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View Full Version : Condos in Brooklyn out of control



sw19
March 28th, 2006, 11:51 AM
Is it me, or does there seem to be a glut of condos in Midwood, Sheepshead Bay, etc.? And do they seem to be overpriced? The few I've looked at offer absolutely nothing warranting the price they are asking. It seems that if you give up very little, you can live in Manhattan.

MrSpice
March 28th, 2006, 12:06 PM
Is it me, or does there seem to be a glut of condos in Midwood, Sheepshead Bay, etc.? And do they seem to be overpriced? The few I've looked at offer absolutely nothing warranting the price they are asking. It seems that if you give up very little, you can live in Manhattan.

It's my understanding that you can bargain and get a better price on many of the new condos that are being built in those parts of Brooklyn. You are looking at the asking price. You should be able to offer less and still get it.

Many of those condos offer tax abatement for 10-15 years and often come with a personal parking space (sometimes they ask you to pay 25-35K extra to have your own parking space). I pay 300/month for parking in Manhattan. While the prices may seem high to you, you can buy a nice 2-br apartment for 500-600K in Midwood. You can only buy a studio or a very small 1br for that money in Manhattan. In Manhattan, you would pay $500/month in maintenance or more for 1br and $500 or more in real estate taxes. Many of those those condos required $200/month in maintenance and virtually no taxes for the first 10 years. That's a bargain.

Lastly, the prices are determined by the market. If everyone felt like you, the prices would fall much lower (and they already did).

sw19
March 28th, 2006, 12:19 PM
I was born and raised in Brooklyn and live in Midwood now. I don't see any of the condos in this area being worth more than 1/2 - 2/3 what they are asking. Construction is sub-par and amenities are lacking. Just like the co-op boom in Brooklyn twenty years ago, I think there will be plenty of empty units. I looked at a unit on Ave. P & E. 19 St almost a year ago. The person showing it said there were only 2 units left. I guess he was either lying, or hoping. But most of the building apears unsold to this day.

MrSpice
March 28th, 2006, 12:34 PM
I was born and raised in Brooklyn and live in Midwood now. I don't see any of the condos in this area being worth more than 1/2 - 2/3 what they are asking. Construction is sub-par and amenities are lacking. Just like the co-op boom in Brooklyn twenty years ago, I think there will be plenty of empty units. I looked at a unit on Ave. P & E. 19 St almost a year ago. The person showing it said there were only 2 units left. I guess he was either lying, or hoping. But most of the building apears unsold to this day.

Again, your view of what they are worth have nothing to do with the price. If you want to live in a condo, you have to pay what the market demands for it. The market for condos in this part of Brooklyn got really sour in the past year. I think they have trouble selling some of them. That's why I think it's a good time to buy because you can choose the best development and bargain on the price and probably buy for much less than the asking price. I think you should view those condos with someone who is either contractor or a buildings expert and can see whether the building's design is sound. I agree - some of the new condos look very poorly made. It's also worth looking at the condos that were built 2-3 years ago - many people that bought then are selling now in order to cash out. If you buy new condo, you pay much more in closing costs (both seller's and buyer's)

BklynJeff
March 30th, 2006, 02:28 AM
Finally -- someone who shares my thoughts on this condo glut. But you know what? They don't stop building them!

The construction and design is very very poor. I'm an architect with a NYC agency, and even we wouldn't design something this bad. If I did these designs when I was at Pratt, I'd be kicked out of school. I simply do not understand how this substandard construction can be acceptable to the authorities. The residential building codes must have changed along with the zoing codes, which is permitting all of this overbuilding. I recently went to see the condo on Quentin and E.18 and it was just horrible. My building built in 1941 is 1000 times better than that junk. Plus, it's not very enticing to live with a sign over your entrance proclaiming "Pain Management".

Definitely NOT worth 500-600k. Maybe not even half the price.

sw19
March 30th, 2006, 02:52 PM
Finally -- someone who shares my thoughts on this condo glut. But you know what? They don't stop building them!

The construction and design is very very poor. I'm an architect with a NYC agency, and even we wouldn't design something this bad. If I did these designs when I was at Pratt, I'd be kicked out of school. I simply do not understand how this substandard construction can be acceptable to the authorities. The residential building codes must have changed along with the zoing codes, which is permitting all of this overbuilding. I recently went to see the condo on Quentin and E.18 and it was just horrible. My building built in 1941 is 1000 times better than that junk. Plus, it's not very enticing to live with a sign over your entrance proclaiming "Pain Management".

Definitely NOT worth 500-600k. Maybe not even half the price.
Jeff,
I know which building you're talking about. It's plain ugly. I think its one of the buildings put up by Maxmillion. I looked at the unit on Ave. P and E.19 St. Anyone buying these for $400,000+ is crazy. They don't give you anything for that kind of money. They're catering to a particular group of people that haven't got a clue. Why would I live in that part of Brooklyn for that amount of money? There are way better properties being built in Williamsburg or Dumbo or even Manhattan. I'd give up a little space to have a condo with some amenities. What they're selling are 2 bedroom apartments with no extras. No washer/dryer, etc. Just the fact that the master bedroom had a stall shower and the bath in the hall had the jacuzzi was an indication that whoever designed these has no idea of what they are doing. And the person shoing it was clueless also.

sw19
March 30th, 2006, 03:32 PM
Again, your view of what they are worth have nothing to do with the price. If you want to live in a condo, you have to pay what the market demands for it. The market for condos in this part of Brooklyn got really sour in the past year. I think they have trouble selling some of them. That's why I think it's a good time to buy because you can choose the best development and bargain on the price and probably buy for much less than the asking price. I think you should view those condos with someone who is either contractor or a buildings expert and can see whether the building's design is sound. I agree - some of the new condos look very poorly made. It's also worth looking at the condos that were built 2-3 years ago - many people that bought then are selling now in order to cash out. If you buy new condo, you pay much more in closing costs (both seller's and buyer's)
Mr Spice,
The condo market in Brooklyn is out of sync with other areas. Do you think a 2 bedroom apt. with poor design, no amenities in Midwood, Sheepshead Bay, etc. is worth $400-500,000?
Someone without a clue and money(earned how?) is what may be screwing up the market in these parts of Brooklyn.
I'm a native Brooklynite and have seen my borough go down the drain due to an influx of people coming here and thinking that things should be the way they want and not becoming a part of the "melting pot" that Brooklyn is or was. I don't appreciate that kind of arrogance.
This may seem politically incorrect, but its the way I feel. Sometimes I feel like I'm in a 3rd world country. Store signs should be in English! I shouldn't have to learn another language.
Sorry, but I just had to let my frustration on this vent.

MrSpice
March 30th, 2006, 04:08 PM
Mr Spice,
The condo market in Brooklyn is out of sync with other areas. Do you think a 2 bedroom apt. with poor design, no amenities in Midwood, Sheepshead Bay, etc. is worth $400-500,000?
Someone without a clue and money(earned how?) is what may be screwing up the market in these parts of Brooklyn.
I'm a native Brooklynite and have seen my borough go down the drain due to an influx of people coming here and thinking that things should be the way they want and not becoming a part of the "melting pot" that Brooklyn is or was. I don't appreciate that kind of arrogance.
This may seem politically incorrect, but its the way I feel. Sometimes I feel like I'm in a 3rd world country. Store signs should be in English! I shouldn't have to learn another language.
Sorry, but I just had to let my frustration on this vent.

Whatever your feelings are (and as politically incorrect as they are), the huge influx of immigrants have always been a reality in Brooklyn. At this point, Brooklyn is the safest and cleanest it's been in many years. Many of the immigrants (Russian, Chinese, Pakistani, Mexican, etc.) that came in the 90s now have good jobs and can afford to take mortgages and buy their own apartments. And for many immigrants, owning your own home is a dream. Last time I checked, 95% of signs in Brooklyn are in English, even in the areas where most residents are recent immigrants. Even on Brighton Beach where I used to live, signs are always doubled-up in English - the same goes for menus. According to any objective statistics you can find, Brooklyn is booming. Fortunately, in this country you have a choice and can move to other parts of Brooklyn, other parts of New York or other parts of this great country. Maybe you have not noticed, but Brooklyn has always been full of recent iommigrants - Jewish, Italian, Russian, etc. And will probably remain so...

MrSpice
March 30th, 2006, 04:12 PM
Mr Spice,
The condo market in Brooklyn is out of sync with other areas. Do you think a 2 bedroom apt. with poor design, no amenities in Midwood, Sheepshead Bay, etc. is worth $400-500,000?
Someone without a clue and money(earned how?) is what may be screwing up the market in these parts of Brooklyn.


In Park Slope, 2-bedroom coop goes for 650-800K
In Manhattan, 2br coop goes for at least 900K and 2br condo will run 1.1mil and more.
1 family house goes for at least 700-800K even in Midwood.

I don't think 400K is a bad price to pay for a 2br condominium, especially considering tax abatements and relatively inexpensive parking. I was looking to buy one of those condos myself, but after looking for a couple of years decided to buy in Manhattan. It's your decision where you buy and what.

Regarding the "how" - most people in Brooklyn who buy those condos (and I know quite a few in the Russian community) buy it the old fashioned way - they put 10-15% down and take a mortgage.