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June 30, 2006
East Flatbush Limestones, cont.
my apologies, i didn't allow comments on my previous post of the same title. Please bear with me, here it is again:
Does anyone know anything about this area? I've primarily been looking at townhouses in Bed-Stuy, many of which are promising, but will require much restoration. Yesterday a broker showed me a limestone in East Flatbush -- an area I had not previously considered. It is admittedly pretty far into BK, but the limestone was in good condition and about 100k-150k cheaper than a comparable house in Bed-Stuy. I realize people are skeptical about even Bed-Stuy being a neighborhood on the rise. Is East-Flatbush not a sound investment for a move-in condtion, 3-family limestone at a negotiable 585k? I'd greatly appreciate any insight/advice. Thanks in advance.
Comments
I agree with carrie. Playing fortune teller can get you into a lot of trouble. Don't pay for assumed future value since you don't know if it will ever materialize. You are the one taking the risk that the area will go to pot so don't reward the seller as if that risk is over.
Look at it using two different lenses:
1. Your families eyes
2. A renters eyes
If you can honestly say that your family will live there comfortably and that there are enough positives that a good renter would move there too, then go ahead. Otherwise offer a price that makes the risk worth it or walk away.
Posted by: victor at June 30, 2006 12:59 PM
Hey,
Please post your e-mail address. I saw the place, too and I have some comments for you.
Posted by: Anonymous at June 30, 2006 1:47 PM
hey, i'm the original poster. my email: pb_floyd81@yahoo.com.
Posted by: Anonymous at June 30, 2006 3:51 PM
Bed-Stuy is promising, however there are some crime and social issues presently. But I do believe that being a futurist thinker is how most investers make their success in real estate.
You have to consider the potential that the neighborhood has to offer. My mom has lived in Forte Green for over thirty years and remembers the drugs, high crime, and when you could not even walk in Forte Green park.
No one wanted to buy at that time because of the conditions. She had an opportunity to buy a brownstone for about 15K. She is kicking herself right now. But I believe (futuristic thinking) that in 10 years all of Brooklyn will be gentrified so if you come across a good deal in a decent nab go for it.
Posted by: Chaz at June 30, 2006 3:55 PM
You have to check out the block in east Flatbush they have some nice limestone and Bs but some areas I wouldn't live in ..... Its so funny yeh Bedsty crime is a problem for some people but the houses are much more expensive than east flatbush.... Personally I'm an investor in bedstuy recently but i'm agonzing over the fact that I didn't buy in Parkslope or Bedstuy 10yrs ago.....Currently live in a 2 family hse with a shared garage etc and we can't believe the homes in Bedstuy are worth more than our so called luxury home.....
Posted by: pc at July 2, 2006 5:45 PM
My husband & myself are in the process of buying a 4 storey brown stone in bed sty. Again we weighed the pros and cons...and decided to give it a whirl, we already pretty much live on the edge anyway. Taaffe Pl Lofts...
From what I can see, more and more people are bying into the Bed Sty scene
Posted by: clarita at July 17, 2006 11:10 AM
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