Open House Picks: Townhouses
Brooklyn Heights 300 Hicks Street Brooklyn Heights RE Sunday 1:30-4 $2,500,000 GMAP P*Shark Park Slope 365 2nd Street Brooklyn Properties Sunday 1-3 $1,699,000 GMAP P*Shark Ditmas Park 751 East 19th Street FSBO Fri 5-8, Sat 5-8 $1,495,000 GMAP P*Shark Fort Greene 39 Vanderbilt Avenue Brooklyn Cornerstone Sunday 12-2 $999,,000 GMAP P*Shark Bedford Stuyvesant 286 Van…
Brooklyn Heights
300 Hicks Street
Brooklyn Heights RE
Sunday 1:30-4
$2,500,000
GMAP P*Shark
Park Slope
365 2nd Street
Brooklyn Properties
Sunday 1-3
$1,699,000
GMAP P*Shark
Ditmas Park
751 East 19th Street
FSBO
Fri 5-8, Sat 5-8
$1,495,000
GMAP P*Shark
Fort Greene
39 Vanderbilt Avenue
Brooklyn Cornerstone
Sunday 12-2
$999,,000
GMAP P*Shark
Bedford Stuyvesant
286 Van Buren Street
Corcoran
Sunday 2:30-4:30
$699,000 $639,000
GMAP P*Shark Archive!
Check back in tomorrow morning for Open House Picks: Apartments
bwah! if you are waiting for brownstones to come down in price by 40% you will forever be a renter.
no one on Wall Street is buying Brooklyn brownstones for an investment at the current price levels it is a terrible investment. buying a brownstone to live in, now that’s another issue. that is why the plethera of cut up 3 an 4 unit brownstones will remain on the market until the current owners spend the money to convert them to single family, or until the prices drop by 25 – 40%.
Did anyone go to the 39 Vanderbuilt open house? Has it been renovated?
Let me set the record straight on a few things. I’m a bulge bracket Wall Streeter, I live in Bklyn, and I own a brownstone.
So here goes:
1) Bonuses are going to be huge this year. My coworkers are still buying apts., 2nd homes, etc. in the NYC area – even though they have to endure some ribbing about having bought at the peak. Were I in the mkt for a house, my bonus would quite nicely provide the downpayment. As it is, I’ll probably use it for a 2nd home.
2) I am subject to the dreaded AMT tax and guess what folks – mortgage interest is one of the very few things that can be deducted under AMT. One more reason for high income NYers to own.
3) Even with a mortgage of close to $1mm, rental income, tax ded’s, etc. bring my housing cost well below the cost of renting simlar quality space.
You gotta play long-term to win folks. Personally, I think prices will soften up in the condo market due to supply, but don’t sit on the sidelines too long or you’ll be sorry.
I did not say there is no new construction in Brooklyn. I said the homes that are not selling in Long Island are the glut of new construction out there. Logically that means new construction in Brooklyn will have a hard time too. But prime Park Slope has very little new construction. Certain people will always prefer a brownstone or a co-op or condo in an older building.
I’m not saying prices don’t drop. I’m saying who cares if they do.
People who buy a home to be a home will often be in that home for many years. So they shouldn’t just be thinking “investment portfolio” they should be thinking about finding a place that makes them happy. IT’S YOUR LIFE and you’ll spend a lot of time in your home, so find a place you’re happy in! Hello. Quite logical.
Also anyone living somewhere longer than 2 or 3 years can ride out the ups and downs and in the end make some kind of profit. It’s NYC after all.
All I’m saying is not everyone are flippers. In fact, most people are not flippers. It’s only in the past couple years that suddenly everyone thinks of themselves as real estate experts. This whole thing is just like the frenzied day trading of IT stocks in the 90’s. Amateurs. Stick to what you know and buy a home you love to raise your family in.
Anon at 5:19 — according to your logic, real estate prices should NEVER drop. After all, anyone who bought high would never sell low, and anyone who missed the peak will just hold on to the next peak…or something like that. “If they didn’t seel at the height of the market, why would they sell at a discount next year?” Oh, I don’t know — divorce, moving out of town, second child so need more space — do you seriously imagine that no one is going to sell their home next year?
In fact, real estate values dropped rather dramatically in the late 80s/early 90s and there’s no reason they can’t do so again. I don’t know if they will or not, but to say that it’s impossible is just idiotic.
As for the idea that there’s no new construction in Brooklyn — excuse me??? Have you see what’s going up on 4th Avenue? Have you been on 15th and 16th Streets in the Slope recently? Have you managed not to hear that there could be as many as 6,500 new apartments constructed in Prospect Heights by Ratner.
There’s a great quality of life factor in Park Slope that’s not going away, and when people are ready to “nest” they WANT A HOME. Period. Bubble Schmubble. Not everybody looks at real estate as just something in their portfolio. There are so many very special and important associations we all have with owning a home. Nobody I know wants to raise their child in a rental. They all own. Those who are counting on all kinds of greatly discounted inventory on the market in 2007, think again. I know everyone in our Park Slope co-op building bought within the last 3 years and none of them could afford to sell for less than they bought the place for. Same with most of the residents of Park Slope – too many new residents are here now who CAN’T sell at a discount. The only people who can sell at a big discount are those who have owned their houses or apts for well over 10 years. And if they didn’t sell at the height of the market last year, why would they sell at a discount next year? I just don’t know what reasoning people are using when they think in 2007 they’re going to score a brownstone for under a million, or a 2BR co-op for under $500K. Long Island prices are dropping because there are tons of new construction homes. TOTALLY different market. Totally.
you are right, Wall Street bonuses are going to be VERY big this year. But also, all the services to wall street, namely legal, have done very well this year. Watch out for January & February…here come the buyers.
Its interesting that there are a lot of pro renters on this site. Why would anyone read brownstowner if they didnt already own/have a plan to buy? Sounds like some of these posters protest too much.