Brooklyn Real Estate Q&A and Info

Yes, despite all the doom and gloom we’re all reading in the papers, its a terrific time to buy a house, co-op or condo in Brooklyn.  If you are wondering why, here are a few good reasons.

1. Prices have dropped as much as 15% in some areas of Brooklyn from just a year ago.  Its a great time to get a bargain on a piece of property.
2. Interest rates are still low.   According to Bankrate.com, a 30 year fixed rate mortgage can be had for as low as 6.45%. 
3. You’ll find that sellers are much more willing to negotiate on price then ever before.
4. Prices in the areas of Brooklyn that I specialize in have stabilized over the last two months or so.   If prices have hit bottom, which many veteran Realtors are saying they have, then prices will hoover for a while and then begin to rise. 
5. The economy will rebound.  It always has, it always will. 

Don’t try and time the market.  If you’re in the position to buy, but you have been hesitant because of the situation with the economy, don’t sit on the fence.  Go ahead and buy!!  Before long, you’ll see prices start to rise along with interest rates, and you will have missed the “get a house, co-op or condo for a steal” boat.

p.s. - If you have any Real Estate needs such as buying, selling or renting real estate, and want to work with a real estate professional who will provide exceptional service with a smile, call me today at 718-338-3380, 917-544-2662 or Click here to send me an e-mail.

Since I answered the question about Clinton Hill’s Borders in my last post, I decided it would be a great idea to outline the borders of another one of my favorite Brooklyn neigborhoods, Bedford Stuyvesant.

So to get that information, I asked a fiend of mine who is a lifelong Bedford Stuyvesant native what streets make up the bounderies of Bed Stuy. Without hesitation, he said Flushing Avenue to the North, Atlantic Avenue to the South, Classon Avenue to the West, and Broadway and Malcom X Boulevards to the East make up the borders of Beford Stuyvesant.

p.s. - If you are interested in selling your home for the highest possible price in the least amount of time, please contact me at 917-544-2662 or Click here to send me an e-mail for more information.

A perspective buyer asked me this question the same day it was reported on New York 1 News that three young women robbed a cab driver in “Clinton Hill”.  The women robbed the cabbie on the corner of  Franklin and Lafayette Avenues.  

Well, I’ve lived in Clinton Hill for seven years now, and when I ask the old timers, people who have lived in Clinton Hill for 25 years or more, they all tell me that the borders of Clinton Hill are Park Avenue to the North, Atlantic Avenue to the south, Vanderbilt Avenue to the west and Classon Avenue to the East. 

Of course if you ask some of my fellow realtors, they will probably tell you a different story.  They will often move boundries around so that they can advertise that a property they are selling is in a “hot neighborhood” even if its not.  Let the buyer beware.

Regarding the news story I talked about earlier, the corner of Franklin and Lafayette Avenues is in Bedford Stuyvesant, not Clinton Hill.

Mitchell-Lama is a program that was developed back in 1955 to create affordable housing for moderate and middle income families.  There are 101 Mitchell-Lama developments in New York City with close to 46,000 affordable cooperative and rental apartments.

A Mitchell-Lama development is either sponsored by the City of New York or the State of New York and may be Federally subsidized.   Whether a development is Federally funded or not, they all have eligibility requirements based on income, family size and the number of people that can occupy an apartment based on the number of bedrooms. 

Mitchell-Lama Cooperatives have a Board of Directors like a typical co-op, however, the New York City Department of Housing Preservation and Development (HPD) has oversight over management issues and waiting lists.

To obtain one of these apartments, you have to put in an application, which then goes on a Waiting List.  Depending on the desirability and location of the development, and the size of the apartment you want, the waiting list can be several years long.   If you interested in obtaining an apartment in several different developments, you’ll have to fill out an application for each.  For more details on applying for a Mitchell-Lama Co-op, go to HPD’s website.

If you’re looking to make your first apartment purchase, but you’re finding most cooperatives to be out of your price range, a Mitchell-Lama Co-op might be a great alternative for you.  Here is a list of developments in Brooklyn that have open waiting list at the time of this writing.

BENSONHURST

Contello Towers 2
2740 Cropsey Avenue,
Brooklyn, NY 11214
321 Apartments
1, 2 and 3 Bedrooms Available

CLINTON HILL

Atlantic Terminal 1
161 South Elliot Place
Brooklyn, NY 11217
200 Apartments
Studios, 1, 2 and 3 Bedrooms Available

Atlantic Terminal 2
415 Carlton Avenue,
Brooklyn, NY 11238
304 Apartments
Studios, 1, 2 and 3 Bedrooms Availalbe

Ryerson Towers
309 Lafayette AVenue
Brooklyn, NY 11238
326 Apartments
1, 2 and 3 Bedrooms Available

CONEY ISLAND

Sam Burt Houses
2675 West 36th Street
Brooklyn, NY 11224
146 Apartments
1, 2 and 3 Bedroom Available

CROWN HEIGHTS

1185 Carroll Street,
Brooklyn, NY 11225
238 Apartments
1, 2 and 3 Bedrooms Available

SHEEPSHEAD BAY

Kings Bay 1
2520 Batchelder Street
Brooklyn, NY 11235
538 Apartments
Studios, 1, 2 and 3 Bedrooms

Kings Bay 2
2533 Batchelder Street
Brooklyn, NY 11235
356 Apartments
Studios, 1, 2 and 3 Bedrooms

WILLIAMSBURG

114 North 5th Street,
Brooklyn, NY 11211
41 Apartments
1, 2 and 3 Bedrooms

If you would like to find out more about Mitchell-Lama Cooperatives, please give me a call at 917-544-2662 or 718-338-3380 or click here to email me.

Happy Mitchell-Lama Cooperative hunting,