My son likes this

I mean, how much lower can it go? That place is probably closer to 800 sq. ft., but even so, if he can pick it up for $130 or so, what's the worst that can happen. Make sure he has an attorney that does the necessary due dilligence on financials, etc., but if he plans to be there for 5 years or so, looks like a great option to me. If he can put 25K down, the mortgage will be ~ $500 a month, so his tax advantaged monthly cost (with mtnce.) will be around $850!! I say let him go for it.

why can't it go lower?

Thanks you OTNYC. what a relief that there are positives to this. I am calmer now. Thanks streeteasy.

I think the only concern in this case is .. safety of the area.
No matter how cheap it is, if the area turns into a war zone it would be a very bad purchase..

"if the area turns into a war zone" - Seriously? You mean like in "Escape From New York"?

loyola - if you're concerned about security (and noise and resale value), you might want to encourage him to look at a 2nd floor apartment in the same building.

Tina
(Brooklyn broker)

Thank you Tina. I will inquire about the other units. Thank you all.

My delicate little sister lives over there. I was very nervous at first. I'm not really that nervous about it now. If it were my brother moving over there, I'm not sure I'd be worried at all.

The one thing that concerns me in your post, loyola, is that you say your son is "after" the $8,000 tax credit. If he's jumping into the market solely to get his hands on that 8K, he's making a very misguided decision.

He should think about a few things before deciding to make such an enormous commitment:

-Is this space large enough for him to expand into (if he gets married and has a kid or two in the next few years)?

-The location might work for him now, but is it a place in which he envisions himself in 5 to 10 years?

-It is extremely likely the real estate market will continue to fall over the foreseeable future, with "less desirable" areas taking the hardest hit. Is your son prepared for the real possibility his property value will diminish significantly? Is he willing to "ride it out"?

Buying property is an enormous undertaking, and one that requires careful consideration.

Wow - talk about jumping to the wrong conclusion.

When I saw the title I thought that this would be a light hearted post about a 5 year old boy liking a 15 CPW listing because he saw a a pic of a long hallway that would be perect for riding his bike - or something along those lines.

Kinda like how my kids loved it every time they saw a giant inflatable union rat outside a development because they thought the guys standing around were celebrating the year of the rat.

Anyway loyola, you say you know the area has issues but how well do you know it?
Are you beside yourself because of potential safety issues? If so, it would not hurt to get another set of opinions from brownstoner.com
Click on the forum link and you can create a new post there. I have seen a lot of posts about PLG so they should be able to help you.

had friends that moved there over 20 years ago and stayed for 10. it's fine. if i was single, i'd look at east williamsburg or bushwick before prospect lefferts though - it's more families buying buildings (of the the gentrifiers) and not as much to do like in the greater williamsburg area for a single guy.

think of resale...who will buy there in 2 years...the area that your son is considering is not great and prices will probably go lower.

"not great" is a nice way to put it.

CC - didn't say it couldn't go lower. Seriously though, while this may be a marginal area, an 800 sq. ft. apartment for $130K (if they come down to that) seems like a good deal to me. I mean, after adjusting for tax, costs will be ~$850 per month, what are comparable rentals going for in that area? Plus, not like it's a terrible area - mostly West Indian, 5 minutes to park, and 5 minute or less walk to 2,5,B,Q trains. Not my first choice, but certainly not a "war zone". Great food, btw, NY Times ran an article last summer and we drove out to try some jerk chicken.

Loyola - you will come across many on this board who think buying any real estate at any price is a bad idea. Don't let them get to you. Home ownership has many benefits including a greater sense of investment in your community, sense of responsibility, etc.

"I mean, how much lower can it go?"

this didn't mean that you thought it couldn't go lower? huh? what did you mean?

please do not include me as one who thinks "buying any real estate at any price is a bad idea." If it were selling for $25,000 I could understand your comment, but at $135 K it clearly could go lower. Not sure that rentals are the basis for price particularly in a marginal area. Lets say for the sake of argument, he saves $700 a month over a rental--two years that $16 K. If this baby goes down 15% he's out of the money. Risk and return don't seem to work here to me.

I wonder if loyola's concern is safety. I read an article about a guy who got the daylights beaten out of him, BAD, leaving the subway somewhere over thataway, not Manhattan, I know. I don't know the area, it may be fine, but personal safety certainly trumps a financial loss, in my book.

Can't go lower? We bought a unit 16 blocks away for $2.50 some years back (vacant)

http://maps.yahoo.com/;_ylc=X3oDMTExNmIycG51BF9TAzI3MTYxNDkEc2VjA2ZwLWJ1dHRvbgRzbGsDbGluaw--#mvt=m&lat=40.6585&lon=-73.953425&zoom=16&q1=%20%24139%2C000%2045%20Martense%20Street%2C%20brooklyn%2C%20ny&q2=345%20montgomery%2C%20brooklyn%2C%20ny

PS "Approximately 1040 SF"? GMAFB.

Divvie, I followed your advice and went to Brownstoner..some good advise there, but some I did not expect and was shocked. Some said I as a "creepy, overprotective, pathetic Mom". Some thought I am a man in disguise. I think I will stay put and get feedback from "my friends in Streeteasy" as my children put it.

Thanks you.

Aw, that stinks, loyola. The Brownstowner folks can be mean - they make even the most offensive curmudgeons and cranks here at SE seem like a basket of puppies :)