On the verge of buying apartment in Brooklyn, opinions?

Paluka · #1 06-16-2006, 01:46 PM

Any of you OOTers have opinions on real estate in NYC right now?

ElaineMonster · #2 06-16-2006, 01:54 PM

No opinions, just advice. Get the best location you can afford and negotiate like hell to get a good price. Also, plan on staying a while.

Paluka · #3 06-16-2006, 02:01 PM

[ QUOTE ]
No opinions, just advice. Get the best location you can afford and negotiate like hell to get a good price. Also, plan on staying a while.

[/ QUOTE ]

Location is covered. Negotiating was near impossible due to the place being priced aggressively in a desirable building and only on the market 2 weeks. And I plan on staying a while, but some aspects of my job situation mean that I always have risk of having to move.

wh1t3bread · #4 06-16-2006, 02:02 PM

lock in your mortgage interest rate now

turnipmonster · #5 06-16-2006, 02:14 PM

I hear a lot of stuff about the market overheating now, but think there are plenty of deals to be had, I got a great deal on my place. co-op or condo? if co-op, see what the board's policy is as far as renting the place if you have to move.

Paluka · #6 06-16-2006, 02:17 PM

It is a condo, and I can't say it is a great deal. It appears to be a good deal compared to the other 20 or 30 apartments I've looked at in my neighborhood over the past year or so.

talentdeficit · #7 06-16-2006, 02:24 PM

do you still want to live in it ten years from now? if not, don't buy.

Paluka · #8 06-16-2006, 02:27 PM

[ QUOTE ]
do you still want to live in it ten years from now? if not, don't buy.

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I do want to, but there could be factors which make it not possible.

turnipmonster · #9 06-16-2006, 02:35 PM

I'm not an expert, but stuff I would think about is will I be able to fix the place up (possibly increasing resale value) or is it all brand new interior? where is it in relation to public transportation (properties close to the subway in nyc are usually more in demand and tend to do better even when the market is tanking).

Paluka · #10 06-16-2006, 02:38 PM

[ QUOTE ]
I'm not an expert, but stuff I would think about is will I be able to fix the place up (possibly increasing resale value) or is it all brand new interior? where is it in relation to public transportation (properties close to the subway in nyc are usually more in demand and tend to do better even when the market is tanking).

[/ QUOTE ]

Yeah I think i'm doing well in these regards. It is a recently renovated place in prime location 3 blocks from teh subway in a desirable building. Because I'm worried about real estate getting beat up, I think getting a reasonably priced high-end place is probably better than trying to get a steal on a marginal place.