Tony, Home Buyer in Brooklyn, NY

Hi. I am currently looking for a condo in Brooklyn / Sheepshead Bay area for around $400K. I have enough

Asked by Tony, Brooklyn, NY Fri May 23, 2008

savings for 5% down and closing costs. I also have a credit score around 750, high verifiable income and a mortgage pre-approval from BofA. Every time I talk to an agent or broker they are telling me I need at least 10% down because the area is a declining market. But I checked every declining market list online I could find and Brooklyn is not on any of them. Does anyone know if it is, and where the correct list can be checked?

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Not that its relevant to the question but Sheepshead Bay is one of the most convenient neighborhoods in Brooklyn. Its 45 min away from midtown, it has all the amenities, stores and recreation as well as being one of the safest ones.
1 vote Thank Flag Link Sat May 24, 2008
Dear Tony:

What type of condo are you looking for? How many bedrooms? What floor? Parking etc. Questions to these and other general questions will assist an agent in finding you an affordable condo.

You need to speak to a mortgage banker or financial institution regarding lending issues.

Bonnie Chernin and David Rogoff
Fillmore Real Estate Branch #19
2926 Avenue J
Brooklyn NY 11210
917-593-4068 – David mobile
646-318-5031 – Bonnie mobile
davidrogoff@fillmore.com – E-mail
0 votes Thank Flag Link Tue Jun 21, 2011
Hi,
I have few apartments for SALE in Sheepsheadbay, 2 Beds + Parking about 900sq.f $380,000
3 Beds 2 Bath + parking for $490,000.

Yanis 917.535.9634.
0 votes Thank Flag Link Mon Feb 7, 2011
i'm a bit confused. from reading some of the answers below, it seems that the price of $400K is considered high. i'm also looking for a condo in sheapshead bay (3 bedroom, though), and the prices i'm seeing are nowhere close to 400K! am i missing something?
0 votes Thank Flag Link Sat Oct 18, 2008
I live and have an office in Sheepshead Bay. While I personally think 400k is wayyyy too much to pay for a condo, I dont see the area as a declining market. Perhaps you should try another agent, as in my personal opinion, many (not all) of the agents in this area started working approximately 13 days ago.
0 votes Thank Flag Link Tue Sep 16, 2008
brooklyns market really cant be ocnsidered a declining market....sheepshead bay is riddled with affordable condos. My agency is the exclusive agent for a brand new development called bay breeze, it is located on emmons avenue and is near everything. If you'd like to see some of these properties please call me my name is Lou Belisario I am from Fillmore Real Estate and my number is 13477023316
0 votes Thank Flag Link Wed Jul 23, 2008
The Fannie Mae "declining market" status was eliminated on June 1, 2008. Here's the website:http://www.fanniemae.com/newsreleases/2008/4370.jhtml?p=Medi…
While private lenders have the ability to promote the declining market status, do some shopping around for a lender that is current, and a real estate agent that has visited this site. Best to you-
Web Reference: http://optionsrealty.com
0 votes Thank Flag Link Thu Jul 17, 2008
Hey Tony,

If you want Sheepshead go for sheepshead bay, I am a Realtor from Staten Island, but before anybody says that I have no clue about that area, I would like to add, that I am originally from Sheepshead bay and intimately know the area. I have no idea what those brokers are telling you, that area is undergoing a dramatic change, and rather than being a declining market, it is a market that is reaching places like downtown Brooklyn. Condos are popping up and down and they are apparently selling. In my experience, and I will research out that for you, I don't think it matters whether it is a declining market when it comes to the amount you put down. I am also going to call up some condos around the area whether it matters to them about this issue at hand.

If you have any questions dont hesitate to contact me at my office
Caesar Galindo
Prosperity Real Estate Group
(718) 698-2179
0 votes Thank Flag Link Wed May 28, 2008
Why would you want to buy in Sheepshead Bay for this price? Buy in Fort Greene, Park Slope, Carroll Gardens, etc.
0 votes Thank Flag Link Sat May 24, 2008
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