Brooklyn Real Estate Q&A and Info

I was asked by a fellow shareholder at the co-op where I live if its worth the money to get an co-op insurance policy. My answer to the question is a resounding yes!

Many shareholders are under the impression that the co-op corporation’s insurance policy should be all the insurance that they need. So, what does the co-op’s master insurance policy cover? Typically, it covers any liabilities that occur in the common areas of the co-op. For example, if some one slips in the hallway outside your apartment, the co-op’s insurance policy would cover any bodily injury that occurs. However, if that same person slips and falls in your unit, the co-ops insurance does not cover any liability, you would be responsible.

A co-op insurance policy will cover any losses to your unit as a result of a burglary, if fire damage ruins the walls in your apartment, or if someone is injured when he trips and falls over an object in your living room.

Protect yourself and your belongings and get a co-op insurance policy (if you’re a renter, you should have a renters policy). They’re not that costly. I personally pay about $300 a year for $50,000 worth of coverage. Better safe then sorry.

When you’re a parent, one of the first things you look for when you’re planning to move your family to a new neighborhood is the location of the schools.

This brief little article which will help take the guess work out of finding the local schools in the Clinton Hill /Fort Greene area.

Elementary Schools

P.S. 20 Clinton Hill School
225 Adelphi Avenue
Brooklyn, NY 11205
Phone: (718) 834-6744
Public School
Pre-K to 5th Grade
P.S. 20 Website

P.S. 11 Purvis J Behan School
419 Waverly Avenue
Brooklyn, NY 11238
718-638-2661
Public School
Pre-K to 6th Grade
M.S. 113 Website

P.S. 46 Edward C. Blum
100 Clermont Avenue
Brooklyn, NY 11205
718-834-7694
Public School
Pre-K to 5th Grade
PS 46 Website

Queen of All Saints Elementary School
300 Vanderbilt Avenue
Brooklyn, NY 11205
718-857-3114
Private School
Kindergarden to 8th Grade

Junior High Schools

M.S. 113 Ronald Edmonds Learning Center
300 Adelphi Avenue
Brooklyn, NY 11205
718-834-6734
Public School
6th - 8th Grade
M.S. 113 Website

High Schools

Benjamin Banneker Academy
71-77 Clinton Avenue
Brooklyn, NY 11238
718-797-3702
Public School
9th - 12th Grade
Benjamin Banneker Website

Brooklyn Technical High School
29 Fort Greene Place
Brooklyn, NY 11217
718-804-6400
9th - 12th Grade
Brooklyn Tech Website

Bishop Loughlin Memorial High School
357 Clermont Avenue
Brooklyn, NY 11238
718-857-2700
Private School
9th - 12th Grade
Bishop Loughlin Website

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,

The first thing you’ll notice about Kings Village and the Old Mill Basin section of Brooklyn, is how peaceful it is.  The Kings Village Co-op is situated in the middle of a quiet residential area, with abundant trees and manicured lawns.  The co-op consists of 5 buildings between Avenue I and J.

Getting into Manhattan from Kings Village is simple. Hop on a number 46 Limited Bus which runs along Utica Avenue, and you’ll quickly find yourself at the Crown Heights/Utica Avenue Station on the number 4 Line, which is only 5 stations away from lower Manhattan.   You can also catch the number 6 Bus at Avenue H and take a 10 minute ride to the number 2 or 5 Trains.

Kings Village is affordable.  Studio apartments sell for around $115,000, 1 bedrooms for around $170,000, 2 Bedrooms for $255,00 and 3 Bedroom Apartments for only 325,000.  Here are some the other great features of the Kings Village Co-op:

1. Maintenance includes everything except electricity.
2. Newly Renovated Lobbies, hallways and elevators
3. Large windows, some have unobstructed Manhattan views.
4. Beautiful wood Floors. 
5. Private Security On Site
6. Some apartments have terraces.
7. Ample Closets.
8. Storage is available at an additional cost.
9. Parking available at an additional cost.
10. Kings Plaza, the New AVIATOR Sport Center, beaches and horseback riding, and hiking trails only minutes away. 

View Larger Map

If you looking to purchase an apartment that is affordable in a picturesque setting, then King Village Co-op may be what your looking for. For more information, give me a call at 917-544-2662 or Click Here.

The mortgage meltdown that we are experiencing at this time makes it all the more important for anyone thinking about purchasing a home to make sure he or she does everything possible to improve his or her credit score.  Here are seven things that you can do to increase your FICO score.

1. Pay Off As Much Debt As You Can - This is the best and quickest way to improve your credit score.
2. Pay Your Bills On Time - It may sound like a simple thing, but few things will adversely effect your credit score like having late payments.
3. If You Are Behind On Payments, Catch Up - Do everything you can to get current on all payments to your creditors and stay current.  The longer you keep paying your bills on time, the better your score will be.
4. Having Trouble Paying Bills?  Get Help - If you find that you just can’t keep up with all your bills, contact your creditors and see if you can make arrangements or contact a credit counselor.
5. Do Not Open Any New Credit Accounts - Having the ability to borrow money doesn’t effect your score, but owing a lot does.  Don’t tempt yourself.  Open new accounts only when absolutely necessary.
6. Do Not Close Old, Paid Off Accounts - Closing those accounts lowers the total credit available to you and makes the balances you do have loom larger in credit score calculations.   Also closing older accounts can shorten the length of your reported credit history and make you seem less credit-worthy.
7. Keep Track of Your Credit Score - You are allowed to get a free look at your credit report with all three credit bureaus (Experian, Equifax and TransUnion) once a year.  Any one of the three credit bureaus will calculate your FICO score for a nominal fee.  Should you find any errors, follow the credit bureau’s instructions on how to get the problem corrected as soon as possible.

These seven tips can help you increase your FICO score (remember 850 is the best and 300 is the worse), and improve your chances of getting a loan with the lowest possible interest rate.   Happy House Hunting!