Not-So-Bitter Renters Embrace Brooklyn
Brownstone living is no great shakes, say people profiled in this week’s Times’ real estate section cover story. The premise of the article is that there’s a new crop of Brooklynites who go ga-ga over our borough’s condos-turned-rentals because they’re much cheaper than similar full-service buildings in Manhattan. These renters say they’re not interested in…
Brownstone living is no great shakes, say people profiled in this week’s Times’ real estate section cover story. The premise of the article is that there’s a new crop of Brooklynites who go ga-ga over our borough’s condos-turned-rentals because they’re much cheaper than similar full-service buildings in Manhattan. These renters say they’re not interested in trad brownstone living because it lacks newfangled amenities, and they don’t want to buy a condo in today’s market. My peers who have their M.B.A.’s and their new master’s degrees and new jobs, they’re looking for new condos; they’re not into the traditional houses or brownstones, says a guy who rents a $2,550-a-month pad at Bed-Stuy’s The Mynt, above. This is the lifestyle we like. You cannot put a fitness center in a brownstone. You don’t have a doorman in a brownstone. Rentals are increasingly in demand, according to stats from StreetEasy that show Brooklyn rents rising 6 percent over the past year and sales prices falling 4 percent. If this is indeed a trend, one wonders how long-lived it’ll be. If more new buildings are planned as rentals rather than condos, how many developers are going to outfit their buildings with pricey condo-style trappings?
They Love (the New) Brooklyn [NY Times]
I think one of several things can happen- either developers will not put in the priciest fixtures, but will still build to attract high end renters, or will put in the best for the same reason but maybe with an eye to renters buying at some point down the road if the economy changes.
the point of the article is that people the Times interviewed want full featured amenities and they have the means to afford it. whether you rent or buy in buildings like these, if the landlord/developer doesn’t provide them they won’t attract the renter at the financial level he wants. And since middle class housing seems to be a dead issue in NYC, and most developers are in it to make money, there isn’t much choice if you want to compete in a high end market- renting or selling. I think the buy/rent argument is apples and oranges because one set of circumstances really doesn’t apply to everything. And everyone wants something different out of life.
One poster said this is a city of renters- it always has been although the perception on B’stoner is that everyone owns- so I’d like to see what the real numbers actually are.
Those of you who purchased a brownstone while in your late 20’s or early 30’s are an exception, not the norm.
That said, 10:19 had it right with his 3ed point. Brooklyn was lacking high quality rentals and this new condo to rental conversions will draw lots of interest from those living in manhattan.
….which is great for the borough!
the level of self-congratulatory smugness on this blog has become truly nauseating, especially given the current economic and mortgage climate. I guess it’s just a sign of the times – the gap between the haves and have-nots is continuing to widen and nowhere is this more evident, or happening more quickly, than in Brooklyn.
Well, I bought three and gave one away when I was 14 and, and, and one time at band camp…
I am also very handsome.
I’d like a gold star and 2 cookies.
I brought my first brownstone at the age of 31 and 3 yrs later brought a second.
Dont believe the media and the sideliners who missed the boat.
somebody deserves a cookie and a gold star.
I was 29 when I bought my house last year. My credit and income were excellent, but as other said, the main problem for a young first time buyer is to save for the down payment. But I saved for a few years, put 5% down, and got a 30 yr fixed loan with a good rate. That was in early 2007. I wouldn’t be able to do it in the current lending environment. But I feel lucky I did, and I couldn’t be happier, I love my house and my backyard, I’m getting rental income, and the net cost of living in my duplex plus backyard and basement is the same as the rent I was paying for a tiny 1 bedroom apartment.
1)I second Bob Marvin: Some people like full service buildings and some like brownstones and there’s nothing wrong with that. Brooklyn’s a big place and there’s plenty of room for both types of people.
2)Young people typically can’t really buy because they don’t have the downpayment. I know that couldn’t save enough for a downpayment until I was 33.
3) This is news because it used to be that if you were looking for a high end rental there were no options in Brooklyn. You were pretty much limited to Manhattan. SO the angle of the story is “People move to brooklyn, not for brownstones, but for full service apt living – which used to not be possible.” And why is it possible? Because alot of buildings that were built as condo have gone rental. I think that’s a legitimate news story for the real estate section. Any sector of the market which didn’t exist 10 years ago that is now growing rapidly is totally newsworthy.
I am in my early 30s an just brought a brownstone in Bedford Stuyvesant. many of my friends have are doing or have done the same thing and they are all in my age group. Who did they interview?