Eager for advice

After having seen some open houses in BedStuy and Crown Hts going for $750-900K this past weekend, I am left scratching my head for a great/good or even reasonable deal. I thought that prices in these areas would reflect a substantial discount due to lack of development(trendy restaurants, shops, bars) and questions about personal safety, not to mention abysmal public school reputation---with the exception of a magnet(?) school in BedStuy.

What gives here?

Also, we saw a real fixer upper on a nice block in BedStuy asking $600K. What is a reasonable price per square foot for a reno/restoration job that includes new plumbing, electrical, and roof? I have read anywhere between $200 to $50 per square foot, is this realistic?

Are other young urban POOR professionals like us taking the plunge into these areas interested in being enriched and enriching these areas? Will these areas ever follow suit (Park Slope, Willimansburgh, etc...)?

I imagine "outsiders" being welcomed by residents(more so by other owners I imagine since they bring energy and a desire to invest), am I dilusional?

As I read more of these posts, I become more educated about these neighborhoods and its locals. Thanks for all the info.

Posted by: PKsloper at April 27, 2009 12:12 PM in response to Eager for advice

Hi guys, Hannibal: I am honest in my post----I am not a real estate agent. I am a lifelong educator; there is no hidden agenda. I have fallen in love with Brooklyn and its brownstones. I am simply looking for advice and wisdom from those who want to share. Clearly I am doing my research and will be visiting open houses. Of course I would love to buy in the safer areas, but alas, my career choice and that of my girlfriend do not really allow for Brooklyn Heights and the like real estate. We are aware that we will need to be part of change in an upcoming neighborhood, but Bed Stuy and Crown heights-----I keep hearing have not and probably will take a long time to change to a safer family-friendly place. I truly appreciate the posts and will look into these neighborhoods. Please keep it coming.
p.s. I am not all that handy but I am not afraid to take on a project to save a few bucks.

Posted by: PKsloper at April 25, 2009 11:19 AM in response to Eager for advice

Greenwood is a neighborhood near any of the bridges? I commute to Riverdale.

Posted by: PKsloper at April 23, 2009 10:11 PM in response to Eager for advice

Hello all, I am a newbie to Brownstoner blogs and beautiful brownstone-rich Brooklyn. Just moved in with my girlfriend to Park Slope. Things are progressing and we are beginning to talk buying a fixer-upper in an affordable neighborhood. From my limited research, I would say that outskirts of Fort Greene, Bed Stuy, and Crown Heights are the reasonable spots for a fixer-upper brownstone in the 500-600K range. I will await some wisdom and will continue to read. Thanks.

Posted by: PKsloper at April 23, 2009 7:50 PM in response to House of the Day: 1265 Dean Street

Hello all, I am a newbie to Brownstoner blogs and beautiful Brooklyn. Just moved in with my girlfriend to Park Slope. Things are progressing and we are beginning to talk buying a fixer-upper in an affordable neighborhood. From my limited research, I would say that outskirts of Fort Greene, Bed Stuy, and Crown Heights are the feasible spots for a brownstone in the 500-600K range. I will await some wisdom and will continue to read. Thanks. Any wisdon you can share is greatly appreciated.

Posted by: PKsloper at April 17, 2009 1:54 PM in response to SHUTTER TO THINK

Sounds like a someone is trying to sell how beautiful Brooklyn is and that 500-600 thousand dollars is affordable for a fixer upper. I think PKsloper is a real estate broker that has nothing better to do while sitting at his dest waiting for some sucker to put a bid on a overvalued home. Keep trying most buyers are buying foreclosures.

Posted by: hannible at April 23, 2009 10:11 PM in response to Eager for advice

PKsloeper, that sounds about right. You could get a real fixer upper for about $300,000. Also Bushwick is a similar neighborhood to the ones you mention. So do you have a lot of cash on hand to do the fixing up, or are you handy? What I am getting at is that sometimes it's cheaper to buy a place that's more expensive, if you see what I mean.

Posted by: mopar at April 23, 2009 10:59 PM in response to Eager for advice

can someone explain the point of this kind of post?

Posted by: Putnamdenizen at April 23, 2009 11:14 PM in response to Eager for advice

The whole purpose of this article is to talk good about Brooklyn and how well the Brooklyn real estate market is doing while it is falling to pieces in the rest of the world. It is called real estate propaganda. Sort of like what the Soviets did after Cernoybl had exploded. Just keep saying everything is fine people might just believe it.

Posted by: hannible at April 24, 2009 7:04 AM in response to Eager for advice

Check the listings.

Posted by: daveinbedstuy at April 24, 2009 9:11 AM in response to Eager for advice

Apparently hannible can't afford anything in the $500-650k range.

Posted by: daveinbedstuy at April 24, 2009 9:12 AM in response to Eager for advice

Yes you can find such a place in Crown Heights. I love it ! I dont know about Fort Green however. Much more expensive...You'll get more bang for your buck in a few years in Crown Heights North.

Posted by: crownheights2007 at April 24, 2009 10:25 AM in response to Eager for advice

Awesome idea - go for it. Your budget will limit you to "fringe" areas of Brooklyn, but that's where the good stuff is anyway. First off, I love Brooklyn, but if you are commuting to Riverdale EVERY DAY, doesn't it make more sense to live there? OK, didn't think so. Otherwise, I'd look for things you can afford in close proximity to the Jackie Robinson or BQE, since you sound like you're driving there. Crown Heights used to be one of the Ritziest address in NYC, the houses are still there from that time, and if you can deal with the hood, you could get a great place for not too much there, which ain't gonna happen in Ft. Greene......

Posted by: slopenick at April 24, 2009 12:39 PM in response to Eager for advice

Kensington. Easy access to Prospect Xpressway and thus BQE.

Posted by: Freckles at April 24, 2009 2:09 PM in response to Eager for advice

Contrare I can afford it. I am just not stupid enough to buy it. Let the idiot that overpaid for it take the lose. I am in no rush.

Posted by: hannible at April 24, 2009 5:55 PM in response to Eager for advice