ryan_scammell, Home Buyer in Brooklyn, NY

How do people feel about investing in buying property in Sunset Park vs. Clinton Hill?

Asked by ryan_scammell, Brooklyn, NY Sun Nov 18, 2012

I get the feeling that while Clinton Hill is still on the way up, it's also mostly there already. Sunset Park on the other hand feels like it's on the rise, but that rise might still be a few years off -- and also might never reach quite the level of rise that Clinton Hill might ultimately get to. If I'm buying now, which is the better investment?

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3
Mack Peterson’s answer
Personally, I feel that property values in Brooklyn in general are not going to rise much as a percentage of inflation adjusted income. The median home price here is about 20 times the median annual household income. The national average for the past 20 years hovers around 3x and got up to about 5x at the its mid 00's peak. Much more than 20 times just doesn't seem sustainable, but what do I know? That being said, there are probably a few blocks in Clinton Hill, those closest to the already nice blocks, that may become more desirable than they already are, but those homes are already priced as being on more desirable blocks. Most of Clinton Hill will always be dicey because of the projects and the art school junkies... I mean students. Despite being predominately immigrant Mexican and Chinese, Sunset Park is more firmly middle class throughout the neighborhood with of course many lower income households dispersed throughout the neighborhood. I have rented in Both neighborhoods and I very much preferred living in Sunset Park. SP has a more friendly, family vibe and is bordered by relatively nice neighborhoods on all sides, so it doesn't feel like you are isolated in a couple of gentrified blocks. Not to get too racial, but the number of young upwardly mobile gringos I see in Sunset Park has risen exponentially in the last five years. If I had a million bucks I would definitely buy a very nice home in Sunset near the park over a borderline townhouse in Clinton Hill or a big lofty condo there.
0 votes Thank Flag Link Fri Dec 7, 2012
Don't focus too much on resale, as none of us knows where the market will head in the days to come; buy where you will be happiest living...
0 votes Thank Flag Link Mon Nov 19, 2012
Dear Ryan:

There are pros and cons to buying in each area as you stated. It is a matter of personal preference. You cannot predict the future with 100% accuracy. Your best bet is to purchase in the area where you can get the best deal based on your budget.

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
0 votes Thank Flag Link Mon Nov 19, 2012
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