'safety' of purchasing condo between myrtle and park ave (near bqe) in CH

i there,
I am looking to begin a family with my wife. Right now we just work and relax when we can (no children for at least 5-7 years from now, so schools aren’t an issue, and in terms of space well, we can move when the kid is 3-5years).
We are hoping to buy a condo in Clinton Hill. We’ve looked closely at a few prospects on
-Waverly ave
– Steuben ave
-Clinton ave
All of the condos are near the BQE area, you can see it in the distance (near) if you look to the left from the porch. Are these condos in this area a good investment? If we sell in 5-7 years is it likely that we can get at least 30% growth on the original investment with little work? 
That is the difference for us. We are pretty sure we’ll need to sell in that time frame to a bigger house (town house-we’re hoping to make more money by then!). And want to feel some what secure in the knowledge that the area has value, that if the economy gets worse, we will not feel it as much in CH (I know it’s not PRIME CH but …in terms of RE and relative housing value)

I am trying to read up on home ownership, just joined this forum and have this essential question:
Is it a good idea to purchase a condo in this area: so close to the BQE, consequences of the navy yard plans, anything else I’m missing
I just want to know what I’m getting into. My wife feels that this neighborhood is great just because it’s still within CH. 
I on the other hand notice that it’s a lot cheaper than the part of CH she was raised in, is near the BQE and well, am just worried about the price, stalled developments, the potential hazard from navy yard plans, and I’m worried about what the city will do with all of the vacant lots/stalled developments that are on the blocks we’re looking at.
I want to know that my neighbors are people that will upkeep the value of the neighborhood (making things nice, and pretty means putting money into your home, show pride in owning a bit of something). The entire area is quite nice right now. I’ve visited frequently.
Thoughts?

chanel

in About Brooklyn 13 years and 6 months ago

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rsj3 | 13 years and 6 months ago

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Uhm, its a fine area. Bad things happen anywhere/everywhere in Brooklyn… Great 7 year investment!

chanel | 13 years and 6 months ago

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I have been reading a few articles on the auction of some homes/lots in the area. If the homes are bought and renovated as new high quality condos, this will be great! The value of the neighborhood   But…if it’s not sold to a developer it’ll continue to be an eye sore.

chanel | 13 years and 6 months ago

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The whole 7 year thing is not really about the condo/switch to a house, it’s more about projecting to were we think we’ll be finished with school, finish other things and be ready to really think about having a home that we’ll have to put real work into. Also, the 7 year thing considers NOT having children until then. With our biology…we’ll never be able to have that be a surprise. So, if we cannot afford to sell/find a bigger place then…it’s ok.  The 30% issue is just to express that we hope to be able to have an increased buying power if/when we sell. I know the surrounding area will increase if our condo is able to gain that much without us putting any work in.   Most likely, we’ll have enough to buy a town home in an area that folks say is ‘up and coming’ now (because the hope is that…in 10 years…it’s hopefully ‘there’ lol..) I want a backyard, at least 2,000sqft , and a house to decorate. We can’t afford all of that right now but I want to make the right moves. I can’t just…wait and wait continuously paying rent that costs more than owning my own condo!

timber | 13 years and 6 months ago

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It’s a fine neighborhood.  I lived there for 18 years and was quite happy there (that was 20 years ago).  I still own property in the neighborhood and in my opinion it has “held it’s own” during this downturn.

bobjohn | 13 years and 6 months ago

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– Schools in Clinton Hill are terrible. – You will be 20 minutes walking from nearest subway station. And if you white male walking from subway – you should avoid eye contact with locals. And stay away from projects in Red Hook and Bedsty.   If all these change in 7 years, it would be a good investment. But I doubt.

Augustiner | 13 years and 6 months ago

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None of my business, but did 7-year plans ever work the way you predicted? You calculate a +30% on your investment, overlooking that (if you get that return) your dream house will be also at least +30% more, so your whole calculation is off, because 10 years from now you will have lost money by going for 2nd best. Unless you are a developer or investor I would not buy if you intend to resell within 10 years. Even if you get +30%, at least half of it is going to be consumed by the side costs of the deals Only the place that you are truely convinced of will give you a good return on investment. If you have doubts, wait. There is enough stuff out there and it doesn??t run away.