Clinton Hill condo?
I’m thinking of making an offer on a condo in a brand new brownstone conversion in Clinton Hill (2 br $545k). I just learned a one bedroom ($410k) is available in the same building. It’s a great space, but doesn’t get a lot of sunlight which is the only drawback for me. Which would be…
I’m thinking of making an offer on a condo in a brand new brownstone conversion in Clinton Hill (2 br $545k). I just learned a one bedroom ($410k) is available in the same building. It’s a great space, but doesn’t get a lot of sunlight which is the only drawback for me. Which would be a better investment considering the neighborhood? I’m single, but would like to have a roommate for extra income and company. Does either of these sound overpriced? Any comments? First time buyer, help….
where is the two bedroom in clinton hill? any info on the listing? might be interested…thanks!
putnamdenizen: I just decided to go with the one bedroom. I’m single and young and my parents would be buying for me, so co-ops, unfortunately, are out. We wouldn’t technically have needed the rent from a roommate, but I’m going to convert the dining nook in the one bedroom into a second (albeit windowless) bedroom and hopefully my roommate will come with me because I love living with her.
Thanks for your input. This is such a huge decision and I feel like I’m making it all alone.
Hmmm. Screen shows me commenting as “Amy” but it was posted as “Anonymous.” Weird. But it’s me.
Amy
Tough questions. On the one hand, Clinton Hill is full of families squeezed into one bedrooms having their first or second kid and looking for a two bedroom. So in terms of resale my gut tells me that the two bedroom with better light would have the better resale value.
However, I don’t think you should make the decision based on resale value. You just don’t know what’s going to happen to the neighborhood or the economy between now and then.
If you like having a roommate, go for the 2 br. Personally, I would rather live alone than have a roommate, and I would take the money I saved by buying the 1 br and spend it on lots of lighting for the apartment.
I’m not sure if the first poster was saying that fringe areas in Clinton Hill are due for lower prices, or that Clinton Hill itself is considered fringe. But I don’t really agree with either one. We’ve lived in Clinton Hill for five years now, four on what would be considered by many to be the best block, and one year a few blocks from Bed-Stuy in what would be considered a fringe area. We’ve loved them both. And the value of both properties has continued to rise.
I actually wonder how the fringe neighborhoods will be impacted by any of these subprime issues.
I’ve seen a number of properties advertised on nice blocks of Bedstuy where short sale or bank approval required has been mentioned. Some of these are great buildings that are just waiting for someone with a little more money to jump in and bring them back to their former glory.
Putting aside the issues of displacement and gentrification for a moment, I think it’s possible that the sub prime issues may force the sale of some properties in some areas that are already improving and the result will be a quickening of that process.
I make no predictions about absolute prices. My sense, however, is that a well laid out two bedroom is significantly more valuable and flexible than even a well laid out one bedroom.
That said, if you will need a roommate to cover the extra mortgage, I have to agree with above poster. This does not seem the moment for dancing on the edge. If you are insistent on buying now, why not go for something in the Clinton Hill Co-ops for about 200k less?
I would wait. I’m sure it, or something better, will be there in autumn, and at a lower price.
Prices esp. in clinton hill fringe will go down quite a bit with this mortgage crisis.
Over half a million for 2 bedrooms seems quite high in this declining market. Just consider how much money that is. For a “dark” walk-up apartment? you can rent wonderful places for less than the interest on the mortgage. If prices don’t go down by spring (guaranteed, they will not go UP) buy then.