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]
Funny article, at least all the condos are not going to sit around as empty eye soars.
I am in my mid 20’s and I would rather rent in a Brownstone and keep trying for that elusive Garden Rental than live in Bed-Stuy with Floor to Ceiling Windows so everyone in the hood can see how big my flat screen is.
One of those All Glass Condo/rentals is going up next to my friends building across from the Lafayette Gardens in Clinton Hill/Bed Stuy. The back porch of the 3rd unit (i think) is next to his roof. Hope who ever lives there doesn’t mind college students grilling on the roof next to their porch.
3:06
I was being sarcastic, mmmkay?
I could afford to buy now if i wanted to, but i realize it’s not the time. if you listen to people on here (which i don’t) they would lead you to believe that the best thing someone could do is buy property as soon as possible, sacrificing everything else to do so.
Anyone know of a good place to buy a vacation home?
2:56, what you seem to have learned is to be a sheep, and to have your life dictated to you by anonymous posters on a real estate blog.
You do realize that some people in their 20’s are going out nightly, some are married, and in some 3rd world countries are in their “old” age not far from death.
Personally in my 20’s I bought a place AND was going out with friends all the time and experiencing all that nyc has to offer. I still do it today in my 30’s too. Imagine that.
Just because you are in a certain situation and can’t afford to buy a home and go out simultaneously, does not mean that everyone else is the carbon copy of you.
guys, why the HELL do you care this much about other’s choices?
So stupid.
I’ve recently switched from looking-to-buy in Brooklyn to looking-to-rent. I’m 26, married, professional, and a second-time buyer. We all have different stories, and do what works for us.
But 2:56 –
You also forgot you can sit on Brownstoner.com and make fun of renters, and brag that you will be able to leave your kids a brownstone!!
So the lesson I learned today is that in my early and late 20s, I should not experience all the city has to offer (nightlife, dinner, culture ie things that cost money) in order to buy an overpriced, depreciating asset. Then, ideally, I should procreate and bring my spawn to the bars/restaurants with me so I’ll be the old dude with a kid.
Then what exactly is the point of living in NYC if you don’t experience it? I would have a much easier time sitting at home on Saturday nights if I lived in Smithtown, Long Island – rents are a whole heck of a lot cheaper too.
No answer 2:35????
“keep waiting. the bubble took 8 years up and it’ll take 10 years down. by the end, middle class people will once again be able to live in decrepit houses in marginal neighborhoods.”
I bought my PS brownstone for 270K and the going rate is now around 2.8 million. How long should I wait before my house is worth 270K again, 2:35?
2:32…you seem to have a poor grasp of what the terms equity, mortgage, rate of return all mean if you think that people who own and think of their property as an investment believe it also to be “renting from the bank”