And this is why buying a new development condo if you want a home is a bad idea.
Now because there are too many investor units, no one will be able to sell their unit to a buyer that needs to get a mortgage...making it pretty much unsalable...except to the investor that ends up owning most of the building at a discount!
If the gowanus property doesn't demonstrate how much demand there is for fully renovated, move-in houses, i'm not sure what will.
If someone listed a barge on toxic sludge with carrera marble countertops staged like HGTV I bet they could still clear 7 figures.
Despite being labeled as affordable, the rents, like many for buildings that receive a property tax exemption through the controversial 421-a program, stretch the concept of affordability.
And this is why buying a new development condo if you want a home is a bad idea. Now because there are too many investor units, no one will be able to sell their unit to a buyer that needs to get a mortgage...making it pretty much unsalable...except to the investor that ends up owning most of the building at a discount!
Sheepshead Bay Waterfront Condos-Turned-Rentals Now LeasingSo what is Sheepshead Bay/Brighton Beach?? South,South Brooklyn? (2) because Wiki is never wrong - lulz.
Rentals Moving Quickly in Southern Brooklyn TooIf the gowanus property doesn't demonstrate how much demand there is for fully renovated, move-in houses, i'm not sure what will. If someone listed a barge on toxic sludge with carrera marble countertops staged like HGTV I bet they could still clear 7 figures.
Last Week’s Biggest Sales50 units, so a little over $400K per unit
The Biggest Recent Commercial Deals in Brooklyn