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January 9, 2009

Open House Picks

house Brooklyn Heights
5 Columbia Place
Douglas Elliman
Sunday 12-2
$3,695,000
GMAP P*Shark

house Park Slope
97 Park Place
Brown Harris Stevens
Sunday 12:30-2
$1,999,999
GMAP P*Shark

house South Slope
148 14th Street
Warren Lewis
Sunday 12-2
$1,095,000
GMAP P*Shark

house Bedford Stuyvesant
608 Madison Street
Corcoran
Sunday 2-3:30
$699,000
GMAP P*Shark

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Comments

i thought that 14th street house seemed like a nice deal before i realized it was below 4th ave. Still seems nice tho.

Posted by: Santa at January 9, 2009 1:06 PM

cwbuechler--Madison Street has your name all over it. This would seem to be the kind of place you and your wife have been looking for no? Great part of the Stuy too, Madison and Lewis.

Posted by: wasder at January 9, 2009 1:09 PM

That's beauriful construction on the BH house. The kitchen & baths are just the way I like them.

The Bed Stuy house looks like an awfully good deal but Lois needs to walk to the subway herself. It's about 10 minutes or more from up there. It's under 5 from Stuyvesant & Halsey and I walk fast.

Posted by: daveinbedstuy at January 9, 2009 1:13 PM

Madison and Lewis is very nice Brownstone block but if you have a place on Decatur go for that one...

Posted by: Amzi Hill at January 9, 2009 1:15 PM

wasder - it is indeed, and the dual rental income is very interesting. We may well go check it out.

However, we just found out on monday that her job is ending at the end of february so uh ... the house hunt may be temporarily suspended. :P

Posted by: cwbuecheler at January 9, 2009 1:20 PM

Am shocked by the price on the 14th street house. Makes me nervous really as I own up 2 avenues and have a comparable home. I would have thought they would ask 1.15 and get it, no?

Posted by: gemini10 at January 9, 2009 1:21 PM

Taking aside the folks who hate Park Slope at any cost, The Park Place house is one reason why I can't imagine someone spending 2 million for a house on St. James in Clinton Hill. Or anywhere in Clinton Hill for that matter.

This home is in the most beautiful part of Park Slope, and literally around the corner from the 2/3 and Q train, Prospect Park and 7th Avenue.

Maybe it's a dump, I don't know.

Posted by: 11217 at January 9, 2009 1:23 PM

cwb--sorry to hear about your wife's job. An all too common phenomenon right about now. But with two rental units that house would be super cheap to live in month to month that is for sure. If you put 20% down the mortgage payments would be around 2G a month, and you would probably be able to earn that much or more in rental income.

Posted by: wasder at January 9, 2009 1:24 PM

Gemini10, 2 blocks up makes a world of difference. In fact, I think they're asking too much.

Posted by: househunt at January 9, 2009 1:25 PM

i really like the park place spot for under 2 mill. park place btw 6th/7th is a fantastic block, one of my favs in the north slope

Posted by: bktycoon at January 9, 2009 1:25 PM

11217--if houses on nice blocks of PS are going under 2M then yes your point is a fair one that it is a better "deal" than a similarly priced house in CLinton Hill. But it really depends on what you are looking for. I think (and I say this understanding the absurdity of this kind of hypothetical) that even if money were no object I would still live in Clinton Hill over Park Slope because it just fits me and what I want in a neighborhood better.

Gemini--I was also shocked by the 14th street price but because it seemed high on the other side of 4th AVe.

Posted by: wasder at January 9, 2009 1:26 PM

Wasder,

I absolutely believe you, but I think you are in the minority. I think the majority of people who buy in Clinton Hill and other such areas would prefer to be in a more prime neighborhood if prices were similar.

If for no other reason than better schools, transportation and retail.

Posted by: 11217 at January 9, 2009 1:31 PM

CW - am VERY sorry to hear about your situation!

11217 - I love your PS enthusiasm and always almost agree

I think that 14th street house is priced right, It's in great shape and actually the block between 3rd and 4th Avenues has some nice houses on it, if only there were more trees, less traffic steaming up the block and closer to 6th ave it would fetch more - hahah!
I'm up closer to 7th and have the garden and deck and gasp a Driveway so am hoping to get 1.3, but my config is diff as the rental is a duplex as well as mine

Posted by: gemini10 at January 9, 2009 1:32 PM

Outrage of the day: 5 Columbia Place. 3.6 million? Hello?
It isn't even a real house. It is across the street from one of the most dysfnctional (and non-prestige) rental buildings in Brooklyn, and it's small. Forget it!

Posted by: sam at January 9, 2009 1:33 PM

14th is the first I've seen on that block at that level. It is a bit of a psychological leap across 4th down in the South Slope, 11th Street being a partial exception. That block of 14th looks like one of the healthier blocks in that stretch west of 4th, though. Worth checking out. Huge comps on the next block up the hill.

Posted by: slopefarm at January 9, 2009 1:34 PM

"I absolutely believe you, but I think you are in the minority."

I have no doubt that I am in the minority and also am under no misconception that prices in Clinton Hill should be anywhere near what they are in Park Slope at this stage of the game.

However, in re your points for why things are better in Park Slope (schools, transport, retail), these are highly subjective and variable considerations. I can and will try to get my children into public schools other than the one I am immediately zoned for, the transport in Clinton Hill has always served me just fine, and retail wise though the density is not as high there is everything I need in Clinton hill, some of it better than comparable stuff in the Slope.

Posted by: wasder at January 9, 2009 1:35 PM

That 14th street house is sweet. With interests rates going so low it's tempting. How's that area of Park Slope?

Posted by: dosteov at January 9, 2009 1:36 PM

one advantage of the 14th Street house is that you can walk to IKEA. It is more Red Hook than Park Slope over there in those grey-area blocks.

Posted by: sam at January 9, 2009 1:37 PM

hmm you couldn't really walk to Ikea and hope to get there in a short amount of time
unless you know a shortcut and if so please tell!!

Posted by: gemini10 at January 9, 2009 1:40 PM

sam, why do you say the Columbia Street house is small? Did you click on all five pages of the floorplan? It actually looks pretty amazing, and would be well-priced to sell if this were January 2007 or even January 2008. In January 2009, though, who knows? And who cares if it's across the street from a "non-prestige" rental building. It's a block from the promenade, with Manhattan views from the roofdeck.

Posted by: Park Sloper at January 9, 2009 1:41 PM

Wasder...don't get me wrong...I'm thrilled that you love where you live. Trust me...in my age category not everyone I know thinks as highly of Park Slope as I do, but it suits me perfectly. It's totally home for me. So I get what you are saying and I'm not trying to be argumentative.

All I'm saying is that once prime neighborhood prices have dropped to the equivalent of less prime neighborhood prices, there will be people looking to cut and run.

This Park Place listing is either a great deal or it's significant because I think that there are a lot of people who bought 2 million dollar homes in "lesser" areas who would prefer to live there. I know it's not lesser to you, but I think MOST people would prefer to be near to the things I mention AND be able to have their kids walk to school in their own school zone.

Posted by: 11217 at January 9, 2009 1:42 PM

And Wasder, I can't think of too many folks who wouldn't rather live near the 2/3/Q than the G or C. That part seems a little silly to even try to compare the two.

Posted by: 11217 at January 9, 2009 1:44 PM

Lowe's, certainly. Not Ikea. Not a good idea to cross Hamilton on foot with bags and boxes of home furnishings.

Dosteov(ski??), it's the last block before it get's largely industrial. You are near Hamilton and the elevated Gowanus x-way. Looks to me like a hearty and not-yet-too gentrified S. Slope block. But it is west of 4th, which is a deal-breaker for some.

Posted by: slopefarm at January 9, 2009 1:45 PM

Thanks wasder and gemini10 for the sympathy. It wasn't entirely expected nor entirely unwanted, but the timing is a little painful since she's not legally clear to work anywhere else in this country yet (we got married at the end of nov and the paperwork is taking forever).

wasder, you're right, with 20% down we could get it to something we could basically afford on my salary alone, but we don't have 20% of $700k to put down. Right now our down payment fund is only sitting at around $30k. It's growing pretty rapidly, but we're a long way away from $140k :)

Posted by: cwbuecheler at January 9, 2009 1:46 PM

11217--we are having a silly non-argument. I concede your points on pricing and certainly the 2/3/Q is a better transport set up than the G/C for most places in the city. I just like the look and feel of my neighborhood more, and am glad that the housing stock is cheaper as I could actually afford it.

Posted by: wasder at January 9, 2009 1:47 PM

I have never tried it, but I think you can walk under the Expressway, along Hamilton Avenue, and then cross over at say Lorraine Street and presto! you're in Red Hook a stone's throw from Ikea. Although a stone's throw is no the happiest choice of words.
As for the Columbia Place house. Take a look at the plans. Some of the bedrooms are 8 feet by 8 feet! it is like a tiny carriage house except it has no place for your carriage. And I don't count the cellar as a real floor. c'mon!
3.9 million? In their dream of dreams.

Posted by: sam at January 9, 2009 1:49 PM

"we don't have 20% of $700k to put down."

As you know cw, the ask is just a number. And 20% may not be necessary. Imagine if you got it for 650 or 625 and put down 10%. Still looking at a pretty low monthly outlay.

Posted by: wasder at January 9, 2009 1:50 PM

11217--the only other thing I would add is that my house is in my view a much better deal than the one on the other side of 4th Ave (for a very similar price)...

Posted by: wasder at January 9, 2009 1:51 PM

Obviously I'm biased toward Park Slope, but I think anyone who's honest would have to agree that in purely market terms, Park Slope is considered a more "prime" neighborhood than Clinton Hill and that as prices go down, many who might have bought in CH or elsewhere will buy in PS if they can. I actually love CH and have lived there myself, but I moved from CH to PS so my kids could walk to school, I could walk to the Food Co-op and other shopping, I could have easier access to transportation other than the G and C trains, etc. Assuming the Park Place home is in as good shape as it looks from the pictures, I agree with 11217 that this price point is significant. If this is what prime, North Slope brownstones are selling for now, no way is a lesser house in CH worth the same price.

Posted by: Park Sloper at January 9, 2009 1:52 PM

CW,

I've been getting inundated with job openings as of late from friends passing things along. If you don't mind mentioning here...what line of work is your wife in...?

I think most have been filled, but I definitely know of a PR job available for someone with experience.

Posted by: 11217 at January 9, 2009 1:53 PM

Is it possible the seemingly low asking price for 14th Street could be due to rent controlled tenants (who will possibly only ever leave in body bags)?

Posted by: Biff Champion at January 9, 2009 1:53 PM

Look, if super Prime PS houses are consistently selling under 2 mil than that is a significant marker. I completely agree, even as a Clinton Hill cheerleader, that this house on Park Place is a better "value" than a similarly priced house in CH. The beauty of life though is that not everyone wants the same things from neighborhoods. Life would be awfully boring if they did.

Posted by: wasder at January 9, 2009 1:55 PM

$1700/sf for 5 Columbia Place?

Holy crackpipe dream, Batman!

Posted by: SnarkSlope at January 9, 2009 2:01 PM

If in addition to its location, the 14th Street house has rent-contol tenants, then the asking price should be $10,950. Not $1,095,000

Posted by: sam at January 9, 2009 2:01 PM

Fair enough Wasder. But this isn't about people wanting different things. People may (and will) choose Clinton Hill over Park Slope, but that doesn't mean prices should be equal.

Clinton Hill began gentrifying about 20 years after Park Slope did. And the prices do not reflect that.

That's really the point.

Posted by: 11217 at January 9, 2009 2:02 PM

The Park Place house has been on the market for months, starting at $2,250,000 - I remember the comments about the 'blue tape' paint job in the kitchen.

Columbia Place is interesting but insane in the asking price. We were looking at the house at 7 Columbia Place when it was on the market and it got substantial vibrations and noise from the subway - have to imagine that this place, right on the corner, is going to be as bad. I do like the light afforded by the corner lot.

Posted by: zeebee_in_bklyn at January 9, 2009 2:02 PM

I just clicked on the map for 14th Street. That's considered Park Slope?? Seems world's away from "Prime Slope". Looking at this location and not being sure of the rental situation, I don't think one can say at this point it's a good price.

Posted by: Biff Champion at January 9, 2009 2:05 PM

cwbuecheler have you look at the foreclosure route. I know they usually want 10% down ans you have like 30 days to pay it off.. I know of a few houses in "prime" Bedford Stuyvesant like 119 and 143 MacDonough Street also you have 259 Hancock St. All these house have owe under 400K to the bank.. I am not sure about all these address today but 6 months ago all these were in pre-foreclosure.

Posted by: Amzi Hill at January 9, 2009 2:06 PM

Wasder (or anyone familiar with Bed Stuy) - how safe a nabe is the Madison House street in?
Also what sort of amenities are nearby?
Just curious as the price is ridiculousy low and you are right I would offer 600Kish, figuring you could get $1500 for each rental - correct?

Posted by: gemini10 at January 9, 2009 2:07 PM

"but that doesn't mean prices should be equal." Agree completely which is why I say we are having a non-argument.

Posted by: wasder at January 9, 2009 2:08 PM

Biff, it is not Park Slope. It is DUEXANN (district under the expressway and near nothing).

Posted by: sam at January 9, 2009 2:08 PM

gemini-I don't live in the neighborhood but did extensive research on the area when I was looking to buy (before buying in Clinton Hill, near the border of BS). Anyway, that area is pretty nice. The block itself looks pretty good and Lewis and Stuyvesant Aves have most of the nicer amenities in the neighborhood from a restaurant/retail point of view. Walk to the subway (A train)is probably 10 minutes which is more than most people would probably want but not too bad either.

Posted by: wasder at January 9, 2009 2:12 PM

Can't begin to comment on price, but Columbia Place is really interesting for being NEW construction. You just don't see that much, and the layout is very family-friendly. Not having the maintenance costs and headaches of a 140 year-old townhouse could be really appealing for some, and this place looks well constructed.

Plus, being new, maybe the owner had the foresight to do whatever could be done to minimize subway vibration if that's a factor.

Posted by: tinarina at January 9, 2009 2:24 PM

Biff, not exactly sure what to call it over there. It is not what people think of as Gowanus, but it is hard to call anything west of 4th Ave Park Slope. Too far north for Greenwood. It does feel more South Slope than anything else. It's only a block from real South Slope and it's not a block from any other previously named neighborhood.

Tribelo (Triangle Below Lowe's)
DUGEXPO (Down Under Gowanus Expressway Overpass)
Southwest Slope, South Slope West
Hamilton Plains
South Gowanus

But for that area, a decent block. Bit of truck traffic, though.

Posted by: slopefarm at January 9, 2009 2:25 PM

gemini10 I have been in the area for 2 years and I like that block on Madison but I would not buy north of Madison. From Madison down to Bainbridge btw Lewis and Stuyvesant you have some really nice homes The amenities are mostly are for long time people that live in area but there are new places coffee houses restaurants opening all the time.

Posted by: Amzi Hill at January 9, 2009 2:27 PM

Whoever broke up Madison certainly wrung the maximum efficiency out of it. Would be only about $1500 to carry it monthly once you include the rental incomes. Not that I could ever approve of sticking a bathroom in the middle of the parlor floor, etc., etc., etc.

Posted by: mopar at January 9, 2009 2:29 PM

sam, love the new neighborhood name.

slopefarm, I also don't consider anything west of 4th Avenue as being in Park Slope. And if I were to buy in PS, which I happen to really like, I would hope to buy close to 6th Avenue or above. I think it's much nicer than between 4th and 5th Avenues.

Posted by: Biff Champion at January 9, 2009 2:32 PM

Pretty soon Ikea will be in Park Slope Shores.

Posted by: sam at January 9, 2009 2:38 PM

I have to agree with you mopar on the bathroom... That is the first thing that should go...

Posted by: Amzi Hill at January 9, 2009 2:39 PM

Biff, it really depends what you are looking for in a neighborhood. South Slope may not be your speed in any event. But if it were, and you were looking for relative value in a small brick or frame, you would be remiss not to look at 11th, and possibly 14th, between 4th & 5th. 11th is really nice. Times did a feature a while back on four families on that block who posted McCain signs(?!). But you've got to be in a South Slope frame of mind (no pun) intended) to begin with.

Posted by: slopefarm at January 9, 2009 2:42 PM

"Pretty soon Ikea will be in Park Slope Shores."
sam, pretty soon all of Brooklyn will simply be Park Slope North, Park Slope South, Park Slope East and Park Slope West.

Posted by: Biff Champion at January 9, 2009 2:43 PM

PARK SLOPE SHORES. whoa i like that!

Posted by: bowl of dicks at January 9, 2009 2:43 PM

Amzi Hill - I'm interested in foreclosures too, altho it does seem like kind of a bad karma route. I'm not sure how to easily look those up though ... I've only ever seen one on Trulia.

Posted by: cwbuecheler at January 9, 2009 2:46 PM

In a few years when the polar ice caps melt, we can just call Red Hook the Park Slope Aquarium ...

Posted by: cwbuecheler at January 9, 2009 2:46 PM

cw, I'm so sorry to hear about your wife's job. (Didn't see your comment before.) Happening to so many people.

Posted by: mopar at January 9, 2009 2:47 PM

Park Slope Shores
OMG! - hilarious
QOTD and Biff's too!

Amzi - thanks for the info

Posted by: gemini10 at January 9, 2009 2:47 PM

The Park Place house looks really narrow to me, and at 18.5 feet its wider than my 16.5 foot house. I don't houses this wide that have all these interior hallway walls. You're left such narrow living space. A center stariway makes a big difference.

Posted by: Boerum Hill at January 9, 2009 2:49 PM

I know that your saying cw.. A few of those I would not feel bad about at all like 35 Decatur owned by a slumlord that dose not care about the building or paying on it. I know that whole block wishes that brownstone would change hands

Posted by: Amzi Hill at January 9, 2009 2:57 PM

There'a a lot of money to be made in Park Slope beachfront. You realtors should get right on that.

Posted by: sam at January 9, 2009 3:04 PM

The Park Place house is very attractive.

cw, good for you going to see those places. You never know, the Madison one might be worth, say, only $520,000 or something. It looks pretty broken up. I saw a place on Halsey at Lewis that was listed at $580,000 including cash back for repairs, but they would have gone down to $480,000 or something if there was no cash back. And it was actually in good shape. I don't know what they were so worried about. (The rental was only a one bedroom though.)

Yeah, you should be able to rent a two bedroom for $1500, easy. Put ten percent down. Otherwise I'm not sure you'd get the PMI.

Posted by: mopar at January 9, 2009 3:06 PM

I had to register to say thanks for all the sympathy. And also that yes -- that floor plan on the Madison house garden floor is pretty ridiculous...

Posted by: MrsCWB at January 9, 2009 3:14 PM

mopar - Thanks. And thanks for the sympathy. :)

I'm honestly a bit worried about having tenants. It's something I've never done before and I've heard a lot of horror stories. That's why we're most-intrigued by listings that only have a single unit to rent. One tenant seems like a good way to start, rather than buying like a four-unit place and trying to deal with that right from the get-go.

Posted by: cwbuecheler at January 9, 2009 3:18 PM

I also live on 14th Street one block up from this house. I drive along this block every so often on my way back from "Park Slope Shores" and am actually quited impressed to see what they are doing on this block. A few homes are being renovated, some (like this one) seem very nice - others not so nice or at least not to my taste. It also seems like a friendly block although there is a lot of traffic, just like on my bit of 14th Street. I worried about this when we moved there almost 2 years ago, but got used to it really quickly. More tree along this block and the one between 4th & 5th would be fantastic. I put a request in with the city to plant more along my block, but don't know if this will ever actually happen. I also got nervous when I saw the price as I thought it was too low given the finishings, but then saw that it was below 4th. I think for a starting offer it is a decent price, but I don't think that this is what it will end up selling for.
Hi Slopefarm! We met a few weeks back at the Brownstoner drinks gathering at Union Hall. Loved your holiday decorations.

Posted by: Turtlejam19 at January 9, 2009 3:19 PM

Park Place is a nice brownstone, but only two bathrooms in the owner's triplex. and who would rent out part of their house who could afford to spend two million dollars on a house nowadays? Easy credit is over. The buyer would have to be seriously affluent.
Dunno.
When I think of what two million could buy anywhere. Even San Francisco.

Posted by: sam at January 9, 2009 3:19 PM

eek ... my wife is totally spying on me!

Posted by: cwbuecheler at January 9, 2009 3:28 PM

"eek ... my wife is totally spying on me!"
That is classic. At least you only said good things about her. You even said she's smarter than you. I think you're in for a nice evening!

Turtlejam19, you may not remember, but we also met at the End of the World Party. Good to see you here...you're not around (at least not posting) too often.

Posted by: Biff Champion at January 9, 2009 3:35 PM

Thanks, TJ 19. Did you see our spiderweb for Halloween? We just got a tree. Go online to nyc.gov, to parks and link through the million trees initiative. Fill out the form. Start with every dead tree and vacant tree pit. Get your neighbors to do do it in front of their houses. We got ours in 6 months, a linden.

Posted by: slopefarm at January 9, 2009 3:37 PM

"One tenant seems like a good way to start"--as a first time landlord myself I think this sounds like a good instinct. I am really happy with my tenants and they seem happy with their situation so that has all worked out well. But even so I have had to repair their W/D, fix a lock, replace bulbs etc. I am the super for our building in essence. I quite enjoy it most of the time, the sense of purpose it gives, but it also can be stressful so two tenants might be more than you want to deal with.

Eek--your wife is spying on you. thats awesome. hi mrs cwb.

Posted by: wasder at January 9, 2009 3:40 PM

oh fun so CW and TJ19 both live near to me!!

Posted by: gemini10 at January 9, 2009 3:45 PM

Mopar, just curious how you're doing your math on the 1500 a month to carry? What kind of rents are you giving those top two apartments? $1200?

Posted by: Farkus at January 9, 2009 3:56 PM

Park Place is a good deal. Great block.

Posted by: billyboomer at January 9, 2009 3:58 PM

Of course I remember you Biff! We had a lot of fun that night. I'm often on here, but it seems that usually by the time I get a topic things have been hashed out so much by others that everything I want to say has already been said. It is nice to see the comments from the people that I met.

I did see your spiderweb Slopefarm. Very cool. Did you see our garden graveyard? Next year I may get a creepy animatronic ghost or something to add to the effect. I love cheesy halloween decorations.

Posted by: Turtlejam19 at January 9, 2009 4:02 PM

cwbuecheler I would check out 208 Hancock Street this Sunday Jan 11th, 12pm to 2pm
It is a open house they want 729K to tell you the truth I think it is going to go for 600K. It needs a ton of work but still has a lot of detail and the location is really good.

Posted by: Amzi Hill at January 9, 2009 4:25 PM

Correct me if I'm wrong, but the PP house looks to be first brownstone on a prime PS block under 2 mil in a long time, excluding obviously troubled properties. That's significant, and it makes the Clinton Hill house from yesterday look badly bought. I actually don't care for all that wedding cake molding, but it could be really cool painted all-white with dark, wide plank flooring.

Posted by: Bolder at January 9, 2009 4:31 PM

for the guy with $30k and wanting to put 10% or less down, i would say just wait. i don't know of any lenders that will even underwrite a loan like that right now. plus, keep in mind that there are closing costs. i think you said your wife may lose her job. that is one among many other potential cash flow hits that could come in 09. being house poor when that happens may not be the best idea. i think it's great that you want to buy, but you really need at least 25% of the purchase price in cash and i would recommend another $20k minimum on top of that for emergencies or repairs. i would hate for your place to be talked about in "pre-foreclosure" on some future brownstoner post. if you are still doing what you did to get $30k, you should be able to build beyond that no problem. the way the market is going, you will be glad you waited.

Posted by: jingle mail at January 9, 2009 4:55 PM

Oh here's the great convent on Putnam between Patchen and Ralph we were talking about yesterday. Goldie found it. It's out of my size and price range at $650 but it looks so neat. I wonder if they would include the pink couch? I have friends on the block.

http://www.fillmore.com/view_details.php?WebID=721027

Posted by: mopar at January 9, 2009 5:00 PM

Wow mopar I really have to explore past Patchen. They really have some interesting housing over there... Cool looking house...

Posted by: Amzi Hill at January 9, 2009 5:09 PM

jingle_mail - We're in no rush. We're looking at stuff to learn, more than to buy. Especially until my wife has a new job. Thanks. :)

Posted by: cwbuecheler at January 9, 2009 5:17 PM

Those built-in cupboards do it for me. The photos and the floor plan don't match up. Also the description says two kitchens and the floor plan shows four. Four is a bit much. I wonder if there's special convent zoning. Or you could start your own cult without having to get special permits.

Posted by: mopar at January 9, 2009 5:18 PM

Jingle Mall, we are about to put 10 percent down with a construction loan (conforming) and everyone says there is no problem. We do have cash in reserve.

Posted by: mopar at January 9, 2009 5:21 PM

If I had 10%, I'd be fairly comfy buying -- my wife and I make good money (when we both have jobs) have awesome credit scores, and have *no* debt.

We have no plan to spend more than $500k, which with 10% down would result in monthly charges, including taxes and PMI, pretty much exactly the same as what we pay right now in rent. Perhaps even cheaper.

The only way we would go over $500k is if the property had a rental unit or units. We'll be up to having that 10% down very quickly, if her job search doesn't last too long.

That means that even with a low down payment, we're not going to be house-poor, because we're not buying anything that would cause us to be so. Unlike a lot of first-time buyers, we're not stretching.

Posted by: cwbuecheler at January 9, 2009 6:02 PM

I have good credit, a stable job, and 95K in savings to use for a down payment and closing costs. My partner makes enough to contribute another $1300/mo, but wouldn't be on my mortgage application. I pre-qualified for a 500K mortgage in August.
We are paying $2500 in rent; our lease is up in August. I've been looking at apartments, but this thread is making me interested in looking for a two- or three-family house instead in Bed Stuy.
How do you find out about and bid on foreclosures? Does anyone know a real estate agent or lawyer who can walk you through that? (Or maybe I should wait six months and see how far prices fall? I don't want to wait to the point that interest rates start going back up.)
And does anyone know if the houses on Hancock and Decatur mentioned by other posters are in foreclosure?

Posted by: zuleika at January 9, 2009 7:09 PM

Hate to burst the bubble here but I saw the PP house at an open house in December. It is a wreck -- in need of a gut renovation basically which I think would cost at least $600k. It's got great bones and detail but is an absolute mess.

Posted by: brownstoning at January 10, 2009 12:04 AM

Ok, your wife just lost her job and people on here are cheerleading you to buy a home that would obviously be a foreclosure candidate. Niiiiiiiice work peeps...

Posted by: cornerbodega at January 10, 2009 2:29 AM

Mopar, cool house. Like Amzi, I don't get that far out there. I'll have to make a special trip to see it. I absolutely love the cabinets, too. Wow. The top floor window and balcony look great, too. Wouldn't that be a fantastic master suite? Looks like a lot of land, too, if the lot next door is included, which looks that way from the bad description.

Fillmore does not know how to put an ad together, it's all about them, nothing about the house, which is what someone would be interested in. Their description of Bed Stuy is ridiculous, too. "Bed Stuy's new found popularity is credited to its proximity to the Prospect Park and the Grand Army Plaza complex". Uh huh. Bed Stuy at Nostrand and Fulton is not close to Prospect Park, This house is practically in Bushwick, and about as close to Prospect Park as Bay Ridge is to Prospect Park. I hate real estate hype.

Posted by: Montrose Morris at January 10, 2009 10:20 AM

Well, speaking of 10 percent down and not stretching, if we have only $10,000 or $20,000 left over in cash when we're done, is that enough? Because you have to count on little plumbing emergencies with these old houses.

MM, that is funny about Prospect Park. I didn't see that.

Brownstoning, what do you mean the Park Place house is a "wreck"? Do you mean they don't have working plumbing and heat? That would explain the "low" price.

Posted by: mopar at January 10, 2009 10:37 AM

Also, looking closely at the South Slope house, it looks like it's been hacked up a bit...that exposed brick wall is sort of odd...and has the garden floor ceiling been dropped? Looks really low.

But if the top floor rentals generate %3,000 free and clear each month, it could be a decent deal, but not a screaming one. It just doesn't look very comfortable to me.

Think I'd want to put the kitchen on the parlor floor, though, and have the bedrooms downstairs if I was going to keep it as an owner's duplex.

Posted by: Bolder at January 10, 2009 11:14 AM

Any open house reports?

Posted by: bk14 at January 11, 2009 4:39 PM

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January 9, 2009

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