what to do with all this equity?
Bought back in ’99, probably have $500k in equity in a 3br duplex coop worth at least $700. Debating whether to sell and buy a modest house (have kid/s now) or sit tight. Not on the right subway line for kid’s school (F), but in great location otherwise. Seeing houses on F line within reach…
Bought back in ’99, probably have $500k in equity in a 3br duplex coop worth at least $700. Debating whether to sell and buy a modest house (have kid/s now) or sit tight. Not on the right subway line for kid’s school (F), but in great location otherwise. Seeing houses on F line within reach for first time… sell/buy, or sit tight?
…but then what to do with cash? Gold (will see $1,600/oz but beware of scams) and other commodities. Maybe Euro or Asian denominated stocks. Just get out of real estate now and perhaps get back in later when it stops crashing.
***Bid half off peak comps***
“what to do with all this equity?”
Cash out now! You’ll never see 2009 prices in 2009 dollars again in your lifetime. Sell, rent and buy again after Case-Shiller stabilizes.
***Bid half off peak comps***
My slightly educated opinion– I agree with StuyMom– check out Windsor Terrace. The prices are coming down on the houses much faster than Park Slope (will PS ever really come down??), and it’s on the F line. Good luck!
I vote for buy. Check out Kensington.
Could you find something for your price range near the F in Windsor Terrace?
OP here. No thanks on Bay Ridge; still not safe for queer families and not close to anything except Staten Island. Our income would safely support a mortgage of around $350k along with all of all of our other commitments, so with roughly $500 in equity we’re not quite looking at $1mil houses. Not looking to do a gut reno, either, so something in decent shape is v impt. Still no consensus :-), but thanks for weighing in!
You’re right about stretching, 11217. But he OP didn’t say that he would be. He said he can sell his apt and have 500k. Not sure what he means by the F line, but he could certainly buy a nice house in WT or the South Slope near the F for $1 million. Putting 50% down on a house is not my idea of ‘stretching’. Of course we don;t know his income or other details but…
Slowly, a trickling of folks from Brooklyn Heights and Park Slope have been buying homes in Bay Ridge (even though many of the fine Victorians in that area had been razed by developers, many solid rowhouses and limestones still exist).
Schools are good both public and private and children are indeed welcome in the area.
Ah, but Bay Ridge is captive to the R line. However, my child attended HS in Park Slope and it was an easy trip from the R to F to arrive at same.
You might want to come out and take a look.
There are lots of advantages to owning an apartment over a house, namely, you don’t have to worry about maintenance, unless you decide to get involved.
Maintaining a 100 year old house can become a serious pain in the neck; having a pad with a terrace overlooking Central Park, on the other hand, sure would be nice.