Still possible to invest in Bushwick/Ridgewood condo? Tips?

It’s gonna be new construction because until recently, nobody was building condos in these areas.

chemosphere

in General Discussion 8 years and 11 months ago

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pierremarron | 8 years and 11 months ago

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Hello all,
I am interested in purchasing an apartment in the Bushwick/Ridgewood area as an investment (hence probably a condo as most co-ops seem to have sticky rules about renting out). I am hoping to get something small, maybe not in a prime area (one of the further stops, like Halsey L), for less than $300k. I did a cursory search and the inventory below $600k+ seems very low and consists of all new construction, which is not a requirement for me. I haven’t been watching that market, but is this typical? Is my idea of getting something small for under $300k realistic (or something decent size for a little more?) if I wait around for the right thing to come along? This is the only sort of applicable listing I found http://www.zillow.com/homedetails/309-Cooper-Street-2A-Brooklyn-NY-11237/2099315602_zpid/ and I bet they’re pushing it on the square footage. I know I may hear that a house would be a better investment, but I already have two and can’t afford or handle another one. I thought about waiting around for 2019 L shutdown, but my gut feeling is it won’t do much for the sales market – might actually just create a lot of buying speculation. Thoughts? Advice? I am not sure where to look aside from the typical channels (Zillow, Trulia, etc) and feel that Bushwick/Ridgewood is not really an area where you can dig up some treasure by going through a small local agency anymore. I appreciate any input/experience.

EJR | 8 years and 11 months ago

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I have zero experience with this particular neighborhood, but if you want to find a “deal”, walk the street looking for “For Sale” signs in the window or local mom-and-pop brokerages, and pay no attention to the offerings from the larger brokerage houses.