bklyn11238's Profile
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Author's Posts
September 24, 2009
Getting into Desirable Condo
So, after losing a bid for a condo and being priced out of another one in the same complex (which is still for sale but holding out for $50k more to cover their renovations) I am at a loss. I love the layout and location of this one condo complex (and the HOA fees can’t be beat). In this market, I was thinking that people may be simply holding off on selling their places, waiting to see when the upturn begins. It is likely that other units in the condo complex may be considering selling, but are waiting for the right moment and may be afraid there are no buyers out there for them.
Would it be completely insane, and creepy to make a little flyer and say “If you are considering selling your condo, please be in touch. We are a couple pre-approved for a mortgage and are seriously interested in purchasing in your complex this fall. We’ve lived in the neighborhood for years and are waiting for the right opportunity to join your community. Please be in touch if you’d like more information (insert email address and phone #).”
Not sure if there’s a way to track down the main contact information for the HOA board, which might be another way to go about this and find out. Otherwise, we’d be slipping flyers under doors.
I know, not quite the usual way to go about it – but given the economic climate – we could be waiting for a long, long time to get into one of these condos.
What do you think?
September 23, 2009
Buyer's or Seller's Market?
Despite reading in the Times that prices are down it seems to me that the decline in sale price hasn't really effected the Clinton Hill / Ft Greene market as drastically. I recently put a bid on a condo that went into competition and sold for 25k over asking price. At a second place, the sellers are holding out for a price that is 50k over what they paid for their home in 2008. Aside from brand new luxury Condos which, I am uninterested in, there seems to be a lack of inventory and asking prices are not, "bottom of the market". In the 400k to 550k range, you'd think there would be more opportunity for 2 bedrooms. I was hoping to get a steal in a buyer's market but find myself competing over scraps at prices above my means.
So, what kind of market are we in?
September 16, 2009
Pre-Approval Amount?
After speaking with my lender, they suggested that I only get pre-approved for the amount of the offer I wish to make. I did this, and then found out there was a competing offer. I'd like to now make an offer which is a bit higher than my pre-approval amount.
Will showing a pre-approval amount $18k lower than the offer I am submitting hurt me?
What do people usually do in this situation? We were advised not to get approved for above the asking price as it would hurt us in negotiations.
We are also interested in offering on another property if this one falls through. The other property would be quite a bit more expensive than the current pre-approval amount. The difference between the offer and the pre-approval letter would be $45k.
Do people just get a new pre-approval letter for each property they want to bid on? My lender says no, and that 'everyone knows' a pre-approval amount doesn't necessarily reflect the max of what you can afford - and you can just explain to the sellers agent that you have the savings to cover the difference between your pre-approved amount and the asking price.
Your help please! I don't want to lose this apartment!
July 30, 2009
Clinton Hill Schools
Hi Brownstoners,
I wonder whether you have any advice for me. Though I have only fictional children at this point, I am trying to research the public schools in the zones where I am looking to buy a place.
PS 157 Benjamin Franklin and JHS 117/ Francis Scott Key came up in my zone.
What is the best website to find school ratings in Brooklyn? Do any Clinton Hill residents have advice on public schools in the area?
Thanks!
July 17, 2009
Enviromental Impact of BQE?
I am in the process of looking for a home in the Clinton Hill/ Fort Greene area. I've lived in the area for 8 years, but have been considering some listings within 1 block of the BQE. Most likely they are more affordable, given the proximity to the highway.
What I am concerned about, is the environmental impact of breathing in BQE exhaust/air all day in my home. Does anyone know where I could find records about the environmental impact there? I'm concerned with having small children there breathing the air, and rates of cancer and asthma among other things.
I have searched the Environmental Protection Agency (EPA) website but not found anything particular to this question. Also, are there any homeowners living close to the BQE who could share some advice or experience with me?
Thanks so much!
July 14, 2009
Video of Gowanus Dumpster Pools
From Babelgum.com
From smelly and ugly to fresh and entertaining: Macro-Sea Pools turns three large trash dumpsters into a swimming pool in an empty Brooklyn parking lot. This adaptive re-use project presents the neighborhood with new recreational opportunities.
Check it out:
http://www.babelgum.com/3022110/new-urbanism-3-dumpster-pools.html
July 12, 2009
2 Family Home: Utilities Cost
Hi Brownstoners,
I am wondering if I can take a quick poll. I am budgeting to see if my partner and I can afford a 2 family home in Clinton Hill with a ground floor rental unit.
We are wondering, what are the standard utility cost for a 2400 sq foot 2 family home? (Attached on both sides to other townhouses.) The home is newly renovated, windows, with a new oil burner and hot water unit, new electric, energy efficient appliances. There are a total of 5 bedrooms (3 on top floor). Downstairs in the living area/kitchen is huge and wide open.
From a Browstoner search, I read that in the winter months, heating can run between $400-$600.
*How many months per year do you tend to need the heat on (guessing Nov, Dec, Jan, Feb, March?)
*What does electric cost generally per month in a 2 family home?
*What is the water charge these days? I heard that they recently raised the fees.
*Are there any other fees, like garbage collection that we should factor in?
Thanks so much for your expert help, as always!!
July 8, 2009
Aluminum Siding Removal
My partner and I are considering purchasing a building which appears to be a brownstone (on a row of brownstones, has same exact roofing and roof detail as others, it appears that the siding was just slapped on top.) I am guessing the Brownstone facade needed some work, and it was cheaper to throw up some siding. How difficult and costly is it to remove aluminum siding? Before we move forward on this place, we'd like to know what people think. Of course, before we put an offer on the place we will consult with a contractor to determine actual cost/hourly rate, etc.
Author's Comments
Thanks blowfish and all for your advice.
Hey, I'd be interested to know about that floor-thru with a yard! Our second favorite apartment went into contract yesterday (and had a backyard) so I'd love to check theirs out if it's reasonable! It seems to me, if people are looking to sell in Clinton Hill - now's the time! There is VERY little inventory out there, outside of the Clinton Hill Coops and luxury condos, so anything they'd post for sale would be of great interest. People are ready to buy, there's just not much out there in Clinton Hill!
I sent out the letters today, we'll see what happens!
Posted by: bklyn11238 at September 25, 2009 2:35 PM in response to Getting into Desirable Condo
No doorman, unfortunately.
I've been obsessively checking NY times, streeteasy, craigslist, corcoran, prudential, BHS, Aguayo Heubner and any others I can find and I guess I'm still hung up on our first lost bid. Fell in love with the place.
In addition, not seeing many new and good options for 2br coops or condos. A few great coops, but all with fees over $600+ so those are out for us financially.
Posted by: bklyn11238 at September 24, 2009 3:52 PM in response to Getting into Desirable Condo
Note: Not a new "luxury condo" it's an older one, with a great layout - hard to find these days!
Posted by: bklyn11238 at September 24, 2009 2:32 PM in response to Getting into Desirable Condo
Buyer's Market or Seller's Market?
Despite reading in the Times that prices are down it seems to me that the decline in sale price hasn't really effected the Clinton Hill / Ft Greene market as drastically. I recently put a bid on a condo that went into competition and sold for 25k over asking price. At a second place, the sellers are holding out for a price that is 50k over what they paid for their home in 2008. Aside from brand new luxury Condos which, I am uninterested in, there seems to be a lack of inventory and asking prices are not, "bottom of the market". In the 400k to 550k range, you'd think there would be more opportunity for 2 bedrooms. I was hoping to get a steal in a buyer's market but find myself competing over scraps at prices above my means.
So, what kind of market are we in?
Posted by: bklyn11238 at September 22, 2009 9:56 AM in response to Brokers Find a Silver Lining in Autumn Data
Question for you TownhouseLady, my lender is saying that with each different letter he prepares, he needs me to come in and sign a new preapproval application each time - as he can not give me multiple preapproval letters for multiple amounts. Did your lender run a new pre-approval for each and every letter change?
It seems like the best idea to get a new letter for each offer, but then again - from what he says - I don't want them to run a request for my tax records from the IRS every single time.
What do you think?
Posted by: bklyn11238 at September 16, 2009 11:39 AM in response to Pre-Approval Amount?
What do Brownstoners consider a "subprime" neighborhood in Brooklyn? I still think the housing prices seem super inflated in Clinton Hill for ex.
Posted by: bklyn11238 at August 5, 2009 11:50 AM in response to U.S. Homes Sales on the Rise
This is do-able, but plan to look at LOTS of places. If you have the time to look at a number of places, you can find the place you are looking for. If you have the luxury of a couple of months for searching, you'll be fine.
Posted by: bklyn11238 at August 4, 2009 12:23 PM in response to Ft. Greene Rental Reality Needed
I saw this place during their open house yesterday. It's super cute, but yes - small. If I were single and not such a pack-rat, this would be great for me. The park is just 1 block away, and I agree - this is perhaps the prettiest street in Brooklyn. The neighborhood and amenities can not be beat. I wouldn't live anywhere else!
Posted by: bklyn11238 at August 3, 2009 1:44 PM in response to Co-op of the Day: 32 South Oxford Street
What the heck!? The odd thing is that it also seems to be fencing in multiple properties partially.
Posted by: bklyn11238 at July 31, 2009 11:35 AM in response to A Most Curious Fence
PS 11 looks like a great school, though the apartment we're looking at is zoned for Benjamin Franklin. I wonder how tough it is to get into PS 11 if you're not zoned for it.
Posted by: bklyn11238 at July 31, 2009 11:31 AM in response to Clinton Hill Schools
What do people think this would go for if it was fully renovated? (No original details, clearly.) Comps in the area (1 block from BQE in 11205) range from $400k -$772 but I don't see anything selling much higher than that.
Posted by: bklyn11238 at July 30, 2009 4:47 PM in response to House of the Day: 78 Adelphi Street Revisited
The Dean street place looks interesting! Does anyone know if there are any great local places to go, grocery stores nearby? Cafes, etc?
Posted by: bklyn11238 at July 24, 2009 4:53 PM in response to Open House Picks
FYI: They also offered free breakfast and lunch yesterday (there was a big line!) and were walking around the neighborhood with big jugs of Iced Tea to give away. It was all the talk on Fulton street at around 11am.
Posted by: bklyn11238 at July 24, 2009 7:34 AM in response to Closing Bell: Capital One on Fulton Celebrates Opening
As an update, this house sold for $440k June 19, 2009.
Posted by: bklyn11238 at July 22, 2009 5:02 PM in response to House of the Day: 215 Gates Avenue
Quick question - is there a website that shows what the asking price was on a place, and then the final sale price?
Posted by: bklyn11238 at July 14, 2009 11:41 AM in response to Last Week's Biggest Sales
Hey CMU and Johnny,
Just to clarify:
1280/month for retax, insurance, emergency contingency, amortized costs + electric, gas, heat, water on top of that?
Many thanks!
Posted by: bklyn11238 at July 13, 2009 2:23 PM in response to 2 Family Home: Utilities Cost
FYI: I RSVP'd for the NHS classes for the home buyers seminar, and no one has gotten back to me or returned calls. Not sure what's up with that.
Posted by: bklyn11238 at July 13, 2009 1:50 PM in response to first time homeowner DIY/fixes
Hey there - sorry that I don't have info for you - but where/how did you check the total tax cost on the home? FYI: I just posted last night down a question about estimating utility costs.
Thanks!
Posted by: bklyn11238 at July 13, 2009 11:33 AM in response to Verifying Purchase Expenses
Thanks so much everyone for your thoughts. Sam, what would you say is the average (if there is one) typical maintenance charge per year for upkeep on a brownstone? What are some typical repairs that tend to happen in our neighborhood? If you have any resources or links to share to help us assess this type of cost, it would be very helpful.
Thanks!
Posted by: bklyn11238 at July 8, 2009 2:25 PM in response to Aluminum Siding Removal
Quick question - where do you find a Buyers Agent, or Buyers Broker?? I'd love to start working with one, but don't know where to start.
Posted by: bklyn11238 at July 8, 2009 2:00 PM in response to How to Buy?
They sound like good classes!
Has anyone ever taken the first time home buyers seminar? They mentioned on the phone that they would set you up with a counselor who can help you determine how much you can afford. (They did not mention if there was a cost for this service.)
Any input would be great!
Jen
Posted by: bklyn11238 at July 8, 2009 9:12 AM in response to NHS Home Improvement Classes
Responses to Author's Forum Comments
this isnt your question exactly but remember that many offers are delusions of the real estate adjusters.
Posted by: slick at September 17, 2009 2:16 AM in response to Pre-Approval Amount?
Older established ones are much fewer compared to new construction. Current owners will hold out far longer as many do not have to sell now. I would look at a local agent instead. You don't have to pay them as the sellers do.
Don't forget to do your own search (NYTimes, etc) for FSBO.
Posted by: crimsonson at September 24, 2009 3:13 PM in response to Getting into Desirable Condo
Why not post the note? It's not creepy - the squeaky wheel gets the grease, as they say...
Posted by: Ghostnote at September 24, 2009 3:27 PM in response to Getting into Desirable Condo
i've seen sane letters and insane letters.
90% will think you're creepy, but one might be a hit.
you never know and worth a try, imo.
i mean, what's the risk? (if it were a coop with an important future interview it'd be a bit different.)
Posted by: antidope at September 24, 2009 3:37 PM in response to Getting into Desirable Condo
Is there a doorman??? They are the best source, especially when you tip them.
that's how I got my first one.
Posted by: daveinbedstuy at September 24, 2009 3:48 PM in response to Getting into Desirable Condo
No doorman, unfortunately.
I've been obsessively checking NY times, streeteasy, craigslist, corcoran, prudential, BHS, Aguayo Heubner and any others I can find and I guess I'm still hung up on our first lost bid. Fell in love with the place.
In addition, not seeing many new and good options for 2br coops or condos. A few great coops, but all with fees over $600+ so those are out for us financially.
Posted by: bklyn11238 at September 24, 2009 3:52 PM in response to Getting into Desirable Condo
by all means, do it, it's a great idea. try to find a way to remind potential sellers that they will not have to pay a 6% broker commission. You are basically offering someone a 6% price bump over fair value. This is worth anyone's time, and the brokers have been making money for nothing for too long. The price comps are right there, so you don't need a pro to tell you what the right price is. Have you thought of simply mailing a flyer? you know the address and the apartment numbers already -- you don't need to actually slip something under the door (which is a little creepy)
better advice though: keep your powder dry. more good stuff is coming along. you will love again.
Posted by: joe_the_bummer at September 24, 2009 4:14 PM in response to Getting into Desirable Condo
If it's actually a condo, you can go onto the department of finance website and do a search on each unit number and get the registered owners addresses. You could then write a personal note to the owner/s of units that you're interested in and send it via UPS. I'm pretty sure that's how brokers do it.
Posted by: bohuma at September 24, 2009 4:36 PM in response to Getting into Desirable Condo
Make that USPS.
Posted by: bohuma at September 24, 2009 4:37 PM in response to Getting into Desirable Condo
Try the superintendant then.
Posted by: daveinbedstuy at September 25, 2009 8:29 AM in response to Getting into Desirable Condo
Could you also add a category for building inspectors/engineers?
I second the comment that user reviews should be enabled.
Posted by: bklyn11238 at October 7, 2009 12:33 PM in response to Brownstoner Directory Launches