where to search

I’m a longtime reader, but this is my first post. I’ve been looking for a brownstone/brick/limestone for several months, with no luck. I’m well-financed, pre-approved, etc, but every place I’ve even considered has been snapped up either by all cash or bids well above ask. I know it’s a sweet spot I’m looking for: I’m trying to find a place for under a million in Bed Stuy, Crown Heights, or Prospect Lefferts Gardens. It doesn’t have to be immaculate or turn-key, just in a condition that I can move into with my family, have a bit of rental income, and work on over time. Is this too much to ask? Are there other neighborhoods I should consider? And what are the relative pros and cons of the above neighborhoods? Because of park access I’m especially interested in Prospect Lefferts and Crown Heights near Eastern, but there’s hardly anything for sale there now. Am I just dreaming that I’ll be able to find something? Or do I have to be much more aggressive with bids? It just doens’t make sense that the market has risen this far this fast.

bklynlookin

in Real Estate - Sales 12 years and 1 month ago

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abbycortado | 12 years and 1 month ago

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Tough market now with lots of all cash investors. You have to go quite east or slightly south for better prices. Try Flatbush or around Prospect Park South. Good infrastructure with 2/5 and B/Q and within walking distance of the Park. There are several streets with lovely limestones and are safe, but you have to walk around to know. If you don’t need to be near the Park and have a long term view, try East Flatbush, east of New York Ave. Cheap still and you can get decent tenants from the hospital. Crime’s a problem but it’s improving in uneven spurts. To paraphrase Wayne Gretzky, go to where the puck is, not where everyone else is. Inventory’s at an all-time low so patience helps. Last thing you want is to buy a house you dislike living in. Also, foreclosures are expected to pick up again later this year because the court process is moving finally for NYC.

NYCUrbanista | 12 years and 1 month ago

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I know it is a bit off the beaten path, and less central than the areas listed, but Bay Ridge you can definitely get a spacious place for that price (probably less) with rental income.  There are some stunning limestone townhouses in Bay Ridge.  However, if you own a car living here may be a challenge (without a driveway).

oxxieconcept | 12 years and 1 month ago

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Yeah I’m also agree with bobmarvin..the supply of houses is very limited nowdays.

theoperadiva | 12 years and 1 month ago

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I recommend that if you have the time, WALK the neighborhoods that interest you frequently. We found our house (and almost purchased a different house before it) by walking around Park Slope for months and eventually finding a house FSBO well under market price – it had nothing more than a for sale sign in the window. The other house we nearly purchased was listed by a very low-tier broker without a website or any actual marketing, and it eventually went for an astonishingly low price.  Had we not seen either house by hoofing it locally, we never would have been able to buy anything.  If you wait for the NY Times or even other sites like Streeteasy or Trulia that even half-organized brokers list properties on, they’ll already be virtually gone.  Good luck!

nalusurf | 12 years and 1 month ago

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I think everyone here makes good points. We just went through this process which took about two years from selling what we were in and finding and purchasing a brownstone in Bed-Stuy. Bob and DNK make great points about getting out and seeing the nabes. We are in the Eastern part of Bed-Stuy on a very pretty, quiet block, but you can travel just a few blocks in the wrong direction and be in not so nice of an area. You really need to visit the areas, several times, different times of the day and weekend vs. week day. I could not agree more with DNK about finding a local contact, someone who knows the area. Many of these homes are owned by someone who has been there for decades (at least in Bed-Stuy) and they are going to be more likely to trust the sale of their property to someone they know and trust rather than a big name Realty group. We got very lucky and found ours before it went on the market, so we avoided bidding wars and the house is in good condition and I can work on things in my own time. As far as Sunset Park, that was our first choice and found that we missed that market by a year or two. If you are looking for a brownstone/townhouse under 1 mil, there are not any in Sunset Park, at least not under a mil and move in condition and not directly in the shadow of the BQE. It is very crazy right now and we were very fortunate to find what we have. Give it time, find someone very familiar with the area you choose and walk your area repeatedly. Good luck!!

dnk | 12 years and 1 month ago

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bobmarvin’s advice is good.  If you are comfortable doing so, I’d suggest canvassing the neighborhoods that interest you on a bike.  When I was hunting a couple years back, I rode just about every inch of Crown Heights and Bed Stuy.  I found several houses with “for sale by owner” signs that had minimal online advertising presence and eventually wound up buying a brownstone in Bed Stuy listed by a small realtor (Flateau) that I might not have known about otherwise.   Being on a bike allows you to get a similar feel for the neighborhood as you do on foot — can’t really get that driving around in a car — you can cover territory, but you can also linger, etc.   It might be difficult for you to find a two-family house for under a million near Prospect Park, but maybe something like Saratoga Park in Bed Stuy?  It’s definitely not in the league of Prospect Park or even Fort Greene, but it’s got a lot of trees, dogwalking community, etc.   There was a house on my block that was listed as Brownstoner’s House of the Day a few weeks back (search on the homepage under “605 Decatur”) — I attended the open house, thought it looked a little dirty for the price and I said as much in the comments section, but a few others thought it was right for the price (around $650K)…..

coopking | 12 years and 1 month ago

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I agree with bobmarvin, It is a feeding frenzy out there right now. Especially in the neighborhoods you mentioned. PLG is probably the least nuts of the 3 but not by much. I believe the craziness is due to several factors. 1\. somewhat more stable economy in new york 2\. pent up demand of young families who need more space and want to stay in the city 3\. low interest rates 4\. foreign buyers looking for an investment. I think a lot more inventory will come to market this summer. In the mean time you might try looking in sunset park. It has similar housing stock, less crime and a pretty decent park.

BobMarvin | 12 years and 1 month ago

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Be patient; the supply of houses is very limited now, but I suspect it will loosten up over the next several months, as higher prices pursuade more homeowners to sell. Meanwhile, for PLG, which is the neighborhood I know best, I’d suggest walking the streets, talking to people, and looking for “for sale” signs by owners, or obscure brokers with limited or no web presence–this should work for Bed Stuy and Crown Heights too, but there are miles more of streets to search there. No, it doesn’t make sense that the market has risen this far this fast, but that is exactly what’s happened nonetheless..