What it costs to buy property in Park Slope
Median house prices in Park Slope (actually Park Slope/BoCoCa/Brooklyn Heights combined) jumped from $900,000 to $1,250,000 from First Half 2004 to First Half 2005, according to a report from Halstead that was reported on Curbed.
Average price is up from $1.09 million to $1.38 million over than same time period.
Average price is up from $1.09 million to $1.38 million over than same time period.
Comments
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Unreal...
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dan.h wrote: Unreal...
Surreal Estate. -
What I want to know is economically, what is supporting the incomes that can afford this?
Back when I had my first post-college apartment, it was tough in NYC but it wasn't doable. Meaning finding a place to rent where you could live on your own and even save money was realistic. Heck, I did it.
Nowadays it's amazing how few people can afford to have their own place. Let alone buy a place.
Is it all foreign money taking advantage of a weak dollar? Lots of debt and mortgages that will eventually fail? Or what? -
Jack wrote: Is it all foreign money taking advantage of a weak dollar? Lots of debt and mortgages that will eventually fail? Or what?
Some people have high paying jobs, some people don't. Some people have trust funds, some people don't. Some people have rich parents, some people don't.
I don't think it's foreigners, I think it's just a mad rush to buy something before interest rates go up and the upper east siders are moving to Brooklyn (they finally caught on). -
^^^^^^^^^^^^^^^^^ME, sorry.
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Subject: Forget Park Slope or NYC in general
The post above is right - some people are just fortunate to have insane amounts of money (trust fund, inheritance, etc.).
At $1 million do what myself (an attorney) and my girlfriend (who makes six figures) did – say f*ck you to this insane housing market (and let's not even discuss how sad it is, we, two people with decent incomes and no children can't even buy in Park Slope).
I won't even participate in this madness where a piece of crap gets $800,000 and I have to compete with trust fund children. How almost everything is a condo or co-op so you pay $400,000 for a small 1 bedroom and then you want $500 in monthly maintenance fees? Hahahaha. Screw you! We'll keep renting thanks.
Want a great progressive city? You ought to see the stand alone house we bought in Portland, Oregon – it's unbelievably beautiful. And the truth is, NYC is great, but without insane wealth or liquidity good luck owning something that actually is nice and doesn't need $500K worth of renovations.
Of course now that I own a home in one of Portland's coolest neighborhoods I don't mind tipping off all you sucka's. hahaha. -
"Now that I own a home in Portland..."
For every one that leaves NYC, there are two or three people eager and ready to move to NYC, and 10 more who wish they could.
I'm trying to imagine the lyrics, "Start spreading the news, I'm leaving today, I want to be a part of it, Porrrrrrrrrrrrrt-Land!"
Nah, I'll take my puny co-op in the greatest city in the world. -
Eh, to each his own. This is in fact a big part of why I am moving too. I want a house and a yard, and I will never, ever, ever be able to have that here.
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Subject: Reality of not living in NYC
Trust me Mr. Jack Krohn, many folks, perhaps you, when you are old will find life to be quite a bitch in this city.
You'll see your small 401k's and IRA's - that you couldn't really contribute to because you spent so much money buying a home, or paying insane amounts in rent for a puny little place - aren't really going to cover your expenses in later years. This is of course, if you're like 90% in NYC and are average folks, with average salaries. Trust fund people, and those with rich parents, well, you'll be taken care of I'm sure.
You think old folks are lying? As we get older we get more stiff and walking up those subway steps, day in and day out, well, let's see how fun that is when you're 70, sick, and on the way to a Dr. who charges a fortune because his rent is so high.
good times, good times. -
Subject: Re: Reality of not living in NYC
washyourhands wrote: As we get older we get more stiff and walking up those subway steps, day in and day out,
Ride a bike. Maybe it'll loosen you up. -
Subject: Re: Reality of not living in NYC
washyourhands wrote: Trust me Mr. Jack Krohn, many folks, perhaps you, when you are old will find life to be quite a bitch in this city.
I don't know Portland, but compared to most of suburban America, NYC is a great place to be old. One of the biggest problems for senior citizens in the burbs is that they're isolated, having little interaction with neighbors or stimulation outside their four walls. (Don't forget, besides getting stiff, many older people eventually become unable to drive.) In NYC you have street life, shopping within walking distance and neighbors who actually see you on the sidewalk, rather than driving in an out of their attached garages every day. Portland may well have this as well, but most of America outside NYC does not.
But hey, if Jack hates it when he's old, he can sell that NYC co-op and buy a house bigger than yours in Portland with the profits. -
You beat me to the punch Linusvanpelt. Well said. I can't stand the kind of knee-jerk antipathy against NYC expressed by people like the Washyourhands guy. I say, hey, if YOU don't like it here, just MOVE --- don't harass people regarding where they chose to live their lives. Life is about tradeoffs. We balance our priorities on a daily basis. Mine are different from every one else's. Doesn't make me an idiot.
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FLUTE wrote: You beat me to the punch Linusvanpelt. Well said. I can't stand the kind of knee-jerk antipathy against NYC expressed by people like the Washyourhands guy. I say, hey, if YOU don't like it here, just MOVE --- don't harass people regarding where they chose to live their lives. Life is about tradeoffs. We balance our priorities on a daily basis. Mine are different from every one else's. Doesn't make me an idiot.
Absolutely.
But remember that it's equally obnoxious to harbor knee-jerk antipathy against those who decide New York isn't the place for them too. (Not you, Flute, but you'd be amazed at what I hear sometimes when I say I'm leaving. And there are some not-so-understanding comments above on this thread too.)
It's completely personal preference, nothing more. Arguing about it is like arguing with people about what they want to name their kid or their decision to be a vegetarian. Live and let live. Who cares! Personally, space and affordability are important to me, therefore New York is not ideal. It has many incredible things about it, though, and I completely understand why a lot of people would never want to leave. End of story. -
Subject: buying real estate
Just a note...you don't have to have two incomes making 6-figures to buy decent property in Brooklyn....Walk 5-10 minutes east of Park Slope, and you can buy newly renovated, spacious condos for 1/2 of what was listed as the average price of condos in Park Slope at the beginning of this thread. And you are still walking distance to all parts of Park Slope....and, you don't have to be a trust fund baby to do it.
Maintenance fees are ridiculously high in NYC and all boroughs...but be willing to live in a walk-up without a doorman, and the fees go down significantly. And you get exercise.
And, though I didn't read the comment extremely carefully (so I could be misquoting), I think any statement that you can't grow a retirement fund if you invest in real estate is misguided. There are tax breaks that come along with homeownership, as well as equity that grows. And if you buy smart and within your means the first purchase, you can use the equity to help you buy "up" one day without severely overreaching yourself. And you can always choose to sell, downsize, and use that equity when you want to retire.
I understand why people choose to rent instead of buy, and saving for the down payment in this market is no easy task. But I also understand why people work hard & go through a lot of frustration to be able to buy. -
Subject: stodgy slope
The New York Times City section referred to the Slope as "stodgy". Aren't all stodgy neighborhoods expensive? Doesn't stodgy connotate the kind of country club neighborhoods that another generation inhabited? Or perhaps an affluent suburb? No thanks. There are lots of interesting people in lots of other parts of Brooklyn for those who don't mind venturing away from T-Mobile storefronts. -
Subject: Re: Forget Park Slope or NYC in general
Washyourhands wrote: The post above is right - some people are just fortunate to have insane amounts of money (trust fund, inheritance, etc.).
Happy for you bud, but why are you here on these boards? To gloat? Brag? Trying to get Brooklynites to move to Portland? If so, why? I mean, really, what's the point of your post?
At $1 million do what myself (an attorney) and my girlfriend (who makes six figures) did – say f*ck you to this insane housing market (and let's not even discuss how sad it is, we, two people with decent incomes and no children can't even buy in Park Slope).
I won't even participate in this madness where a piece of crap gets $800,000 and I have to compete with trust fund children. How almost everything is a condo or co-op so you pay $400,000 for a small 1 bedroom and then you want $500 in monthly maintenance fees? Hahahaha. Screw you! We'll keep renting thanks.
Want a great progressive city? You ought to see the stand alone house we bought in Portland, Oregon – it's unbelievably beautiful. And the truth is, NYC is great, but without insane wealth or liquidity good luck owning something that actually is nice and doesn't need $500K worth of renovations.
Of course now that I own a home in one of Portland's coolest neighborhoods I don't mind tipping off all you sucka's. hahaha. -
I was in Portland a few weeks ago and found the place to be a dump. Gloomy weather, tons of teen-age pan handlers, lots of homeless....abeit the houses and their front yards are gorgeous but considering the place (as well as most of western Oregon) is so gloomy and most of the food sucks, that you tearn for the dirty snow and dirty water hot dogs and insane prices of NYC. Thank G-d for California though. As soon as you cross the border the skys open up and the coast reveals it's beautiful beaches and redwoods.
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A co-worker years ago told me the trick to buying in the city is to find the neighborhood you want to buy into and then go one more subway stop, get out and start looking. Give it a few years and the neighborhood will come to you.
NYC is expensive, but you can find good spaces if you are willing to look for a long time, prioritize your needs and then compromise where you are willing.
I was a renter in Fort Greene for 6 years and Park Slope for 2 years before buying a coop in Prospect Heights - three bedrooms, 1 bath, new renovation, nice building, 10% down, low maintenance. My income ain't huge, I don't have a trust fund, I received no help from relatives and I still live within my means. I'm still comfortably close enough to Park Slope so I can partake of what I like there (i.e. shopping, restaurants, etc.) but not have to lay down twice the cost (which I don't have) to live there.
Aside from being expensive, NYC is also very competitive, so this competition often extends to real estate in having to live in "the" neighborhood and have "the" best apartment. Reading real estate articles in the local papers only enhances one's feelings that everyone else is living better than you are, but the reality for the majority of people probably differs a great deal. Better to put together a plan that works for you, realize your first purchase won't be your last and then plan and grow from there. -
Subject: Re: Forget Park Slope or NYC in general
Washyourhands wrote: The post above is right - some people are just fortunate to have insane amounts of money (trust fund, inheritance, etc.).
Heh I actually agree with your harsh feelings about this. And I work in real estate financing! Im relatively young but would like to buy because the flaws of renting slap me in the face every day... but now is definately the wrong time. For me and for many others anyway. Im waiting for the forclosure boom.
At $1 million do what myself (an attorney) and my girlfriend (who makes six figures) did – say f*ck you to this insane housing market (and let's not even discuss how sad it is, we, two people with decent incomes and no children can't even buy in Park Slope).
I won't even participate in this madness where a piece of crap gets $800,000 and I have to compete with trust fund children. How almost everything is a condo or co-op so you pay $400,000 for a small 1 bedroom and then you want $500 in monthly maintenance fees? Hahahaha. Screw you! We'll keep renting thanks. -
Sterling2000, well said! Wise advice.
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One thing to add to Sterling2000's post. In general the best time to look for a new place to buy would be between Labor day and Christmas. There may not be as much inventory, but the owners are probably more motivated. Also, buyers (IMHO) put up mental blocks around holidays. They wont think about buying "until the new year" or "after Christmas". The prices may not reflect it, but sellers may be more open to a lowball offer.
Just a thought. -
sterling2000 wrote: A co-worker years ago told me the trick to buying in the city is to find the neighborhood you want to buy into and then go one more subway stop, get out and start looking. Give it a few years and the neighborhood will come to you.
I have lived in Brooklyn all my life and I have also noticed that once a neighborhood is termed "hot" you can usually get a great deal one neighborhood over, i.e., Williamsburg (considered hot) is next to Greenpoint. Five years ago you could have bought something in Greenpoint for half the price it is now. I predict the next neighborhood is Bushwick & Lefferts. Bushwick because Greenpoint will become crowded and Lefferts because PS and Prospect Heights is becoming crowded. I still hold out hopes for Coney Island but I think that will be way down the line (over 5 years from now). -
Coney Island's redevelopment is already in the works (see www.thecidc.org). A cleanup has been promised since I was in junior high there, 20 years ago, but it looks like it really may happen very soon. Buyer beware!
Brighton's real estate has skyrocketed in the last few of years as more and more people prove willing to travel to the beach (there was a long stretch when it was much more limited to locals). It seemed there were exclusively elderly Russian immigrants in parts of Brighton and on the border of Brighton and Coney Island until only about three years ago and now I regularly meet residents of Park Slope/Windsor Terrace and other neighborhoods there. In seven years, when Coney Island is overpriced, we may be slapping our heads and wondering why we didn't recognize its potential given that the main draw -- the ocean -- will never go away!
All this is by way of saying that I agree with Stacey, and that since some property in Brighton is already considered "hot," Coney Island indeed looks like it could be next. -
Subject: Re: What it costs to buy property in Park Slope
dailyheights wrote: Median house prices in Park Slope (actually Park Slope/BoCoCa/Brooklyn Heights combined) jumped from $900,000 to $1,250,000 from First Half 2004 to First Half 2005, according to a report from Halstead that was reported on Curbed.
FYI, Corcoran reports that the 2005 median single-family townhouse in Park Slope proper is a whopping $2.925 million.
Average price is up from $1.09 million to $1.38 million over than same time period.
Mama Mia! :shock: -
Subject: surreal estate
Well, I had to leave Brooklyn last year and move back to Virginia because the housing prices are immoral. I mean, two college professors with Ph.D's can't afford a decent place? Is this normal? NY is so good with social justice on almost every other topic, but when it comes to real estate, it is ruining the city. There will shortly be no middle class left. -
nyc is large enough. people think its all expensive. dont forget there is more than just these known neighborhoods. there is the boondocks like east newyork and coney island where houses and land stilld dirty cheap. just people arent willing to travel a bit within it.
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Subject: is montgomery place really the best street to have an apart?
I am considering buying there, but it is a 3rd floor walkup and very expensive for 400-450 square feet...Help. -
Subject: Is The End Near?
My wife and I have been looking for a nice 2 bedroom for some time now. Every weekend the new listings are either too scary to think about (price-wise) or are not even close to the descriptions they state (always fear a listing with no square feet mentioned). We started to look into Jersey City and while the prices were better the taxes are killer! I have been looking in Windsor and Prospect Heights and may now start looking a little farther out (thanks to the advice of a few of you).
I was always told that this housing market cannot maintain at this pace / dollar. And every year those people that told me this nugget of wisdom are proven wrong. And every year I pray that this is the year they are right. Here is to a cheaper 2006! -
Subject: Re: Is The End Near?
StevieShamrocks wrote: My wife and I have been looking for a nice 2 bedroom for some time now. Every weekend the new listings are either too scary to think about (price-wise) or are not even close to the descriptions they state (always fear a listing with no square feet mentioned). We started to look into Jersey City and while the prices were better the taxes are killer! I have been looking in Windsor and Prospect Heights and may now start looking a little farther out (thanks to the advice of a few of you).
if youre looking into ph, also look at Kensington next to windsor terrace its a place full of families
I was always told that this housing market cannot maintain at this pace / dollar. And every year those people that told me this nugget of wisdom are proven wrong. And every year I pray that this is the year they are right. Here is to a cheaper 2006!
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