Bad time to buy in Brooklyn

Depends on what your time horizon is for selling. If it's long enough, short-term dips in price will probably be offset by long-term appreciation.

If you're going to be living there, I'd focus on whether you actually enjoy the space and how low monthlies are. No one can predict the market and don't let anyone lie to you about being able to. In 5-10yrs it'll be higher and most importantly you'll have enjoyed living there.

Lastly, make sure you get a $8,000 closing gift (https://www.hauseit.com/how-do-i-get-a-buyer-agent-rebate-in-nyc/) through a buyer broker rebate though a local platform like Hauseit. The cost of your representation is built into the sales price, you're throwing it away if you don't use a buyer's agent!

Yes, I totally agree that it depends on the time horizon for selling. If you are just looking to flip something then its probably not the best time to buy. However if you are looking to invest in a long term home, I would focus on Co-ops with low maintenance in emerging areas, i.e. Sunset Park, Ditmas, Kensignton, etc -- where you can still get a good deal.

My advice to buyers has always been consistent - 1) buy the smallest & cheapest home you can live with and then invest anything left over in a mutual fund and 2) assume you will hold the home for at least 8-10 years. Something like 40% of all buyers are forced to sell down the road (job change, etc.) when the market may not be strong. Also, the stock market has always been a better long-term inflation-adjusted investment.

ximon, Depends on your entry point in the stock market. I am not sure today's entry point will make historical returns in the next 5 years. And not every one stays invested during crash. There is panic selling. That is less of a case with apartments.

That's right 300, buy as much house as possible, along with its high carrying costs - live high on the hog - because you might be an undisciplined mutual fund investor.

Perhaps 300. But the same rule would apply to residential real estate. And it's one thing to speculate in the stock market with $10,000, $20,000 or $50,000 of money you have lying around but another thing entirely to speculate on a $1,000,000 coop/condo purchase. Check out Case-Schuller who have some interesting things to say about long-term real estate appreciation.

Small amounts investing ability in stock maket is indeed positive.
Case shiller does not apply to areas with scarce land.
One may say that you save to have a good living eventually and enough to retire. In that sense, people may live well now and still save enough for retirement. So, it is hard to say live in the smallest acceptable place.

We bought a two bed in bedstuy last summer and have no regrets at all. We don't plan on selling in the next few years.
A few reasons we bought here:
1. Housing stock is beautiful compared to other gentrifying parts brooklyn (Sunset park, Bushwick, etc). A lot of bedstuy's blocks are landmarked.
2. The "wave" of gentrification is pushing from all sides of Bedstuy. Clinton Hill to the West, Williamsburg to the North, Bushwick to the east and Crown Heights to the South.
3. Since we moved in there has been a massive change on our block. 6 townhouses getting gut renovated as we speak.
4. People are super friendly and look out for each other
5. Close to the A, C and G trains
6. Low price per sq foot
7. New bars and restaurants popping up all the time

300, what I mean is that one should only purchase an apartment that fully meets, rather than exceeds their needs.

Makes sense. I like to think in terms of next 5-7 year needs due to high real estate transaction costs.

Every time I think the BK market is peaking, it goes up. I see a ton of transaction volume and thought we were in a serious slowdown this fall, and then the market rocketed up in second half of Jan and pricing is going up again. Bottom line is it's really hard to time the real estate markets. So buy when it's right for you personally. And if you think you will need to sell in 3 years or less and don't want to buy in a hot market, rent.

Remember that woman who was about ready to sell? She says she always sells before the peak, maybe she could tell us.