Anastasiya, Home Buyer in Brooklyn, NY

Brighton Beach. Would you buy in this area or not?

Asked by Anastasiya, Brooklyn, NY Sun Nov 10, 2013

Due to Hurricane Sandy, a lot of people have been trying to dissuade me from buying around the Brighton area. Many homes have damages not easily seen and there have been talks of more storms to come. I am looking to buy a condo or coop, but even coop buildings are still doing repairs for over a year. Would you buy around Brighton/ Sheapshead Bay areas? And why.

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Answers

11
This area is nice because of boardwalk and beach. But it has it`s cons too. For example, if you work in Manhattan it will take time everyday to go there. And of`course, the rithm of life there is a little bit different of other parts of Brooklyn.
2 votes Thank Flag Link Sun May 18, 2014
Hi Anastasiya
In all sincerity, Nobody's crystal balls are working. Brighton Beach - Sheepshead Bay are still and always will be part of the heart of Brooklyn. Can you be happy there. Can you afford buying there. Just buy higher up - I have many buyers I am working with right now, but will only consider 5th floors and above. Yes some people are still doing repairs mainly because they are short of cash
and did not have enough insurance. But many people have stayed and are fixing. Besides, who knows which direction the next storm will come from.
1 vote Thank Flag Link Sun Nov 10, 2013
The question is subjective, more importantly would you be happy there...
1 vote Thank Flag Link Sun Nov 10, 2013
You may buy far from the ocean, let say near Kings Hwy. And next year tornado going to destroy all houses there. Or, Mr. Putin will send nuclear missiles to Brooklyn...
Don't listen to "a lot of people". They just jealous that you would like(and I hope can afford) to live in the best area.
0 votes Thank Flag Link Wed Feb 25, 2015
Anastasiya,

This is a rather subjective question. The area is nice with all the attractions and transportation however no one know when the next natural disaster will hit. There are pros and cons to almost every single neighborhood you just have to concentrate on whats important to you and whether the price tag is worth it. If you have any further questions please do not hesitate to contact me.
0 votes Thank Flag Link Tue Feb 24, 2015
Hello Anastasiya and thank you for your question!

I closed about 14 sales deals within the last 6 months only in Brighton Beach area. (all of the buyers were tremendously excited about the neighborhood and were not at all scared off by the storm). Brighton Beach has always been and remains to be an extremely desirable area for a lot of buyers. Let's stick to the facts: the majority of the units in the area have prime Real Estate views, are located steps from the Ocean/boardwalk, Amusement Parks, plenty of restaurants, shopping and
transportation (B/Q train). And prices are quite reasonable/affordable compared to Downtown Brooklyn (neighborhoods like Williamsburg, Dumbo or Brooklyn Heights)
Sandy flooded Jersey City and all Downtown Manhattan as well. However, people are willingly buying in those flood zones A as well and prices haven't dropped a notch. They actually keep gradually increasing.
Unless you have a fear of water or are seriously scared of the next storm, I would say at least give Brighton Beach and Sheepshead bay areas a thought.
0 votes Thank Flag Link Mon Feb 2, 2015
(corrections to last line) ....feel free to buy in Brighton.
0 votes Thank Flag Link Tue Dec 23, 2014
I would advise against buying there. Please DO NOT listen to the Real Estate agents and Brokers...they will say ANYTHING to get you to buy. For example, Madeline Padovano wrote " Besides, who knows which direction the next storm will come from?" The answer is ...the next storm will come from from the Ocean...you idiot. And it will push the sea water up into the lobbies and basements of the building again and again. The reason that I advise not to buy there is based on the following 1. There will be another storm. There will be storms every year. Ocean levels are rising worldwide. Just google "flood area map Brooklyn" and see what the government and scientists are predicting. Nothing good for the future. 2. The area is WAY WAY OVERPRICED. When Russian immigrants first came to America they did not have a lot of money, but wanted to live near the ocean. They moved to poor Brighton. Later they started to make money, they did not want to leave the area and move away. Instead they put their money into Brighton Beach housing. The immigrants do not want to leave their ethnic neighborhood. This is quite normal and understandable. Unfortunately, their children, especially the children born here in America, will mostly NOT want to live there.
This phenomenon has been repeated many many times in this city. Want some proof? Bensonhurst used to be almost entirely Italian. Italian immigrants moved there and put their money into fixing up their houses. They put brick, stone and marble everywhere they could. Streets such as 86th Street or 18th Avenue were loaded with Italian stores and Italian was spoken in many places (...just like on Brighton Beach Avenue. Except there it is Russian). Unfortunately, the children of the Italians did NOT want to live there. They all moved away to live elsewhere. No you will have some difficulty finding an Italian store (a real Italian store, not just a store with an Italian name) or Italian person living there in Bensonhurst. Then the next inmmigrant group(s) moved into Bensonhurst. Now it is mostly Chinese, Mexican and Russsian. The same thing happened in Bay Ridge. Not long ago there was no one from the middle east living there. The previous immigrant group moved out...and the cycle continues. So, what does this mean for Brighton? Well, once the children of the immigrants grow up and move out, then the property values will drop...by a lot. Why? because, for good or bad, most people do not want to live with the next immigrant group if they do not understand the language and culture. also, most of the new immigrants will not have a lot of money to spend on housing. That will come after many years. Don't think it will happen in Brighton? I have already seen a large increase in the number of people there who are from middle Asia (for example, Uzbekistan). So, the problem is that the cycle for the Russians in Brighton is coming to an end. Yes, there are many expensive condos, co-ops and house owned by wealthy Russians there but, what do almost all of them have in common? That speak with a Russian accent, indicating that they are immigrants. Nothing wrong with that. Where are their children moving to? When you see the expensive housing owned by people that do not have accents then you can relax a little more. The children, who are not nervous about living with regular americans will have no problem moving away. They are smart enough to see that instead of buying a two bedroom condo for a half a million dollars in Brighton, they can get much much more for less money in a better area. They don't need to be with other immigrants.
3. After the housing bubble burst in 2008, construction stopped on many buildings in Brighton. The good times for real estate in brighton were over. Hurricane Sandy put the final nail in the coffin. Now, you see property owners who want to sell for "Cash Only" Why do you think that is? Because no on could get a mortgage for the property because a) it is in a FLOOD AREA and no bank will lend money for such property. b) The owner want to sell the property for more than the banks will lend. For example, the owner paid $500,000 for the property in 2006. Now the owner want to sell it for $600,000....but the bank is saying that the property is only worth $300,000. No bank will give a mortgage for the property. Solution.... sell it for "Cash only" with the owner "looking to close fast" They want to close fast so that the buyer does not have time to do the research to see that the property is unmortgageable and in a flood zone. Unfortunately, the buyer will probable be someone from the seller's country and was tricked. In conclusion, if you don't mind having to probably sell your property for less than you paid for it in the future, if you don't mind paying much more than a property is worth, then please fell free to but in Brighton Beach.
0 votes Thank Flag Link Tue Dec 23, 2014
Brighton Beach is still a area that attracts buyers for many reasons:
I would think that a lot of people love to live close to the beach of Brighton. However there are people who believe that Hurricane Sandy brought prices down I still believe that this area would maintain a mainstream buyers. I just SOLD a property in just 3 weeks being in the market. If you need help BUYING or Selling please call your expert in real estate broker.

Jose Garcia
Real Estate Broker
718-300-3449
jigrealty@yahoo.com
0 votes Thank Flag Link Sun May 4, 2014
I am a realtor with Fillmore Real Estate. I just bought a co-op in Brighton Beach for myself. I am enjoying it immensely. Can't wait for the summer.
You can't live your life thinking"what if?"
If you have any other questions feel free to contact me.

Angela Friedman
Licensed real estate agent
Fillmore Real Estate
917 916 4418
Angelafriedman@hotmail.com
0 votes Thank Flag Link Thu Mar 20, 2014
Dear Anastasiya:

It all depends on how you feel. Many people view Hurricane Sandy as the storm of the century and feel it is highly unlikely to happen again. Then there are other people who are afraid that it will happen again. Based on the fact that nobody can predict the future, you have to decide for yourself.

I will say that property values in the area are very low right now because of the aftermath of Hurricane Sandy. Many buyers are taking advantage of these low prices assuming that all will be fine. I have been selling homes in the area since 1993, if I can be of further assistance, please contact me direct. Either way, good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales/ e-Pro Realtor
Fillmore Real Estate
Office: (718) 252-2000/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Mon Nov 11, 2013
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