I've been going to open houses for a few months now, been actively watching sales for well over a year, all over the Brooklyn area. I've lived in Bushwick for six years, would love to buy here but there aren't really condos for sale (there are a few to be fair). So we went to a one bedroom loft in Ridgewood, they're asking $775,000. The agent showing the property was very nice, very knowledgeable,... [more]
I've been going to open houses for a few months now, been actively watching sales for well over a year, all over the Brooklyn area. I've lived in Bushwick for six years, would love to buy here but there aren't really condos for sale (there are a few to be fair). So we went to a one bedroom loft in Ridgewood, they're asking $775,000. The agent showing the property was very nice, very knowledgeable, but used the language 'Ridgewood is changing, it's up and coming for sure', and gave examples. My question is, for nearly $800K I can live in almost any neighborhood I'd like, so why is anyone paying such a premium to live in a neighborhood that is definitely not in the same ball park as others. I love the apartment, and could easily live in Ridgewood, but if I'm paying $800k, it won't be to live in Ridgewood.
Similarly, near me in Bushwhick is a 2bed 2bath condo asking $950,000!!! Again, why ask Mccarran Park/Dumbo pricing to live in Bushwick. I've lived near that particular listing again for six years, and it's comical that anyone would pay that. For $995k you can live near Mccarran Park on Manhattan Ave and have a garage & outdoor space!!
Is this just an attempt to inflate, but the market is going to hopefully correct in the next 12 months?
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Response by fieldschester
almost 10 years ago
Posts: 3525
Member since: Jul 2013
According to Fieldschester (me), the market peaked some time in Q2 2016, so, correction - yes, 15-20% on average.
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Response by doug121
almost 10 years ago
Posts: 4
Member since: Apr 2014
I believe you there. We have down payment money set aside, but I feel like it's best to wait this year out.... since you can buy a condo in Borum/Cobble Hill/Heights/Williamsburg area for almost the same prices they're asking for Bushwick/Ridgewood
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Response by jlkaufman1
almost 10 years ago
Posts: 24
Member since: Oct 2009
You are finding that when buyers get priced out of a neighborhood they start looking in other locations for more value for their money. For instance, right now, a lot of investors and purchasers are looking in Vinegar Hill and Dumbo. This is because there is a ton of new developments and you get a lot more value for your money than you would in Manhattan for the same size home with similar if not better amenities. In addition, a comparable apartment in Manhattan as opposed to Park Slope or somewhere else will have lower maintenance than a place in Manhattan. Although this sounds like a unique idea, many buyers are saturating the Brooklyn market with the same ideas--therefore driving up DEMAND and PRICES.
According to Fieldschester (me), the market peaked some time in Q2 2016, so, correction - yes, 15-20% on average.
I believe you there. We have down payment money set aside, but I feel like it's best to wait this year out.... since you can buy a condo in Borum/Cobble Hill/Heights/Williamsburg area for almost the same prices they're asking for Bushwick/Ridgewood
You are finding that when buyers get priced out of a neighborhood they start looking in other locations for more value for their money. For instance, right now, a lot of investors and purchasers are looking in Vinegar Hill and Dumbo. This is because there is a ton of new developments and you get a lot more value for your money than you would in Manhattan for the same size home with similar if not better amenities. In addition, a comparable apartment in Manhattan as opposed to Park Slope or somewhere else will have lower maintenance than a place in Manhattan. Although this sounds like a unique idea, many buyers are saturating the Brooklyn market with the same ideas--therefore driving up DEMAND and PRICES.
in Vinegar Hill? This must be a joke.