I'd love to hear your seasoned tips about traps to avoid and things to look out for. I'll be looking for a well located 1 bedroom (close to subway and commerce). I've narrowed my neighborhoods to Fort Green, Williamsburg (close to bedford L train), Carroll Gardens, and Park Slope (not on the fringes). My preference is for a low ammenity condo with low CC. I'm well aware of the 421 tax abatement... [more]
I'd love to hear your seasoned tips about traps to avoid and things to look out for.
I'll be looking for a well located 1 bedroom (close to subway and commerce).
I've narrowed my neighborhoods to Fort Green, Williamsburg (close to bedford L train), Carroll Gardens, and Park Slope (not on the fringes).
My preference is for a low ammenity condo with low CC.
I'm well aware of the 421 tax abatement "trap", which has been covered in depth in other boards.
I'm also aware of shoddy construction, and would appreciate names of developers to stay away from at all costs.
Lastly, I'm aware of financing issues in buildings that haven't crossed a sold threshold, or moving into a building that is only partially occupied.
From your experiences out there, are there any other tips that will save me from newbie mistakes?
Thanks!
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Response by saudoso
almost 16 years ago
Posts: 11
Member since: Oct 2006
And one more thing... since it might come up:
I won't be overextending and will keep total housing costs below 30% of gross income.
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Response by bjw2103
almost 16 years ago
Posts: 6236
Member since: Jul 2007
saudoso, I don't think there are any names to avoid at all costs - each building will be different, so it makes more sense to get as firm an understanding on a case-by-case basis. I know of some Scarano buildings (he of arguably the worst reputation) that are terrible and others that seem to be fine. It's rarely so cut and dry. Otherwise, I think you've hit the major points in your post above. Those are all fine neighborhoods in Brooklyn, and you're usually better off avoiding some of the more unnecessary amenities. Unless you really fall in love with a particular unit, I'd avoid ground floor apartments. Seperately, I'd make sure to get a pretty detailed account of appliances/finishes, as well as accompanying warranties. Good luck!
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Response by pretzel_nyc
almost 16 years ago
Posts: 20
Member since: Mar 2010
Hey Saudoso, I am in the similar situation as you are and am also looking for a new 1BR condo.
Am wondering, is there any specific reason you have excluded Dumbo, Boerum Hill and Cobble Hill areas?
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Response by saudoso
almost 16 years ago
Posts: 11
Member since: Oct 2006
Hi Pretzel- I'm open to Cobble Hill and Boerum too.
As for Dumbo, I love spending a Sunday afternoon there, but personally don't feel at "home".
And Williamsburg, I'm a bit on the fence (since so many people have warned of the condo oversaturation). But I haven't ruled it out if it's well located.
bjw2103, thanks!
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Response by ouhong
almost 16 years ago
Posts: 8
Member since: Mar 2010
hi, saudoso, I am in the same boat as well, shopping for a new 1BR condo in brooklyn, do you minding sharing this 421 tax abatement "crap" insights, or any links for prior discussions, i had absoultely no clue what's hidden, much appreciated.
Just read this great article called "7 things I didn't know about buying a condo" but this part was just shocking: "Andrea and her husband ended up going online – usually Zillow or Streeteasy – to find and vet apartments and send them to their broker, who would set up appointments with the sellers."
You're saying they ended up doing a huge favor to a random buyer agent (paying them 3% of the purchase price in commission) and the agent didn't even bother to do any searching?
If they're going to do a DIY method why don't they just sign up for a broker commission rebate instead? It makes no sense to do all the work plus get nothing back at closing.
Did they even get a bottle of wine from their buyer's agent as a thank you?
One thing I will contribute to this thread is that if possible, buy "nearly new" instead of a new unit straight from the developer. The developer passes on closing costs to the buyer that are typically paid by the seller, and you are already paying top dollar to get a new unit. You can see how that all plays out on our closing cost calculator (https://www.realdirect.com/closing_calculator/). Oh, and RealDirect offers high quality buyer representation with a rebate as well - and we have been doing it since 2010.
And one more thing... since it might come up:
I won't be overextending and will keep total housing costs below 30% of gross income.
saudoso, I don't think there are any names to avoid at all costs - each building will be different, so it makes more sense to get as firm an understanding on a case-by-case basis. I know of some Scarano buildings (he of arguably the worst reputation) that are terrible and others that seem to be fine. It's rarely so cut and dry. Otherwise, I think you've hit the major points in your post above. Those are all fine neighborhoods in Brooklyn, and you're usually better off avoiding some of the more unnecessary amenities. Unless you really fall in love with a particular unit, I'd avoid ground floor apartments. Seperately, I'd make sure to get a pretty detailed account of appliances/finishes, as well as accompanying warranties. Good luck!
Hey Saudoso, I am in the similar situation as you are and am also looking for a new 1BR condo.
Am wondering, is there any specific reason you have excluded Dumbo, Boerum Hill and Cobble Hill areas?
Hi Pretzel- I'm open to Cobble Hill and Boerum too.
As for Dumbo, I love spending a Sunday afternoon there, but personally don't feel at "home".
And Williamsburg, I'm a bit on the fence (since so many people have warned of the condo oversaturation). But I haven't ruled it out if it's well located.
bjw2103, thanks!
hi, saudoso, I am in the same boat as well, shopping for a new 1BR condo in brooklyn, do you minding sharing this 421 tax abatement "crap" insights, or any links for prior discussions, i had absoultely no clue what's hidden, much appreciated.
Ouhong, there are lots of threads, if you search 421 abatement, such as:
http://streeteasy.com/nyc/talk/discussion/16529-value-of-a-tax-abatement
Urban digs has an older article which I found particularly insightful:
http://www.urbandigs.com/2007/04/biggest_scam_in.html
Happy hunting!
Just read this great article called "7 things I didn't know about buying a condo" but this part was just shocking: "Andrea and her husband ended up going online – usually Zillow or Streeteasy – to find and vet apartments and send them to their broker, who would set up appointments with the sellers."
You're saying they ended up doing a huge favor to a random buyer agent (paying them 3% of the purchase price in commission) and the agent didn't even bother to do any searching?
If they're going to do a DIY method why don't they just sign up for a broker commission rebate instead? It makes no sense to do all the work plus get nothing back at closing.
Did they even get a bottle of wine from their buyer's agent as a thank you?
I would definitely add "get a broker commission rebate" to this thread which is otherwise quite good. Reference article to legality in NY and 40 other states: http://www.hauseit.com/nyc-broker-commission-rebates-legal/
Please spread the word and let consumers know!
One thing I will contribute to this thread is that if possible, buy "nearly new" instead of a new unit straight from the developer. The developer passes on closing costs to the buyer that are typically paid by the seller, and you are already paying top dollar to get a new unit. You can see how that all plays out on our closing cost calculator (https://www.realdirect.com/closing_calculator/). Oh, and RealDirect offers high quality buyer representation with a rebate as well - and we have been doing it since 2010.