Bklyn-Friendly New Development?

how much $$$$ ??

Posted by: kickassidy at May 14, 2009 3:20 PM in response to Inside Third & Bond: Week 84

great write-up, JoeBushwick. Thanks for sharing

Posted by: kickassidy at February 2, 2009 3:35 PM in response to Quote of the Day

Thanks so much for all the feedback! Very helpful!

I started off wanting an apartment/studio in Brooklyn Heights, because I really like the neighborhood/family feel. I'm 27/F with a whippet (small greyhound). Small space doesn't bother me, I just need balcony/terrace b/c of dog (and I'd like it anyway).

Upon considering my budget and neighborhood/family feel, it seems perhaps the best area would be Fort Greene (west side of the park, so closer to transit).

Neighborhoods I especially like are: Fort Greene, Brooklyn Heights, Cobble Hill, North Park Slope, (secondary Boerum Hill, Carroll Gardens). I was really impressed with Toren (price, look, amenities, decent location though not my fav) but it doesn't have the neighborhood feel I was wanting, besides that the studio w/terrace in my budget ($380k) has sold already.

I am hoping to buy a place sometime between this summer and next. I really appreciate your feedback, thank you!

Posted by: kickassidy at January 15, 2009 3:40 PM in response to Bklyn-Friendly New Development?

If you are new to this, make sure you are comparing condo to condo and coop to coop. Most older units are in coops. Higher monthly charges but no separate bill for property taxes. Pick out what you like then post here about the specific building and see what people have to say.

Posted by: slopefarm at January 15, 2009 2:00 PM in response to Bklyn-Friendly New Development?

Always take internet forum comments with a HUGE grain of salt. Negative comments are far easier to make since anonymity allows. And sarcastic criticism is an easy method to put your .02 in order to appear more informed and wise than the next guy.

Every serious house search involves you actually going on site and asking a lot of questions from the seller/developer. And if possible - current owners. Couple of pictures and a paragraph you see in RE blog sites will not do justice how good or bad a development really is.

Regarding a development, what are you exactly looking for? What neighborhood? Amenities? Studio or 1 bedroom? Public transportation?
For less than $400k your best bet is a studio in a new development. 1 BR usually starts around $450k in a new dev in good neighborhoods like Park Slope, Williamsburgh, Clinton, Prospect, etc.
In non gentrified or less popular neighborhoods (Bed Stuy near Williamsburgh for esxample) you can get better prices.

Prices will likely be flat at best or, more likely, go down a bit more. That is the popular prediction.

BTW - don't forget closing cost. $500K is roughly about $25K (taxes and fees and escrows) + down payment.

Posted by: crimsonson at January 15, 2009 2:16 PM in response to Bklyn-Friendly New Development?

When you day the monthly bills are higher in coops, it doesn't sound like you know that your taxes are built into this monthly mnt number. At the end of the year you get to deduct a certain % (based on your building...). With a condo, you are paying taxes directly to the city and your common charges are what you pay the condo. Figure another 100-500 in taxes a MONTH depending on what you buy. This # is 100% deductable. There's your difference.
Also, owning "real property" owning a coop is like owning shares in a corporation...

Posted by: oohlala at January 15, 2009 2:26 PM in response to Bklyn-Friendly New Development?

yes, even with a brand new condo, you need to have it inspected. however, negativity on real estate blogs aside, many new buildings do give you the advantage of great construction along with new everything, so you can go for a long time with out replacement or upgrade costs. especially true for HVAC and appliances. also, everything should come with a warranty which the developer will leave with you. plus, many condos will have central a/c which most older coops will not.

there are definitely deals out there. however, because some condos will not come to market if there aren't enough sales, i'd look for buildings where they already have a c of o, and there are maybe folks who've already moved in. if the developer has a few more condos hanging around to sell, then they'll deal with you to get rid of them.

when you say N/NW brooklyn - do you mean greenpoint/williamsburg? some of the coops in south williamsburg may turn out to be some sort of government project. i have a friend that bought one of those cheap, but it needed a lot of work.

if you don't have to be west of the BQE, i think that all of williamsburg (out to the grand stop area), is fine and has good amenities at this point. i have to go to the grand street stop from the bedford stop frequently, and it's all of 4 minutes. bedford/lorimer/graham/grand - it's all really close to each other. the lorimer area has the added benefit of still having cheap and marvelous italian stores and shops. within a couple of blocks of each other are a fish store, a bread bakery, a butcher and an amazing barber.

graham/metropolitan/bushwick avenue all offer many new bars and restaurants. there's grocery shopping too.

good luck!

Posted by: wine lover at January 15, 2009 2:26 PM in response to Bklyn-Friendly New Development?

One thing you'll probably find is that older apts have a bit more square footage, generally speaking. SOme of the new units are real shoeboxes. Make sure you take your own measurements in the new apts and don't go by what the broker tells you.

Posted by: denton at January 15, 2009 2:34 PM in response to Bklyn-Friendly New Development?

Closing costs for coops are significantly less than condos. My closing costs were $2500 for a coop where new constructions can run 5 to 10 times that. That being said many new devs are offering to pay for some/all closing costs.

Posted by: DeLepp at January 15, 2009 2:49 PM in response to Bklyn-Friendly New Development?

You have to factor in that much of the pre-war housing has stood the test of time and new construction looks very dated after a couple years.

If you don't care what the outside of the building looks like, this might not be a concern to you, but should be kept in mind.

What looks "nice" today, might not look nice in 5 years.

Also keep in mind that the very thing that people sometimes prefer about condos - not as many rules on subletting, financials, etc are the same things that make them a drawback...some condos are turning into heavily rented out buildings with a very transient population.

They are also more apt to foreclosure as co-ops are very stringent on allowing someone into a building.

Posted by: 11217 at January 15, 2009 2:57 PM in response to Bklyn-Friendly New Development?

The monthly maintenance payments in old coops that have paid off their underlying mortgages can be very, very, very cheap. Say, $300 or $400 a month.

The cost of apartment upkeep should be the least of your worries. The coop or condo handles most of it. For instance, if a pipe inside the wall breaks, it's their worry, not yours.

Posted by: mopar at January 15, 2009 3:21 PM in response to Bklyn-Friendly New Development?

My monthly maintenance payments are less than $300 a month.

So yes, mopar...that is correct.

Posted by: 11217 at January 15, 2009 3:39 PM in response to Bklyn-Friendly New Development?

Thanks so much for all the feedback! Very helpful!

I started off wanting an apartment/studio in Brooklyn Heights, because I really like the neighborhood/family feel. I'm 27/F with a whippet (small greyhound). Small space doesn't bother me, I just need balcony/terrace b/c of dog (and I'd like it anyway).

Upon considering my budget and neighborhood/family feel, it seems perhaps the best area would be Fort Greene (west side of the park, so closer to transit).

Neighborhoods I especially like are: Fort Greene, Brooklyn Heights, Cobble Hill, North Park Slope, (secondary Boerum Hill, Carroll Gardens). I was really impressed with Toren (price, look, amenities, decent location though not my fav) but it doesn't have the neighborhood feel I was wanting, besides that the studio w/terrace in my budget ($380k) has sold already.

I am hoping to buy a place sometime between this summer and next. I really appreciate your feedback, thank you!

Posted by: kickassidy at January 15, 2009 3:40 PM in response to Bklyn-Friendly New Development?