Williamsburg Edge v. Toren (Downtown brooklyn)
Ok so I know that lots of people will say this choice depends on the individual and their preferences, but to be honest, all else being equal, we love both buildings and so are thinking about this in terms of which is the better investment. We would be living in this apartment for about 5…
Ok so I know that lots of people will say this choice depends on the individual and their preferences, but to be honest, all else being equal, we love both buildings and so are thinking about this in terms of which is the better investment. We would be living in this apartment for about 5 years and would then look to sell, so potential resale value in that timeframe is a huge consideration for us.
Each building has pros and cons and much of this decision will come down to location. The Williamsburg area is already “past its prime” with regards to investing, from what people say, though the waterfront area seems to just be getting a facelift now due to rezoning (I believe). On the other hand, the downtown brooklyn area, though not so amazing right now will likely improve dramatically in the next five years or so.
Asides from location, the Edge has fantastic amenities (though the Toren also has good amenities, they are not as nice). However, transportation is better in the downtown brooklyn area as it is a major subway hub.
Any thoughts/advice/further questions? Thanks in advance for the help!
To answer your question I believe Williamsburg is a preferable place to live than downtown Brooklyn. Great restaurants, stores, parks. Williamsburg is full of new families, it really isn’t hipster central anymore. All hipsters moved out to Bushwick. It is very baby-friendly in case you and your partner are planning on breeding.
Why not invest in a two-family and have some rental income? Certainly they are not making anymore 2 family properties.
In this market I would definitely rent if I was planning on moving in less than ten years.
to reiterate what everyone is saying – you should find an apt you love and a location you love. You have that luxury right now. do NOT think about future returns and do not buy in a location that isn’t good now but you are hoping will improve in the next five years because nothing is going to be happening in the next five years except probably a decline in quality of life. I personally think Wburg is much more fun than downtown bklyn which is really very dreary. On the other hand, if MTA cuts service, which it will, it will be a nightmare to have to rely on just one line.
You are thinking of buying apartments in unfinished buildings where there are 1000s of new units still inc cintruciton or sitting unsold to live in for 5 years? You are crazy. Condo prices haven’t even started to fall yet. And you will be living like a renter among renters wherever, dependent on what the developer chooses to fund (forget amenitites). And when you want to sell, you will be competing against foreclosures and the developers.
“So again i guess this begs the question, williamsburg or downtown brooklyn?”
Downtown Brooklyn. From what I’ve read there is a condo glut in Williamsburg. Downtown Brooklyn may also be overbuilt, but has better transportation, etc., and is not as developed. Also, imagine yourself 4 or 5 years down the line, married — does the scene in Williamsburg seem as appealing?
It looks like you are set on buying, but renting and stashing cash ain’t so bad either, especially if you are not in Brooklyn for the long haul. I defer to the economics people on this board, but everything tells me that cash will look good for the next year at least while people deleverage and asset values deflate a bit. If you do buy, extract some major concessions! There are price protection clauses floating around now, but I don’t know how effective they are.
there is value in any market but I cant believe that condos are a value right now at the list prices.
If you really want to buy, go and ask what they can do for you. they read the same papers as the rest of us. otherwise, i’d look towards renting. it still counts as your first home after marriage even if its a rental…..
Didn’t it take 10-12 years for prices to recover from the late 80s crash? Seems to me that you may very well be cruising for bruising if you are going to need to sell in 5 years. But what do I know? I live two blocks too far myself!
What do you have against renting? Just wondering… I mean I always buy because I want to renovate and I love old houses which I saw as harder to rent. Why wouldn’t you want to rent an apartment after you are married… just for a year?
I think your comments have been quite helpful. I would like to just say that the reason we would be buying in this market is not necessarily for investment purposes but because we are getting married and are thus looking for a place to live once we do. Realistically speaking its hard to imagine we would be living in brooklyn for much longer than 5-7 years (at least as we see things now, though things can obviously change). Thus, since we know we want to live in brooklyn for that timeframe, we were just thinking about future resale value of whatever property we buy. So perhaps the word “investment” was a bit misleading. This would not be an investment property in the traditional sense, but of course we are looking to maximize profit (if this is possible) by choosing an area/building that may be in a good position when the time comes for us to sell. So again i guess this begs the question, williamsburg or downtown brooklyn?
Thanks