home search: realistic expectations?
Getting ready to start an out-of-state (mostly) search to find a new home in Brooklyn (my former home, so I’m very familiar with it). I’d love some advice about whether I have realistic expectations for what I’m looking for, lest I waste too much time holding out for that “just right” place that takes years…
Getting ready to start an out-of-state (mostly) search to find a new home in Brooklyn (my former home, so I’m very familiar with it). I’d love some advice about whether I have realistic expectations for what I’m looking for, lest I waste too much time holding out for that “just right” place that takes years to come along.
Budget: around a million (but thrilled to pay far less!), less if it needs work, more if there’s rental income. Prefer something renovated or new, but if all else is perfect, we would consider doing reno ourselves.
Nabes: Prospect Heights, Park Slope, Ft. Greene,m Clinton Hill, Boerum Hill, etc. Walking distance to “good stuff.” Would LOVE walking distance to Prospect Park and Grand Army Farmers Market. Not Lefferts Garden or Kensington (too far out, and not enough walkable stuff).
Size: 1500+ sq. ft. At least 1.5 bathrooms. Pref. 3 bedrooms (or two bedrooms plus office area), pref. formal dining room or ample dining space.
Must have: dedicated parking on-site or super nearby.
My (no doubt unrealistic) dream home: a townhouse with parking and a yard, sizable owner’s duplex, plus in-law unit or studio and a one bedroom rental. I see one like this listed in Lefferts Garden, a limestone beauty, listed for under a mil. But it’s too far! If it were this, I could probably swing $1.3 mil…
OR, a large condo for a lower price, with reasonable maintenance. Parking for sure. A patio or yard would be great. Actually, the Vermiel listings for the largest units seem perfect, except that they front 7th Ave and Sterling (with the windows RIGHT, right, right on the street) and the asking prices are high!
Am I crazy, or is this doable?
The other dream (im)possibility, a well-priced empty lot that meets the above requirements and is buildable… for a super-dope prefab…
Again, no. Even forgetting the dream home stuff and just going back to the 1500 sq ft, 3 bedroom (with or even w/o ample dining area) for $1M. No, not in those neighborhoods.
How much do you really have? What kind of downpayment and what kind of monthly can you pay. It sounds very flexible given that you say $1M or less and then say you could pay for a parking space you have to have and maintenance/condo fees if you didn’t buy a house.
By the way, 9:15s rec may be flexible on the price which is 50% more than your budget, but I doubt they’re flexible on the $1500/mnth fees. Ouch.
Somewhat more than your budget, but it meets all (or most) of your requirements, including parking (plus it has been on the market for a while, so maybe there is room in the price): http://realestate.nytimes.com/sales/detail/44-1022688
Plus its a great building.
Prime location, renovated, parking, 3 bedrooms, dining space, rental income, not on too busy a street?
Your want list is probably similar to nearly every buyer out there. You won’t find that for under a million without going to a less established neighborhood.
Also, I think your want list contradicts itself – if you want a super prime location, you will not have parking without paying an extreme premium. If you want to live in a busy area around stuff you will have to deal with noise and congestion.
But I could be wrong. Good luck!
Try Windsor Terrace too:
http://www.warrenlewis.com/cgi-bin/re/re_show.pl?re_command=show&ID=6271
I just posted a comment with some links, but I guess when you post various links the website has to approve them first–hopefully it’ll show up tomorrow.
But the gist of what I said was to look at three South Slope listings (10th and 14th streets) that are $1.4 and less, I believe. You could probably get them for less since they’ve been on the market at those prices for a while. Run a search on NY Times and they’ll show up.
Okay, okay…! So cut out that paragraph about the “dream home.” (I did say I knew THAT was unrealistic!! 🙂 Is it still unrealistic? I was thinking a condo, co-op, or tiny S. Slope single family might fit the bill. No? The outdoor space is not a req, just a bonus… I’m seeing new development condos that seem to, but so much about the advertising for them seems deceptive, I’m not so sure…
definitely think California has made you too optimistic!
California dreamin…
No.
It’s a simple no. You cannot get those things in those neighborhoods for that budget. Someone will write that you can. Someone will write that they did (X years ago). Someone will tell you to move to crown heights, lefferts gardens, bay ridge. They will be wrong. You need more money.
Personally, I say get rid of the car. Life is so much better without having to think about it. One of my favorite things on moving back to ny was the subway – even though I complain about it all the time now.