MyHome, Brooklyn Takes New Approach to Development
It’s kinda like Brooklyn CoHousing without the communal kitchen! MyHome, Brooklyn is a new recession-friendly approach to developing residential real estate. The idea is to get potential apartment buyers involved at the beginning of the process. Through the collaborative process, the buyer gets input and the developer gets to pool funding upfront at a time…
It’s kinda like Brooklyn CoHousing without the communal kitchen! MyHome, Brooklyn is a new recession-friendly approach to developing residential real estate. The idea is to get potential apartment buyers involved at the beginning of the process. Through the collaborative process, the buyer gets input and the developer gets to pool funding upfront at a time when acquisition and conversion loans are nowhere to be found. Theoretically, the buyer ends up with a customized apartment at a discount to market prices and the developer makes an honest wage for managing the process. The focus on MyHome, Brooklyn is small- to medium-sized multifamily buildings in and around Brownstone Brooklyn that often fall under the radar of established developers. The one that caught our eye was this two-story commercial building at 259 Pacific Street.
Enough of this liberal financing. First you made the prices of real estate go through the roof making housing unaffordable for the regular working man and now you want to find book cooking ways to hold on to your overpriced- overpayed homes. Short sell them and get out!
*rob* offers nothing to support his negative comments; this comes as no surprise.
Good innovation always instills fear in the failed status quo.
MyHome, Brooklyn, is a well planned, innovative concept and approach that permits the prospective, serious buyer with a real opportunity to participate in the design, quality and pricing of a development project.
Lets be clear, the status quo is more interested in using a past pricing formula that no longer applies rather than let the public speak to the pricing of today and tomorrow. If the pricing can be determined to the buyer’s satisfaction, the inventory will move quickly as opposed to current development projects that sit still in distress. Many of the the developments facing this problem were slow or failed to make adjustments in the changing market. Much of which was due to the ignorance of brokers not willing to think out of the box.
My Home, Brooklyn is precisely what the real estate market needs: a thoughtful, trustworthy and visionary approach where the pricing is real for the market of today and the future; and not using past comparables which no longer have any relevance at all.
Blowfish – yes this arrangement would avoid a flip-tax.
pss11211 – thanks for the support. Do not hesitate to contact me at donald at myhomebrooklyn dot com if you or others you know are interested in the opportunities we are looking at or would just like to ask any questions.
mopar – thanks for the kind words. We are working hard to educate those that are interested and think there are some real opportunities to deliver this type of housing product in the not too distant future – ie next year.
wine lover – I truly beleive that our concept can become a reality. We are working with over 30 families that are very interested in the product we are offering. A number of hurdles need to be cleared to get them to the finish line but we are intent on getting them in the homes they desire. We really like what we do and are good at it as well. Thanks for the support.
Thanks,
Donald Brennan
Principal
MyHome, Brooklyn
anyone that has a good idea and is committed to it has a shot. good for you. good luck.
Sounds really great, if it would work.
I have people who would be interested in this.
Don’t let the negative nellies get you down.
We need to build new business models, or update old ones, and you may be onto something…
this is a version of how new construction real estate gets sold all over latin america (because of the same issue, lack of mortgage availability).
do you make your money by selling Amway as well?
*rob*
i wonder is this arrangement would avoid the flip-tax. You know, the “seller’s” flip tax that the buyer always bears, even in this “buyer’s” market. the money i will never, ever get back.