Rentals of the Day: Kensington Picks From Craigslist
A couple of years ago, we knew a lot of people who were moving to Kensington because rentals there were significantly cheaper than in lots of other parts of Brooklyn. When we checked out Craigslist for this batch of rentals, though, none of the apartments seemed like steals. Are there still deals to be had…
A couple of years ago, we knew a lot of people who were moving to Kensington because rentals there were significantly cheaper than in lots of other parts of Brooklyn. When we checked out Craigslist for this batch of rentals, though, none of the apartments seemed like steals. Are there still deals to be had in the area? Here’s what we saw, clockwise, from upper left:
1. Mult. 1-bed, 1-baths, 600-850-sf, terraces, $1600-1700; 955 Coney Island Ave.
2. 2-bedroom plus study, EIK, remodeled bath, $1,900; East 5th St. at Ditmas
3. Spacious studio with new kitchen, wood floor, $950; Ocean Pkwy at Ave. C
4. 1-BR plus office, apx. 1,000-sf; prewar detail, $1,675; East 10th St. at Caton
5. 4-bed, 2-bath, gut-renovated floor-thru, $2,800; Beverly Rd. at East 7th St.
That realtor is hysterical and so far off the mark!
I’ve lived only in great apts in Kensington and they were in the part he claims to be the most expensive, were super legit (i.e. rent stabilized in big buildings with stable ownership) and I pay and have paid around 60% of the price he lists. Yes, 1 bedrooms, hardwood floors, dishwasher, eat in kitchen for around $1200. He seems to think most landlords are small time owners who have a mortgage and just one apt to rent, whereas in Kensington many of the buildings have over 12 units and are therefore rent stabilized.
Even funnier is the prediction that prices will soar–yes, in an economy losing jobs that’s bound to happen. Rents are stable or falling in outlying neighborhoods like Kensington as the real estate mania that people like him or her fed starts to pop.
I only want to live in Kensington because of Ron Lopez’s
Kensington Stories!
Wonderful and colorful stuff that gives you a better idea of what that area is all about. I wish I was his tenant!!
Kensingtonstories.blogspot.com
What a cool native!!
5:48 is actually somewhat realistic. sad but true…
“…the renters, are the people who really determine how much apartments are worth.”
I nominate 5:48 for funniest comment this year so far.
Hey 1:26,
OP Realtor right here:
Why is it so far-fetched that people will pay $1500 for a 1 bedroom in Kensington? Usually a $200-300 savings is sufficient enough for people to want to move out of Park Slope. You may not have all of the same amenities, but you usually get more for your money in Kensington (bigger apartments, yard access, etc.) Plus you can get to Park Slope in no time.
And 1:26 – where do you get your market information from? Your neighbors? I’m sure that you are as diligent as I am. Do you and your friends keep a detailed database of all of the legitimate transactions in the neighborhood? Isn’t it possible that you only know of the rentals by folks who’ve been in the ‘hood for awhile and have much smaller mortgages? And, 1:26, I’m sure you’re friendly enough with all of the new people in the neighborhood whose mortgages are much higher than yours. Why don’t you tell your new friends with the $8000 mortgages that they should rent their apartments much less than they are worth.
Please consider also that apartment quality varies widely in Kensington. A lot of old timer landlords own $hitholes that aren’t even worth $500/month. So what if they’re charging $1000/month if it’s uninhabitable. Also, $1000 for them is probably $800 in their pockets. For a new owner in a 2-family, $1500 might not even cover 1/4 of the mortgage.
Some of the newer owners spend lots of money on tasteful renovations. I rented a 1 bedroom in Kensington for $1950. It had outdoor space, tons of storage and closets, NICE new appliances, and an office. That same apartment would have rented for $3000 in Park Slope or $2500 in Windsor Terrace. So don’t tell me that the renters who chose Kensington over those other neighborhoods made a bad choice. They’re saving $600 – $1100 per month. FYI: according to the landlord the $1950 doesn’t cover mortgage and expenses for the apartment.
And if you read my post closely, you’d understand that my firm does not support hiking up the prices. Rents at my office are determined by the greed of the landlords. Or the mortgage of the landlord, as is the case with 8:47 a.m. We let the landlord determine the price and only try for market if a landlord asks. And many times landlords request above-market rents only to realize that there aren’t enough suckers out there.
It’s sad to say but
the market, i.e. the renters, are the people who really determine how much apartments are worth.
If there weren’t so many wall-streeters or trust fund babies roaming the streets of Brooklyn and paying the crazy rents that the LANDLORDS request, things would be very different.
RENTERS: Do yourselves a favor. Please hook yourselves into a first-time homebuyer’s program. They often pay your downpayment and closing costs leaving you to pay only the monthly mortgage and maintenance. I know someone who did it and saved about $15,000 (and the pain of saving for a down-payment). There are several out there. Here is one sponsored by the city:
http://www.nyc.gov/html/hpd/html/buyers/downpayment.shtml
I predict that we’re going to have the worst (read: most expensive) rental market EVER this summer. So many people have been pushed out of the home-buying market and they will have to rent. More competition = higher prices. Get out of the rental market now while you can! Buy yourself a place in Queens, the Bronx, or Staten Island while it’s still semi-affordable.
We’re talking about the suburbs here. Why move to Kensington when you can get a cheaper rent and a better commute across the Hudson in Passaic County?
The realtor above is talking garbage as regards prices and is definitely trying to participate in pushing up rents. I’ve lived in Kensington for years but moved fairly often so I keep an eye on rents (plus friends move here and ask me to help them look). Going rates are aaround the Fort Hamilton stop are around $1200 for a one-bedroom, going to 2 bedrooms, you pay 1600-1800 max. I’ve never even heard of a one bedroom in the area going for $1575 and assume that’s because anyone charging this would find no takers–if you can afford that kind of rent you get a 2 bedroom here or live elsewhere. There aren’t many three bedrooms around. Many of the bigger buildings are rent stabilized so they can’t pull this crap. Don’t believe realtors’ hype–many apts in this hood are rented by the owner and/or management company and don’t use realtors who want their pound of flesh.
It’s a nice neighborhood and I like that it is quiet–but many think it is dull and too far out, hence prices will never rival those in hipper neighborhoods that are closer to Manhattan, have more commercial space (and thus bars, boutiques, restaurants) and have more subway options (it sucks relying on one train, esp. when it is the F).
And as for robberies, Kensington may be safe but there are break-ins. I had my place robbed and I know from the cops that there are a lot of people who come here to break into people’s apts.
Word, real estate man. I don’t necessarily love the fact that so many people are moving here, but there’s no denying it — Kensington is the bomb-diggity-omb. It frickin’ rules.
Here’s my take: If you visit, and genuinely love Kensington for what is it — cool, come join us. If you think this ‘hood is a stepping stone to living in Park Slope, or hope it will magically transform into Park Slope if you just squat here long enough — step the fuck off, bitches! We don’t need you, we don’t want you, and we won’t be nice to you.
i heard everyones moving to tahoma street, at least that what this one broker has been telling me for the past 3 years.
are you reading this, mr. indie broker whose only listings are on tahoma st.