Open House Picks: Townhouses
Brooklyn Heights 12 Willow Place Brooklyn Bridge Realty Sunday 12:30-3:30 $3,800,000 GMAP P*Shark Park Slope 328 5th Street Corcoran Sunday 1-3 $1,550,000 GMAP P*Shark Prospect Heights 602 Bergen Street Brooklyn Properties Saturday 1-3 $999,000 GMAP P*Shark Bedford Stuyvesant 615 Hancock Street Abode Properties Sunday 12-2 $699,000 GMAP P*Shark Tune in tomorrow for Open House Picks:…
Brooklyn Heights
12 Willow Place
Brooklyn Bridge Realty
Sunday 12:30-3:30
$3,800,000
GMAP P*Shark
Park Slope
328 5th Street
Corcoran
Sunday 1-3
$1,550,000
GMAP P*Shark
Prospect Heights
602 Bergen Street
Brooklyn Properties
Saturday 1-3
$999,000
GMAP P*Shark
Bedford Stuyvesant
615 Hancock Street
Abode Properties
Sunday 12-2
$699,000
GMAP P*Shark
Tune in tomorrow for Open House Picks: Apartments
No, I’m not that naive. I don’t expect things to be easy, smooth and function in a straight line. Of course, there will be hard times, second guessing and perhaps some deep regrets. But in the end I firmly believe that this is a bet worth placing.
As for gentrification in Brownstone Brooklyn, in my opinion it will continue to spread like wild fire. I don’t see how it can’t. When my husband and I stroll through certain parts of Bedford Stuyvesant, we are amazed by the sheer beauty of the homes and tree lined streets. We did the house tour this fall and it was absolutely amazing. Granted the neighborhood is not where I would want it to be (clearly if it was I couldn’t afford it) but I figure that I’d be getting in low enough not to mind the minor inconvenience of not living in the safest neighborhood or one with top notch amenities and services.
I’m also comforted by the fact that Bedford Stuyvesant is primed for massive turnover. Unlike homeowners in Dumbo, Park Slope, Boerum Hill, etc, homeowners in Bedford Stuyvesant are not young people; newly arrived and looking to settle down for the next 30 years. To the contrary, they are very very senior: middle class African-American homeowners who are current or former local business owners and public and civil servants, e.g., teachers, principals, police officers, firemen, bus drivers, city and state employees, etc. These homeowners bought their brownstones for a song 20-40 years ago, have no mortgage (or very little) and are increasingly looking to sell. Bedford-Stuyvesant homeowners are no longer oblivious to what their homes are worth and many are now taking the money and running – as homeowners in Fort Greene, Clinton Hill and Prospect Heights did in mass in the late 1990s. To many of these homeowners who live on modest income, it’s like hitting the lottery. What are they doing? They are selling? In my personal opinion, this trend will continue unabated in Bedford Stuyvesant for the foreseeable future; even in a slow or down market.
Further, once one of the large real estate firms get wise enough to open an office in the neighborhood, preferably near a train station with a lot of foot traffic (e.g., Nostrand, Kingston and Utica), look out. Nothing makes homeowners (many of whom do not have computers at home) more eager to sell then seeing where other homes in the neighborhood are being offered for or sold. Look what happened to Fort Greene after Corcoran set up shop on Lafayette eight somewhat years ago. Yes, the internet can attract buyers but in fringe neighborhoods it takes physical presence to bring out the sellers.
I know that some of you might think that my husband and I are taking a big risk, but again, we are not rich. We have slightly over 100k to work with and we need to place the right bet. I’m hoping that the right bet is in either Bedford-Stuyvesant or Crown Heights North. If we are right, we will have our mortgage note subsidized by rental income, increase our savings over time, build equity and perhaps be in a position to afford an investment property nearby in a few years and provide our family with a better future.
As someone who just sat on a jury of a Bed Stuy murder, its apparent that the people who live in those areas are clearly unaware of just how dangerous and common the shootings are.
If you are aware of the situation and dont mind, then thats great for you. I am happy to see those areas improving as the years past and I applaud the people who are willing to wait it out. And I have no doubt everyone living in the more sketchy areas made good financial investments. But I wouldnt want my children having to deal with it for my financial benefit.
And for those hipsters that think the only “affordable” areas in Brooklyn are Bed Stuy, etc.., you must look at a map. Check out Bay Ridge, Kensington, etc… All good areas with some beautiful old homes but less of the chic factor.
a fried of mine worked for the NYC sanitation, and covered BS, PLG, etc. He always made jokes that people would spend top dollar for these nice homes but had to take car service to the train station, and they would wait for him to pull in front of their home to take the garbage out..and get this, ask him to wait until they make it back in safely before he pull away. That was just a few years ago, has that aspect of BS, etc changed?
I’m a whitie in Bed Stuy. It’s really a non issue to me. I feel safe, my neighbors are extremely friendly and helpful and yes, my tenants pay my mortgage (I put down more than 20%). I’m a 41 year old native Brooklynite and I don’t consider myself naive. In fact, I’m confident that I made an excellent investment and I’m quite happy in Bed Stuy. The other homeowners on my block are solidly middle class. They just happen to be black. Now, 3:56, you go out and buy yourself a pretty little house for under $700k and don’t let the naysayers get you down! (The house will probably need work though)
I’ve seen the Bergen Street house and though the facade is nice the inside is awful….I agree with the 600K price!
5:49: As a 46 year-old life-long Brooklynite, I endorse your enthusiasm. But the statement “in ten years we will find ourselves in a great neigborhood with more amenities, lower crime and better schools” strikes me as extremely niave. Middle class white professionals started moving into areas like Fort Greene in the 60’s and gentrification proceeded in fits and starts. It may seem like things just magically appeared in the past few years, but what you see now is the result of 40 years of effort. Real change can take a long time–just look at areas like BS and PLG, which have long had an established middle-class population, but still have crime issues and poor amenities and schools. Not to mention that prices in most fringe brownstone areas have declined in the last year. Will they go back up? Eventually, sure. But who knows when or how much. If you’re really in it for the very long haul, go for it. But if you expect the bounty of gentrification in 10 years, don’t bet on it.
Anon 5:35– Do the words “in my personal opinion” not make sense to you? As for your comment “Just because you hated living in a borderline neighborhood doesn’t mean everyone else does,” that is why I said “Some people enjoy it or at least don’t mind it. Others hate it.” Seems pretty clear to me that my post was expressing my experience and my opinion. Why so defensive, not to mention rude and offensive? So, no I won’t STFP, but you can go F yourself.
But look to where? If you are married with three kids, enjoy the diversity and excitement of urban life and want an easy work commute to Manhattan, where else would you look to buy? The Bronx? Queens? Statan Island? Jersey City? Hoboken? Despite the fact that Brooklyn is presently very hip and trendy, we are considering the borough because its relatively affordable. We are not rich. We have enough for a 10% downpayment but can’t support a $630k mortgage on our own. Brownstone living, i.e., 3 to 4 family buildings, provides ample rental income to assist us with monthly mortgage payments. At the same time we are betting that as the city continues to grow and move south into Brooklyn, this would only enhance the desirability of living in a brownstone neighborhood (established or fringe) and put upward pressure on property values. The way we see it we can get more bang for our buck in Brooklyn in terms of quality, size and a favorable financial set up (rental income). From what I understand, it’s extremely difficult to find a quality townhouse in an “established” neighborhood and have your tenants pay your entire mortage with just 10% down whereas in the “fringe” neighborhoods prices are still low enough to make the numbers work. Is this true? Is my broker misleading me? Further, if the gentrification of Brooklyn continues at its current pace, in ten years we will find ourselves in a great neigborhood with more amenities, lower crime and better schools.
Anonymous at 4:54 — so you’re saying that anyone with a budget of 700k should either live in a small apartment or leave New York City altogether? WFT? You mean like the ‘burbs? I’d rather live in Bed Stuy, thank you very much. Just because you hated living in a borderline neighborhood doesn’t mean everyone else does. You don’t know what will make someone else happy so STFU.