too good to be true?

lambertaj · December 2009

hi all

new to this forum and wondered if anyone can share some insight:

there is a gorgeous house i'm seriously considering buying on monroe between classon & franklin - it has been on the market about 2 months, is priced in a rational, value-oriented way (NOT CHEAP mind you) and i can't figure out why no one's snapped it up! it's beautifully restored, no tacky suburban-ness, and it's in what seems to be an amazing neighborhood.....meanwhile i saw another house that was a MESS in south slope that went for way OVER what they were asking - completely outrageous/crazy pricing/bidding war....etc....etc...

i guess i'm asking - is there a catch i don't know about here? will ratner be buying up the lots across the street in 5 years or something?

any insight you have would help me make an informed decision, thanks!

tennisfan · December 2009

You'd better try Brownstoner.com

lambertaj · December 2009

thank you, just posted there - not sure they know the area as well, was hoping someone who lives there could shed some light - but can't hurt i guess! thanks again.

tennisfan · December 2009

Where do you currently live if you don't mind me asking?

lambertaj · December 2009

soho, in a teeny tiny apt. - i think i'm finally realizing i may be too old to continue to pay to live in the heart of things, rather than to pay to have a nice home whose value is about normal things like square footage, nice neighbors, quiet, etc.

ben · December 2009

I think this is still considered a bit of a fringe zone whereas south slope is not. Plus, the place has only been on the market 2 months. While there may be an occasional bidding war that's definitely not the norm unless a place is obviously priced well below market.

kevin_on_putnam · December 2009

Hey, HEY--I live around the corner, this isn't a fringe zone, I have great neighbors and I run with my dog down Monroe every morning. There are great restaurants nearby and the C is only a couple of blocks away. I don't know why the house is so cheap (if it is cheap), but you can always look up the block on Trulia and see what other houses go for around it. You can also get an engineer to look at the building. I would knock on some of the neighbors doors and see what they know about the house. Everyone's pretty friendly. Have dinner at Kush, desert at Choice, talk to people and see if you like the neighborhood.

tennisfan · December 2009

This neighborhood is definitely very different from SOHO.
I would suggest you to take some time to walk around the neighborhood on week-days and week-end at different times of the day to get a feel of it.

MOD · December 2009

Kevin_on_Putnam wrote: You can also get an engineer to look at the building. I would knock on some of the neighbors doors and see what they know about the house. Everyone's pretty friendly. Have dinner at Kush, desert at Choice, talk to people and see if you like the neighborhood.

Yes, if you can take a savvy friend with you or an engineer, someone in the business to make sure there isn't electrical/gas/heating/wiring blah blah blah... all possible structural or other issues to deal with. Plus do a little walk around on your own or with friends in the evening/night to see how the nabe is..

whynot_31 · December 2009

People pay a lot of money to be in the right school district, frequnetly defined by test scores.

Mind you, I have no idea if you:

a. Have kids.

b. Might prefer Fort Green's district to some other district based on non-test score reasons.

c. Even if you don't have kids, you'll likely get more if it is in a district people consider to be "right"

That's all I'm sayin'.

lambertaj · December 2009

thanks for all these thoughts. i am going back tomorrow night to hang (been to vini olii once last week!) and also seeing the house & having another ramble thursday.

when you say 'fringe', what does that mean? it's obvious it's a pretty much residential area, especially compared to what i'm used to; do you mean that it's not quite got a lot of 'stuff' in it yet? stores etc.? we are both walkers in my family so as long as there's a corner store to get necessities in a pinch - which there is - i think that part is ok....?

domino · December 2009

In addition to Trulia, there are a few other websites such as zillow, nyrealestatetrends and propertyshark which give you fairly current info on prices and area stats. You can also go online to NYC (ACRIS) which gives you details on who owns the property, liens, etc.

brooklynprivategym · December 2009

hey ...i moved from soho, and am just renting a beautiful renovated duplex 2 bedroom apt in a brownstone for less than half what i paid in soho. and you're not dreaming. move here anyway, rent or buy.... but it's beautiful here and the people are friendly, community minded, and diverse.

in short you're not dreaming. it's awesome.

betsyonputnam · December 2009

ummm. There was a homocide on that block yesterday evening - you'll see the other post on this.

lambertaj · March 2010

ok so it's still there...for the same price....we made offers but owners want to hold out for asking. not sure it's worth pursuing.

pitu · March 2010

This place?
http://www.corcoran.com/property/listing.aspx?ListingID=1889017&Region=NYC

Maybe it's priced a little too high in a tanked economy where mortgages are hard to come by. But if it works for you, go for it. Buy a place you love that you can afford.

kevin_on_putnam · March 2010

Wow! a million two? If I had that money I'd retire.

pitu · March 2010

Kevin_on_Putnam wrote: Wow! a million two? If I had that money I'd retire.

My friend just did an retirement calculator, and it told her she needed to save 33 million dollars in the next 25 years. I know the kid's college will be expensive, but...but... :shock:

miranda · March 2010

There are a few bed and breakfasts/furnished apartments in the area. Why not rent one for the weekend and get a feel for the place.

too good to be true?

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