A New York Times “The Hunt” story trailed a couple as they looked for a house to buy in Bed Stuy. They were renting a studio in Brooklyn Heights and decided to make the jump into home ownership when their rent increased to $1,850.
Two years ago they started hunting in Bed Stuy, with a budget starting at $600,000. They saw a great place for $700,000 but passed because it was located in Crown Heights. Then the market took off.
Prices kept rising, investors were buying at high prices with all cash, a house they liked didn’t appraise — it’s a familiar story.
Eventually, they ended up buying an SRO in Crown Heights for $950,000. They closed in mid-summer. Now they are waiting for a certificate of non-harrassment and plan to move in with their new baby, who is due in January.
A recent post on the Forum asked “Is it even possible to buy a decent home in this market?” The poster is looking in far east Bed Stuy for a non-flipped house in OK condition with a budget of $800,000 and $200,000 set aside for renovations. What do you think?