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I've noticed that they're are many condo's around brooklyn, that have been up for some time and it looks like no one's in them. A few around state street. And many in the flatbush and midwood areas
I have to disagree with you somewhat. As I stated before, there was a house for sale in Longwood and I was outbid by 2 white lesbians. I think what is happening is an equalization right now..that is...the prices for these "luxury" condos are outrageous, but there are places that are 1/4 of these prices in areas like the Bronx where people are buying....at least that has been my experience.
I could be wrong though...this was the only place I was interested in..so maybe everyone else was interested in it too. The IMMENSELY lower prices in area like the Bronx, and the proximity to the city in areas like Mott Haven, Concourse, Melrose, etc...are likely appealing to those that are balking at these outrageous prices...or maybe they are sitting vacant too? I dunno!
The house was a brick single family with front porch, completely renovated in 2002. It has 3 levels, the first was a livingroom, diningroom, kitchen, the second was 2 bedrooms and full bath, the 3rd was 2 bedrooms and 1 full bath...4 bed/2 bath total. Backyard was not done, so you had to put fence and landscaping, basement was partially finished with 1/2 bath and private entrance and backyard access..easily made into a rental.
The inside needed no work at all, and it had a parking spot in front. The ask was $399,000. Not sure what it sold for...probably $350,00..but thats just a guess. It could easily be made into a 3 family by adding a kitchen to the second level, making the 2nd and 3rd level a 3 bed/2 bath unit. The first level would need a bathroom to make it a 1 bedroom with private yard, and the basement would be a large studio...so there was a lot of potential besides it being just a large single family with basement rental.
Coops in the 250-350K range in Jackson Heights are still moving along just fine, at higher prices than 2006. But - the important thing is that the value is still good, since the neighborhood is nice and the commute to Manhattan is quick.
I, too, have noticed these new construction buildings in other areas of Queens (not as desirable areas for many reasons) with huge banners draped over the tiny balconies advertising luxury condos for sale. These places have been overpriced since the beginning and I don't think the prices have dropped enough for people to think they are a good deal.
So, while I agree that it's not smart to buy a "luxury" overpriced condo in a marginal neighborhood, there are still some good deals to be had (if you're smart about it), like Guy is talking about.
The house was a brick single family with front porch, completely renovated in 2002. It has 3 levels, the first was a livingroom, diningroom, kitchen, the second was 2 bedrooms and full bath, the 3rd was 2 bedrooms and 1 full bath...4 bed/2 bath total. Backyard was not done, so you had to put fence and landscaping, basement was partially finished with 1/2 bath and private entrance and backyard access..easily made into a rental.
The inside needed no work at all, and it had a parking spot in front. The ask was $399,000. Not sure what it sold for...probably $350,00..but thats just a guess. It could easily be made into a 3 family by adding a kitchen to the second level, making the 2nd and 3rd level a 3 bed/2 bath unit. The first level would need a bathroom to make it a 1 bedroom with private yard, and the basement would be a large studio...so there was a lot of potential besides it being just a large single family with basement rental.
I did..this one shows sales price n/a unfortunately...at least not yet...it just closed in the last 60 days or so....I will keep checking.
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