Only if I were 10 years older
My family bought a house in Brooklyn back in 2001, the price was “expensive” for them but with hard work they saved enough to afford it. Now the house is worth 3x as much. Sigh. How can someone in their mid 20’s afford a home in Brooklyn nowadays? Now even working hard and saving a…
My family bought a house in Brooklyn back in 2001, the price was “expensive” for them but with hard work they saved enough to afford it. Now the house is worth 3x as much. Sigh. How can someone in their mid 20’s afford a home in Brooklyn nowadays? Now even working hard and saving a lot wont get you anything… Sigh, I am just venting since I been looking for about 6 months now.
quikazoid, how do you save so much each month? Do you have any tips for us?
Yes, homeownership in NYC seems to be for the six figure crowd only. You can try buying a Coop. If your heart is set on a Row house, there are some lovely blocks in Bed-Stuy, Crown Heights, Eastern Lefferts Gardens – past Rogers (thanks Bob) where you may be able to get something that’s “modestly” priced, as iron says, maybe a fixer-upper. I’ll leave that “fringe” comment alone. Also, you can also factor getting something with a rental but don’t force it, either you can afford it or you can’t. Finally (and don’t tell this to the latte sippers that post here) As you know – Brooklyn extends past Prospect Park – there is Flatbush, Canarsie, Dyker Heights, Mill Basin, Marine Park, Sunset Park etc, etc. You may need a car but it may be worth it.
Putnamdenizen,
LOL–the hypothetical schoolteachers were to live like millionaires AFTER their house was finished. In retrospect, knowing more about old houses, that’s somewhat akin to “next year in Jerusalem” at a Passover Seder.
There are lots of deals (obviously they need lots of work) in fringe hoods like Bed Stuy and Bushwick. I sometimes email deals I spot to friends who are looking to buy, but the stock response I receive is “I’m not living in the hood.”
You need to decide how much of a “hood” threshold you and your woman can bear.
Once you’ve focused on a particular neighborhood, start hitting CL and the other sites religiously. If you can find some good agents to help you look, use them.
Before you know it, you’ll find something that makes sense.
And don’t be afraid of renovation projects. With a good contractor (only go off personal references of friends) it’s often not as big a deal as you might think and allows you to personalize a space to your exact specifications.
Keep saving–I am convinced prices will drop, and you just need to be in a good position when that happens–it sounds like you are on the way. Good luck
My memories from the 70s were that friends of my parents bought in South End Boston but they weren’t really living like millionaires – a lot of crime, hard work renovating houses etc. Don’t millionaires have people to renovate for them? (LOL). One couple were featured in the book “Common Ground” about the Boston busing crisis. They ended up fleeing for the suburbs. There are reasons why some houses are more expensive now…
The other thing is, a lot of young people buy “starter” apartments, then sell them five years later and have the down payment and reserve fund for a house. Of course, you’d have to sell in an up market. Planning conservatively, I’d guess prices won’t rise back to 2006 levels for another then years. (No one really knows.)
I found my place in bay ridge on CL. The realtor was a great ReMax agent named Maria Skarvelis. I looked in Sunset Park and didn’t see anything that didn’t need major work and there aren’t so many amenities there. Yes, the commute is longer, but you can get a cute one-family with a garage for the price of a two BR apt in other neighborhoods.
Do you have your heart set on Shore Rd in Bay Ridge? I think you could open up your options more if you looked up from shore, like between Ridge and third or Narrows and Ridge. The Shore Rd area homes are always a lot more.
Also I’ve learned that realtors here don’t advertise in the papers much.
Good luck in your search.