cuts on the condos in the Prospect Heights / Crown Heights border.
wow i like that flatlands one. ugh you know now seeing some prices on low end condos in the 100K-ish price range, im really really kicking myself in the butt for not saving all that time i was paying cheap rent. grrrrr. maybe someone can answer this… let’s say a condo is 130K and if you have 13K for a down deposit, does it not matter what your credit score is? how does that work?
*rob*