feel priced out of everything
I would look in NJ. Maplewood is a nice town…Secaucus is super close to manhattan.
arch007
in About Brooklyn 11 years and 1 month ago
16
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16 replies
Attention2detail | 11 years and 1 month ago
Why is it that with more than 350K cash that I still feel priced out of any home that is under a million in Brooklyn? Even at the 900K price point I feel like I keep getting outbid. What a shame. Is that happening to lots of people or just me? Or maybe the house for me hasn’t really come along yet. Le Sigh.
landlord | 11 years and 1 month ago
You should be able to get a nice home at that price point. Have you looked at Marine Park? I live in the area and feel its still a bargin. Only negative is the commute to Manhattan. Since I don’t work in Manhattan, its not an issue for me.
prospectheightsresident | 11 years and 1 month ago
Where exactly are you looking? There are plenty of homes for sale in my neighborhood (I live 4 blocks from the Barclays Center). Homes regularly go for between $750-$900K. Now, don’t expect to get a brownstone at this rate, but you should be able to get a nice townhouse at around that rate. Plus, the area is close to several subway lines.
rh | 11 years and 1 month ago
Midwood, E. Flatbush.
chemosphere | 11 years and 1 month ago
You might be able to find something in Kensington, although the market is tight. You definitely can find something in Flatbush or East Flatbush. There are rows and rows of solid 1 and 2 family houses there for under 650k. Some are flips, some have details intact, some are frame houses with windows on the side. The commute to midtown is about 45 minutes and you are adjacent to Ditmas Park and south of PLG. Plenty of things going on there. Within a mile to prospect park. Midwood has some deals but there is not much inventory at this price – there are lots of pimped out mansion-type houses that appeal to the orthodox community but not a lot of houses around 900k that are near the subway. On the other hand, I looked at a 1 family frame house on a 20×100 foot lot, that needed a gut that eventually sold for 475k. There are some bargains there. Bay Ridge has some affordable pockets too, but that might be pushing it to find something at 900k. Better to go with Flatbush where you can get something quite nice and have money left over for renovations.
prospectheightsresident | 11 years and 1 month ago
Yes, perhaps my response was a bit dated. Although a house a few doors down from me (827 Dean Street) sold for $899K last year, and several other houses on my block sold for comparable prices in the past year as well. I assumed that there was a more robust housing market still. But, upon a search of some of the real estate websites, it seems that most of the listings are condos and coops. If you’re up to it, though, I wouldn’t bet against driving or walking around the neighborhood (or any other neighborhood) and talking to homeowners out on their properties about whether they are open to selling or know anyone who is open to selling (I’d also recommend checking in with some of the less high profile realtors to see what they have on the market…this sometimes necessitates a physical visit to their office). That’s how many of the developers were able to buy some of the properties on my block; they made all cash offers to people in the neighborhood and convinced them to sell. It’s tough trying to balance neighborhood safety with transportation needs and aesthetic value, with the most desired neighborhoods either being too expensive or not selling the type of property you’re looking for. Best of luck with your search.
Attention2detail | 11 years and 1 month ago
Going to put the foot to pavement, but I do prefer certain areas. I like Prospect Park so my mind is set finding something closer to the park. Going to keep trying.
chemosphere | 11 years and 1 month ago
If you trace the neighborhoods that border the park, you will find Prospect Heights and Park Slope, long out of your price range. Then you have Crown Heights, Prospect Lefferts Gardens, Prospect Park South, and Windsor Terrace, only recently out of your price range. And finally that leaves Kensington and Flatbush. Kensington is just about what you are looking for (and so was I) – safe, diverse, 1 and 2 family homes, walking distance from the park, lots of interesting shopping and food. However there are a lot of folks who want the same thing and not much on the market. Recently a few houses in move-in condition have sold for over 900k. A few others which need lots of work have sold at about 750-850k. You might have some success with the Eastern edge of Prospect Lefferts Gardens, or even Wingate, on the east side of Nostrand Ave. You are about a 15 minute walk from the park there, but its still a good deal cheaper than the landmarked parts of the neighborhood. That leaves Flatbush. The northwest corner of the neighborhood is still walking distance to the park. The housing stock is as good as any. This area was developed by some of the same builders and architects who built Lefferts Gardens and Ditmas Park. There are plenty of businesses along Church Ave and rows of 1 and 2 family houses for much less than 900k.
prospectheightsresident | 11 years and 1 month ago
Good idea. Of course, the areas closest to the park will likely cost more and be out of your price range, but prices do vary in Prospect Heights (I really can’t speak for Park Slope as I’m not too familiar with that area), particularly as you move away from the park and Barclays Center and get closer to the Crown Heights border . . . I’m a 15 minutes walk (tops) from the park myself and that’s close enough for me, though I’d understand if you’d want to be closer. And you might be surprised at what you find by walking around and talking to people/visiting small real estate companies. Also, you might find houses for sale by owner, which you wouldn’t necessarily know about absent walking around. Good luck.
BobMarvin | 11 years and 1 month ago
Chemosphere is spot on except for one minor point; the eastern boundary of Prospect Lefferts Gardens is New York rather than Nostrand Avenue.
rastermon | 11 years and 1 month ago
Bay Ridge! Houses can be had for under $800k (admittedly probably needing renovation at that price).
zhideng | 11 years and 1 month ago
I was in you same position last year. We had what I considered a good deal of cash to buy a house under a million. We searched and searched but was outbid constantly when a house we liked came around. Brooklyn is really hot right now and it made it difficult for us. I am from Brooklyn and my mom actually lives in kensington. What we ended up doing was going further east in Brooklyn. Not near the ideal locations we were looking for but it was less competition and we were able to get a place that met most our criteria. There are lots of options in terms of areas in Brooklyn but you have to be realistic when it comes to location, price and size. You’re going to need to compromise at least 1 if not 2 of those factors. I love prospect park, I spent a good amount of my childhood going there and exploring and riding my bike around it. But when I started to look for houses as an adult around that area the prices were far out of reach already for me. Prospect Heights, Park Slop, PLG and even Windsor Terrace are far above the million dollar mark now for most houses. Maybe if you found a 1 family but a 2 family house is definitely over a million in those areas unless the condition of the house is fairly poor. Like others have said you need to widen your search to other areas. You can search more eastern edges of PLG, still somewhat accessible to the park but definitely more up and coming. Crown Heights has also convenient transportation to the park but is going up and an insane rate. You can probably fine a townhouse in central to eastern parts of crown heights for your price range. We also looked at Bay ridge and I really liked a few of the houses we saw there. But transportation became a slight issue and my wife didn’t like the area as much as I did. My advice is just to go out there and check out all the areas, even the ones that you didn’t consider. That way you will know for sure what areas are acceptable to you and open up more options. Good luck on your search and I hope you find something.
argylerd | 11 years and 1 month ago
If you want to be near a park, look at Marine Park. It’s huge and houses nearby are under 700K
cate | 11 years and 1 month ago
Brooklyn is very competitive right now. Many real estate agents counsel their clients to look at houses priced 10 percent under their budget, then bid 10 percent over ask. There are houses priced under a million in Sunset Park, Bed Stuy, Bushwick, and PLG, but they are likely in poor condition. You may be able to find something nice in your price range in eastern Crown Heights, Flatbush, Midwood or Cypress Hills. With a down payment of $350,000, you’re also in a good position to bid on the best Jackson Heights (in Queens) co-ops, which typically require 30 percent down. Also, I don’t know if you’re looking on your own, but it can be helpful to look without an agent, since you will be more attractive to the selling agent if he or she doesn’t have to split the commission.
zerocool | 11 years and 1 month ago
Bay Ridge has many bargains. You can always find a nice Limestone for under a million. It’s also very safe and plenty of affordable school options.
zhideng | 11 years and 1 month ago
Limestone in Bay Ridge under a million would be strictly one family house. I searched there and most the 2 family ones are well over a million. It’s been almost a year since I started looking and I assume the prices have gone up a bit. Also consider if you need to be near the train stop a lot of the houses in Bay Ridge are a good distance away when its closer to the water. Its a nice long walk or bus to the train. But I agree if safety and school are high on priority list Bay Ridge is a good place to look.