New home buyers seeking knowledge
Hello fellow brooklynites! I was born and raised in the Sheepshead Bay and Bensonhurst areas of Brooklyn. I am now ready to buy my first home and was wondering if any experienced individuals can offer some feedback, tips, suggestions etc. I know this has probably been discussed on the forums many times before but I can’t seem to find any solid information. With that out of the way; I’m ready to make my first home purchase and would prefer a 2 family home but wouldn’t mind a condo if the price is right. I’ve been looking at the Bedstuy area as I know the neighrborhood is rapidly developing. My issue is, between myself and my partner we make about $100k a year and have excellent credit. Like everyone else, we would like to get the best bang for the buck. Would anyone know of where I would be able to find properties relatively spacious yet affordable (our budget is in the range of $300k-$500k) but also in a developed or upcoming neighborhood? Another option is if anyone knows of new condo developements that may offer relatively affordable units around our budget. Any assistance would be greatly appreciated and thanks in advance!
ontheprowl
in Real Estate - Sales 12 years and 7 months ago
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5 replies
tjbk | 11 years and 9 months ago
ontheprowl – Did you end up buying in the Shelton?
ontheprowl | 12 years and 7 months ago
Great information, I will definitely look into it. I did recently visit a newly developed co-op building “The Shelton” (come to think of it, I heard about it through Brownstoner) at 775 Lafayette (& Thompkins IIRC). They’re offering 2 BR units for as low as $330k and there are some pretty decent amenities. I mean it’s no multi family dwelling but for the price I think it’s reasonable. On top of that, as I walked around the neighborhood I noticed there were many schools both public and private just within a 1 block radius so I’m assuming the neighborhood can’t be too bad. Public transportation is still a bit tough as there aren’t any close subway lines. There is a couple of bus routes that can lead to the subway but definitely better had it been closer to subway lines. 2 blocks down is Dekalb Ave and there seems to be a fair amount of restaurants, markets, coffee shops etc. I’m not going to lie, the neighborhood can definitely use some work but I think it has potential. Now as far as purchasing Co-ops go…any suggestions putnam? Yay or nay?
putnam | 12 years and 7 months ago
Like Bed-Stuy, Crown Heights is a massive neighborhood, so it really depends on the ‘sub-neighborhood’ with regard to perceptions of crime and transportation access. When I first moved to Bed-Stuy, I lived off of Marcus Garvey Blvd in Bed-Stuy, and people used to roll their eyes, everyone said to wear a bullet-proof vest. Perceptions were bad. But I loved it and found it much more beautiful and friendlier than west towards Bedford Avenue where all the Clinton Hill change had already been happening. Just before I left eastern BS, new stores and restaurants were opening up almost every month and now people are paying $680k for places over there! Shoulda Coulda Woulda bought there five or six years ago, but I didn’t have the money saved yet. In CH, in terms of transit, if you are near Eastern Pkway, it should be pretty acceptable, and the further west you go, the easier it is to get the Franklin Shuttle and the A/C train north of Atlantic Avenue. I cannot tell you specifically about crime (haven’t actually lived there yet), but I have friends there and have heard both good and bad things. Perception says west of Albany is better than east, and once you get east of Buffalo, you are starting to get into Brownsville territory. Where Utica, Kingston and Nostrand intersect with Eastern Pkwy are really crazy/vibrant places. Yes, the area is known to have crime and lots of it, but it is improving. North/Central CH is currently getting a new historic district which means a lot of different things to a lot of different people, and can often symbolize positive change. I have recently seen a lot of condo conversions of pre-war apartment buildings in the eastern sections of CH’s, too. You will always have to balance crime, building quality, space, and price. My point is, a lot of people live there, there is very little commercial vacancies, and if you look at apt. rental websites, even eastern CH has higher rental values per sf and # of rooms than eastern and northern Bed-Stuy.
putnam | 12 years and 7 months ago
I am in almost the same exact situation as you, ontheprowl! My partner and I have been looking since February 2012 and we are finally in contract and about to close.It was a very very long and arduous process. We had been living in Bed-Stuy for about 5 years and thought it was time to purchase. The prices in Bed-Stuy (even by Ocean Hill) are ridiculously inflated. The four or five big realtor/renovators have a stranglehold on the markets out there, and the cash buyers abound. You will probably not be able to find a multi-family in Bed-Stuy for your price-range (TLC 2-families are in the mid $500’s). A lot of realtors will push you towards Broadway Junction and across Broadway, where you will find lower prices, but a lot of frame construction which could prove to be a headache (re: termites, water damage, etc.) As the previous poster said, aim for a multifamily! It will increase your lending limit and you will have a much smaller monthly payment. Hopefully you know about the FHA loans, where you can utilize a 3.5% downpayment, too? This is useful for larger properties, including multi-family, but are not allowed for co-ops and some condos. We were lucky to have a great realtor and a great lender who worked with us. We hope to be closing on a 3-story limestone in Crown Heights in the next week or two. We were able to use a 203k renovation loan to do some minor renovation work (~$70k), which helped us broaden our scope of what we could afford vs. renovate. Don’t waste your time with Trulia, they are mostly fake listings or bait and switches. Get a an agent who will work for you and will not force you into something you don’t want. Be honest up front and stick to your guns. Something will eventually come up, even if it is 6 months later! Best of luck
BigGuy22 | 12 years and 7 months ago
Hello, Im from Marine Park…Im a real estate broker in downtown Brooklyn. truthfully, itll be tough to find a multi family home in Bed Stuy for 300-500k. It is possible, just tough. Bushwick could be a nice fit for you, there is a relatively large housing stock all multi family homes for the most part which will bode well when you are applying for a mtg as the bank will add your potential rental income to your qualifying income. Probably an extra 12-18k a year. you should first be pre approved for a mortgage before you see a house so you do not waste time and you can narrow down your search. Your budget for condos would be in Bay Ridge, Dyker heights, Bushwick (if you can find condos)…Multi fam is a great route though because most of your monthly payment will be covered by your rental income. if you’d like to reach out feel free to call or text me @ 347 702 3316 Id be happy to answer any other questions or concerns you may have about this process. I’d give you my name here but I try and stay anonomous on this blog. I am a reputable broker with years of experience.