Is Ditmas Park "fringe"?
We’re looking to buy a coop in the greater Ditmas Park area. Do people think this is a nabe where we’ll risk overpaying in the coming months? Better to wait? Things seem to be selling briskly there, but would be interested in your opinions. For what it’s worth, we love it there and would love…
We’re looking to buy a coop in the greater Ditmas Park area. Do people think this is a nabe where we’ll risk overpaying in the coming months? Better to wait? Things seem to be selling briskly there, but would be interested in your opinions. For what it’s worth, we love it there and would love to be in a place of our own sooner rather than later. Thanks in advance!
Ditmas Park is a little inconvenient, but it’s rapidly gentrifying. It’s a great neighborhood for people who don’t like to live near black people, or think neighborhoods with a lot of black people are scary and dangerous by definition.
I bought in the area about three years ago and have never looked back. I did a lot of thinking before I bought here and what really cinched it for me was when I realized I didn’t care if it changed or not. I was paying way less than I would in other neighborhoods and I liked this one, as is, enough to be happy with my purchase even if it never changed. The people are what made it for me – and the easy commute to my office downtown. I have met more people I can see being friends with for years to come here than I did in any other neighborhood I have lived in Manhattan or Brooklyn. It has only been an added bonus that the neighborhood has scored a great wine shop and some great stores and restaurants in the past couple of years. I also didn’t expect so many artistic types priced out of other neighborhoods to move in. There is a flourishing group of musicians and artists that are giving the neighborhood an even better vibe. It might not be the best time to buy anything due to the general decline in the real estate market, but if you are going to buy anyway and are just deciding on neighborhood, I say go for it.
Read the “Want a Bargain? Head to Flatbush” Link on Brownstoner’s Monday Links. I think the title of the article says it all.
You’ve been in the neighborhood for a while, you really like the area, many ammenities with more coming, very accessible to various forms of transportation, very affordable, beautiful surroundings. Plan on staying five years of more. Go for it. at this point you can choose from new construction or older buildings with detail.
you may want to define what the “greater ditmas park area” is, as the area tradionally known as ditmas park has both been a great area to live (been here all my life), is a great investment on a limited budget, and i think has maintained its value. there are certainly people who do not have upwards of 900,000 to spend on a house, and want to live in the area, or have more than 600 square feet to their two bedroom apartment. i think there are areas that surround ditmas park that arent as expensive, but might be slightly riskier…
even so, if it’s a great apartment that you love, it might be worth it.
not too far with Q or B trains. great area. a lot cheaper than Williamsburg (and why would anyone want to live there anyway?) after loking all over Brooklyn a year ago, Ditmas Park was best investment for coop on a limited budget. huge improvements in past year, and neighborhood is only getting better.
look hard before buying though, as some owners are asking more than their coops are worth while bargains can still be had.
–satisfied owner
i wouldn’t buy a coop there because i think it’s too far, and you could get more financial security buying a condo in a closer safe neighborhood like williamsburg.
can understand that many love the houses there, but a coop? hmmmm
Not sure I buy the concept of a “fringe” neighborhood from which people will flee en masse if the economy goes south. I’m trying to think of one in the city…and I just can’t. There are probably some neighborhoods that are developing (read gentrifying) more slowly than others, but a retreat? Don’t think so. Not when Manhattan is out of reach for so many upper middle class people.
I would guess that Ditmas and areas south and east of PP will continue to gain fans, esp. if the proposed Fiske historic district goes through and the F train goes express again. It’s the accumulation of little infrastructure improvements that would give me optimism about buying there.
I agree generally with 12:58. The fundamentals — quality of apartment, price, amenities of location, schools, whatever’s of value to you in a residence — are most important. And if you are planning to stay there for a while (I’d say at least five years, preferably more), I wouldn’t worry too much. But I would be very careful if you think there are factors — potential changes in family size, work location, etc. — that might cause you to want or need to move sooner than that. The people I knew who had trouble between 1988 and 1994 were people who suddenly had a bigger family, divorce, or the like and had to move.