Home Buying in Clinton Hill>Question Details

Hfahmad, Home Buyer in Westbury, NY

Do you expect sale and/or rent prices for a 600 sq/ft 1BR in Clinton Hill to increase significantly over the next 5-7 years?

Asked by Hfahmad, Westbury, NY Thu Apr 26, 2012

I am looking to buy a 1BR in Clinton Hill this fall at $250,000 or less with 10% down. I have very good credit and my parents with excellent credit can co-sign a mortgage. I would like to find a sublet-friendly coop as I will most likely be living abroad at some point for a limited time (about two years). I have two concerns:

1. Will the ever increasing popularity of North and Northwestern Brooklyn cause a spillover into Clinton Hill, and thus an increase in home prices in the next 5-7 years?
2. Would a 1BR in this area be marketable at a rental rate, one or two years hence, that would cover mortgage and maintenance?

Thanks in advance for your advice!

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Answers

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Dear Hfahmad:

Clinton Hill is one of the hottest areas in Brooklyn right now with plenty of room for growth of property values. Nobody can predict the future with 100% accuracy, but I think the area it is a very safe and good investment opportunity right now. As far as the rental covering your costs, it also depends on how much the maintenance is.

On a side note, I just listed a 4 story 2 family home in the area, they are asking $1,200,000, this link will take you to the virtual tour: http://youtu.be/IJRn9JvDk-I

Let me know if I can be of further assistance. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
1 vote Thank Flag Link Thu Apr 26, 2012
I'm very positive about Clinton Hill for a number of reasons:

the several colleges there constantly bring new students, faculty and staff; the Brooklyn Navy Yard revitalization is bringing new business to the area; and the subway station has recently been improved; and the bus lines are very handy.

All of this brings in fun restaurants, shopping, and other services. Myrtle Avenue is delightful, and the Clinton Hill Historic District helps ensure the area will always be desirable to those who love to walk around and admire architecture (like me). These things all help make for a lively real estate market there.

Oh, and another great thing about Clinton Hill is that it's a great place for car owners--you can actually find parking there!

For your situation, you should also know that there are a number of buildings that accept 10% down, no problem, and that have very relaxed expectations when it comes to the board interview. They accept parents buying with children, for example, without hesitation.

The only caution I have, which applies everywhere in New York City, is that you can't assume you will obtain permission to rent your co-op at will from the co-op board. You just cannot assume it's a slam dunk. Even if the policy is relaxed when you purchase, it could change during your ownership time. Co-op boards have a lot of power to do things that they feel protect the building's best interests.

I've worked quite a bit in Clinton Hill, and if you'd like help there, please let me know!

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
212-688-1000x146
kharby@crrnyc.com
0 votes Thank Flag Link Mon Apr 30, 2012
Hi Hfahmad

I know of a really good 1 bedroom coop needs a little TLC Kit/Bath in this price range. However, must have 20% down-payment normally all coops require 20% plus DP. And I too agree with my co-agents, crystal balls don't work, otherwise we would all be rich. Right now it is an extremely
growing area and prices are rising. Also most coops require a 1 to 2 year waiting period before you can rent. If you are interested in seeing this coop email directly and I will get us an appointment. Of course there are many others available right now in your budget.

madelinepadovano@fillmore.com
718-332-8800
0 votes Thank Flag Link Thu Apr 26, 2012
thumbs up to Mitch...
I just rented out a 1 bedroom walk through for close to $2,000.
The area should increase in value - BUT - we are not fortune tellers...

Let me know if I can be of further assistance!

Good Luck!

Jack Menashe
917.797.0215
jack@sherestates.com
0 votes Thank Flag Link Thu Apr 26, 2012
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