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March 24, 2009
Good Buy? (Prospect Heights)
Hi all,
I've never posted here before, but I'm interested in getting everyone's feedback on my recent co-op purchase. It's a studio in Prospect Heights on Underhill Ave (north of Sterling but south of Bergen), probably about 350 sq feet. It was listed at 400, but I have my doubts about that number. Purchase price was $185,000 in December.
A few things to note:
-Has an eat-in kitchen (read: kitchen is a room seperated from the rest of the studio by a hallway)
-Gated common garden / recreation area (plot is about the size of a building or two)
-Prewar building with decorative fireplace (including ornate ironwork covering)
-Installed a murphy bed b/c of space limitations
I fell in love with the place and am very comfortable there, but I'd nevertheless be interested in people's opinion as to its value in relation to the neighborhood / Brooklyn market / etc.
So, good buy or bad buy?
Comments
If you're happy there, it's a good buy.
Posted by: alsawo at March 24, 2009 3:24 PM
I agree with alsawo, if you like it that's all that matters.
Besides, what are you going to do if people tell you it was a bad move? You going to sell it?
Don't worry about it. If you are happy that is all that matters.
Posted by: christopher at March 24, 2009 3:42 PM
Id say it was a good buy consdiering you like it so much
who cares what others think!
if you plan to be there for a few years am sure you will make a bit of a profit from a resale
Posted by: gemini10 at March 24, 2009 3:51 PM
Thanks all...I'm not worried about other people's opinions in that sense - only regarding the aspects that involve resale, comps in the neighborhood, etc. I bought at a risky time for real estate in general, so it's the financial matters that I can't help thinking about.
Posted by: collin85 at March 24, 2009 4:02 PM
Considering the current market I believe you got a really good deal on that unit and really bought at a good time with prices being where they are. I agree with the other posters in that if you like it that is key and the value will likely increase in time.
Posted by: perplexed at March 24, 2009 4:55 PM
An issue with studios is that if your personal situation changes even slightly (say, boyfriend/girlfriend wants to move in), you will need to sell. Possibly you can sublet but some co-ops are pretty restrictive.
Whereas with a 1-br, you can accommodate another person, a large pet, even a baby/toddler, and ride out a bad real estate market.
I think most people on this site would agree that buying now is a bad short-term decision in general. In the longer term, say 5 years, you're probably ok.
But, you've got it, so enjoy it, make it your own, and try not to worry too much.
Posted by: Bolder at March 24, 2009 6:47 PM
Get real, folks, this isn't a genuine post. Collin, if you need to sell, check the local comps. if you're worried you made a crap investment, take some valium or xanax, go to bed and try not to worry (even though the sky is falling).
Posted by: 1929 at March 24, 2009 11:58 PM
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