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May 9, 2008
Cobble Hill/ Carrols Gardens
Hi Brownstoners--
I'm thinking about making the move from Queens (Sunnyside) to the Cobble Hill/ Carroll Gardens area and thought I'd ask this group what your sense is of the resale value of new construction co-ops/condos (old skin- new interior, and total new construction) vs. traditional brownstone co-ops in Carroll Gardens & Cobble Hill area of Brooklyn (assuming they are of equal quality in terms of the actual apartments etc.)..?
I appreciate any insight or directions to sources of information.
Thanks!
kz
Comments
Condos should have a ways to go on the downside if you buy this year.
Coops are even worse.
Brownstones on the other hand should be a good investment.
Posted by: guest at May 9, 2008 1:53 PM
Condos are probably headed down. But then again there's not a whole lotta new condo inventory in CG/CH the way there is in some neighborhoods. My opinion on coops is the reverse of 1:53's. SInce applicants have to pass a board, they may have fewer delinquencies and desperate rentals than condos.
Brownstone coops are interesting. Many people won't live in them because they are self-managed and do not have the services that would be expected in a larger building.
Posted by: denton at May 9, 2008 4:03 PM
I believe that no matter what you buy It will be A good Investment in the long term. You are asking about CH/CG to me they are the top areas the best you can buy. They are Safe close to Manhattan 3 stops, and they are Unique in Style. They feel like a small village. I think no matter what you buy you are buying right.
Posted by: guest at May 9, 2008 7:34 PM
Why would you move away from Queens? Property is so much cheaper in Queens. And Sunnyside is a nice historic district close to the city. Carroll Gardens sucks. It's too gentrified already.
Posted by: guest at May 9, 2008 7:39 PM
I have lived in cobble hill for ten years.
Ten years ago I was looking to buy a condo, but thought they were overpriced, so I bought a brownstone instead.
Now I think condos are astronomically expensive and an extremely poor investment.
Brownstones are also very expensive but probably still a good investment.
The market is bound to dip and condos will be the first to feel the pain. And it will be painful.
Posted by: guest at May 9, 2008 7:44 PM
Thanks for all your thoughts!
kz
Posted by: kazee at May 10, 2008 10:40 AM
Sunnyside is cute!
If condos aren't selling or appreciating as fast it's only because too many had nutty developers who overpriced them. But in general buyers much prefer a condo over a coop, considering what type of ownership it is, the monthly costs, and the ease of selling a condo over selling a coop by avoiding the coop board approval process.
But if you get a coop on one of the prettiest blocks in a historic brownstone building with excellent financials you're doing okay.
Posted by: guest at May 10, 2008 3:22 PM
I would buy in either location. I believe it's a good solid ground to stand on.
Posted by: guest at May 10, 2008 7:13 PM
Co-ops are not a big deal, unless of course you are an ax murderer.
Posted by: guest at May 11, 2008 8:52 PM
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