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]
4:26- you don’t really seem capable of teaching anyone anything. You may not know it but people really don’t take advice from those who still drag their knuckles on the floor when they walk.
ANd guest at 4:40- what makes you think that the only way to make good memories for your kids is have a house?
I wouldn’t worry too much about renters, I can see how concerned some of you homeowners are. they’ll do just fine with or without your approval.
2:37- “Some are fine to rent a box for their lifetime, but I don’t consider those people very goal oriented.”
And we don’t consider you extremely intelligent. Just rather more of a control freak or a my way or the highway kind of person. I love the people on both sides who think their choices on whether to rent or buy makes them omniscient or better than anyone else. I don’t get this attitude that what you want is the only way to live and if someone doesn’t agree, there is something wrong with them. All I can say is wait and see. Karma has a bad way of coming back to bite you on the ass.
So you think that if you don’t own you don’t care as much about family? Or memories? Or have pride ans aspirations? And I can only say you sound like a materialistic, money grubbing, shallow excuse for a human being who really shouldn’t have kids because you can’t differentiate between quantity and quality in any aspect of your life. I have no idea how you were raised but it doesn’t seem like you understand what pride, values and family are really about. And it has nothing to do with owning a house.
why thank you! 4:13. And here i was so sure that someone of your 2 digit IQ wasn’t capable of reading. 🙂
“If your main concern is leaving money for your kids”
See, this is where you are confused. I said I wanted to leave my HOME to my kids, not money. You know…the place they loved growing up with many wonderful memories…they are all fighting over which one wants it more. My guess is two of the three kids will move in when we pass on…
You don’t read very well, do you?
BTW- to the person saying this is not a BUYERS MARKET. Let me guess you are still renting?
If you wait when the RE market swings back up (like pre 2008) then you really deserved to be a renter for the rest of your life. Seriously. Stop giving bad advice.
If you are a first time buyer, have 30% (20% down + closing + one year protection) of the value of the unit you want this year is the time to buy. If you rent, I have a shotgun in I can teach you how to trigger with your toes.
I love bxgrl
It is one stupid entertaining post after another. It is like watching a Lindsey Lohan car wreck… but dumber…. and uglier… and about real estate… and dumber (did I say that already?). I can’t keep my eyes off it. Please MORE BXGRL postings! AAAAAAHHH!
As someone who grew up in brownstone Brooklyn, bought a condo in a brownstone first and then traded up to a house a few years later and then after 10 years of beautifully restoring and living in that 100 year old brownstone we had an opportunity to build a brand new house in another brownstone and have not looked back since. The new house we currently live in has all the amenities we love: central air, radiant floor heating, non squeaking/non sloping floors/staircase, reconfigured rooms and overall house design to bring in up to date with way we live today as opposed to the way people lived 100 years ago. This is all in a great and convenient neighborhood – we love – and feel fortunate to have had the opportunity to build and live in a modern designed interior with an exterior that is 100 years old and fits in with the rest of the hood.
2:34, the opportunity cost of a $2.5m brownstone is about 200k/year, or more if you view working for your tenants as work rather than pleasure. That doesn’t include the price declines that are likely in the next few years — it’s just the real cost of keeping your money tied up in the house instead of in an index fund.
If your main concern is leaving money for your kids, you should sell now and put your money in the broadest index fund you can find. No hassle, no sweat, and a far higher expected return.
I don’t understand why anyone would pay that much to love right across the street from the Marcy projects…. literally. The MYNT is on myrtle and nostrand ave. Being born and raised in Brooklyn, I know that that is a ridiculous price to pay for that space/area. Basically is just seems that either the people that rent there don’t know any better or they get swept up with the appliances and “perks” and forget that they are still getting ripped off.
This is the lamest thread i’ve seen in a very long time.