purchasing condos in Victorian houses?

luvbklyn

At the risk of possibly offending those who prefer seeing the beautiful Victorian houses preserved, with their original floorplans and details, I pose the following:

I'm interested in moving to Ditmas Park/Victorian Flatbush. I think my family would be happier occupying, say, a floor (2 BR) of an old house on a tree-lined street rather than a co-op or condo in a big building. Anyone have any leads?

We lived in Prospect Heights for years renting a duplex -- top floors of a brownstone. We really like that set-up, but had to move when landlord wanted to convert to one-family and sell for enormous profit! We moved to the 'burbs -- big mistake! Now we're looking to return if possible, but to buy, not rent. We absolutely cannot afford a whole house. Any ideas? Thanks.

brooklynjack

There are a number of coop buildings in the area. Even if they did exist I'd stay away from a house broken up into coops or condos

luvbklyn

Subject: any advice?

Thanks for the reply. I'm looking for any advice and insight I can get. Any co-op buildings with particularly good reputations, good financials?

And while I'm at it, I'd like any info about public elementary schools in the area. Thanks very much!

wtgirl

I have seen one or two Victorian houses in Ditmas that were divided up into Condos. I think it is a great idea. Reminds me of Jamaica Plain in Boston--all the Victorians are divided into smaller units. Those big houses are really expensive to heat. I have several friends who own them and in addition to the heat, there are a lot of rooms to furnish, clean and maintain. Two friends sold for coops because they just felt the houses were running their lives.

I also think Condos in Ditmas will bring in more young blood to the neighborhood. More single people so that it is balanced.

luvbklyn

Subject: condos in Victorian houses

Thank you, WTgirl.

Brooklynjack, curious as to why you say you would stay away from a house divided into condos. Have you had or seen a bad experience with this?

Again, thanks to you both for responding, and I welcome more insight and advice. My family and I lived in Brooklyn for 13 years, so I know it well, and have lived in different types of housing. (I also lived in a couple of places in Manhattan earlier.)

brooklynjack

2 reasons I'd stay away. It ois too small and not enough units. It is a cut up victorian.

I just don't like small coops or condos, that is small number of units. Yea it can be great if everyone works together, but if one person defaults on the maintenance the building looses a huge amount of income. You end up spending a lot of time managing the property or paying a management company a lot of money. Management companies have fixed costs to manage a property regardless of its size so fewer units is fewer people to amortize those costs over. If you need major capital improvements, say a new roof, who's going to get the bids and figure out what to do? Lenders don't like to lend in small buildings for many of these same reasons so you could end up paying a premium for your financing.

That's just small buildings in general and there are a number of purpose build small buildings i.e. there were built as apartments, 2, 3 ,4 5, or even 6 family buildings. But I've never seen a victorian that was cut up into multi unit housing that provided nice floor plans for all the units, still you might get lucky.

With all this you might find the right place that just works for you but you need to also think about resale and in that you will limit yourself. Nicer properties always sell first. A really nice 1 bedroom in a luxury building will sell before a 2 bedroom in a walkup at the same price.

Ditams Park, especially Ditmas Park West is an up and coming neighborhood but it is a long way off. Cortelyou Road is looking good, the Flatbush Food Coop is moving to a new bigger space. There are a couple of restaurants there, Picket Fence and Farm on Adlery but I've eaten at both a copule of times and I don't think they are worth the trip unless you can walk there. If I gotta get in the car... well never mind.

I hope some of my rantings answer some of your questions.

As to specific buildings I don't know anything specific. ONe of the nicest, I think, buildings is on Albemarle Road in the Prospect Park South Histroic district. AFAIK there is only 1 coop building in PPS. Last listing I saw I thought the maintenacne was a tad high but I never went to see it.

Best thing to do is go shopping (open houses) and ask questions. An agent should be able to tell you in general about the financials of a building, tax dedcutability, how big the reserve fund is. One thing to watch for is low maintenances. My building keeps the maintenacne low and doesn't plan for major capitol improvments, just puts on an assesment when needed

Have you looked at the Coop and Condo Bible? you should definitly give it a read
http://www.amazon.com/Co-Op-Bible-Everything-Surviving-Thriving/dp/0312194471

luvbklyn

These are good points worth considering. I have gone to two open houses and will continue to do so, as you suggest. Thanks.