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I am interested in purchasing an apartment in the Bushwick/Ridgewood area as an investment (hence probably a condo as most co-ops seem to have sticky rules about renting out).
I am hoping to get something small, maybe not in a prime area (one of the further stops, like Halsey L), for less than $300k. I did a cursory search and the inventory below $600k+ seems very low and consists of all new construction, which is not a requirement for me. I haven’t been watching that market, but is this typical?
Is my idea of getting something small for under $300k realistic (or something decent size for a little more?) if I wait around for the right thing to come along? This is the only sort of applicable listing I found 309 Cooper Street #2A, Brooklyn, NY 11237 | MLS #6321598 | Zillow and I bet they’re pushing it on the square footage.
I know I may hear that a house would be a better investment, but I already have two and can’t afford or handle another one. I thought about waiting around for 2019 L shutdown, but my gut feeling is it won’t do much for the sales market – might actually just create a lot of buying speculation.
Thoughts? Advice? I am not sure where to look aside from the typical channels (Zillow, Trulia, etc) and feel that Bushwick/Ridgewood is not really an area where you can dig up some treasure by going through a small local agency anymore. I appreciate any input/experience
309 Cooper st is across the street from the uranium enrichment site for the Manhattan Project that is now a superfund. That might have something to do with the low price. Other than that, I don't think you'll find anything around here for that low.
I found my house on Craigslist. Broker never listed it on a site. Ridgewood is like that. In general it doesn't have the available supply like you'll find in Bed-Stuy or Bushwick. People here don't sell. Its a tight market.
That price doesn't exist in Bushwick now. Theres a reason the cooper hasn't sold in almost 3 months. At that price in Bushwick it would be gone already.
Condo inventory is low (this is typical of the NYC market) and finding something in BK for under $300K is going to be next to impossible (again, typical). I use Streeteasy for real estate listings.
As for that Cooper St condo, there is some issue with it for sure. Condos priced that low don't usually sit on the market for that long- unless there is a problem with it...
Condo inventory is low (this is typical of the NYC market) and finding something in BK for under $300K is going to be next to impossible (again, typical). I use Streeteasy for real estate listings.
Or Queens for that matter, since the OP is looking there as well. You'd have to look deeper in Brooklyn and Queens to find prices like that.
Like I said, finding inventory in Ridgewood is tough. It always has been. Even though prices in Bushwick are higher, Brooklyn tends to have more properties on the market.
the listing says 1 bed /2 bath but that seems to be a mistake, the floorplan shows a studio.
A studio for 329k in a not so great area, i wouldnt call that a good investment. Coops are not difficult, especially on the lower end. you can get a manhattan studio for that price or a large 1 bedroom in queens.maybe even a 2 bedroom.
I am interested in purchasing an apartment in the Bushwick/Ridgewood area as an investment (hence probably a condo as most co-ops seem to have sticky rules about renting out).
I am hoping to get something small, maybe not in a prime area (one of the further stops, like Halsey L), for less than $300k. I did a cursory search and the inventory below $600k+ seems very low and consists of all new construction, which is not a requirement for me. I haven’t been watching that market, but is this typical?
Is my idea of getting something small for under $300k realistic (or something decent size for a little more?) if I wait around for the right thing to come along? This is the only sort of applicable listing I found 309 Cooper Street #2A, Brooklyn, NY 11237 | MLS #6321598 | Zillow and I bet they’re pushing it on the square footage.
I know I may hear that a house would be a better investment, but I already have two and can’t afford or handle another one. I thought about waiting around for 2019 L shutdown, but my gut feeling is it won’t do much for the sales market – might actually just create a lot of buying speculation.
Thoughts? Advice? I am not sure where to look aside from the typical channels (Zillow, Trulia, etc) and feel that Bushwick/Ridgewood is not really an area where you can dig up some treasure by going through a small local agency anymore. I appreciate any input/experience
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