Stu Badger, Home Buyer in

Is the Brooklyn condo market (Cobble Hilld, Carroll Gardens) going up or down, for purchase?

Asked by Stu Badger, Tue Jun 24, 2008

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I tell everyone the same thing- What you do before signing a contract is just as important as what you do after. Get yourself Approved for a mortgage. You will be able to review your credit and make sure everything is in order. As a Mortgage Loan Officer I will be able to advise on what loan programs are best for you. What programs will get you the lowest Mortgage rates and Payments. What documents will be needed. I can't stress this enough. Please call me so that we can discuss a loan program that is best for you. Sometimes a slightly higher down payment will make a huge difference in a mortgage payment. Call me to discuss your options. With over 15 years in Mortgage Lending I can do what most cant!
Good Luck!

Christopher Miceli
Mortgage Loan Officer
NMLS# 22399
PNC Mortgage a Division of PNC Bank NA
Phone: 646-623-2492
Email: Christopher
1 vote Thank Flag Link Sat Jan 26, 2013
Both Cobble Hill and Carroll Gardens are highly desirable neighborhoods because of their proximity to Manhattan. Currently, the New York metro area prices are down by about 8.5% (far less than other areas of the country); however, prudent sellers/developers who price their property to sell are successful.

Living in Cobble Hill or Carroll Gardens affords the working commuter a short-trip to Manhattan, as well as terrific local choices of dining and shopping on Court and Smith Streets. All this makes these neighborhoods less resistant to the current New York metro area conditions.

Projections of population growth combined with the desire to live/work make these specific communities, known as pocket areas, less impacted by the current conditions of the market. If a condo is priced right it will sell and in some cases receive multiple bids. The demand to live here continues to be very high, and to wait for further price drops is not in a buyer’s best interest.

I am a long-time Cobble Hill resident, an Associate Broker with Coldwell Banker, and a member of both the Real Estate Board of New York (REBNY) and the National Association of Realtors (NAR).
1 vote Thank Flag Link Wed Jun 25, 2008
I'm not sure what the first broker mean by two properties that fell into a short sale? So far I have not seen any new Condos do a short sale unless it was a Re-sale, and I'm guessing that Stu is asking about New Construction. Short Sale is almost non existent in New York.
And I do agree with Judy, both of those areas are very hot right now, and will continue to get receive more attention as time goes by and Brooklyn becomes THE BOROUGH to live in.
I'm not sure if you had the chance to check out Fort Greene, another great area which is in a close proximity to almost everything, with some great new developments that are up.
Many people ask us how much further this market will drop, and thats impossible to answer. The better areas are just fine, and are not dropping in price as much as some buyers hoped for. Many experts say that we already hit our lowest and some believe that the market will continue to fall another few % before it stops.
My Advice to you Stu, if you see a property which you love and you also feel that is is priced well, make an offer, if you wait chances are it will be taken by someone else who was more motivated and ready to act. If you just started shopping and aren't set on what you want, shop around and compare it's the best way to know if something is a deal or a rip off.

If you have any other questions, I'd love to chat and answer as much as I can.

Warm Regards
0 votes Thank Flag Link Mon Jun 30, 2008
Right now condos and coops are down in those areas compared to even a year ago. There are several bargains available for those apartments that were bought within the last 2 years. I am a broker and have seen 2 properties within the last 2 weeks go into the short sale market.
0 votes Thank Flag Link Tue Jun 24, 2008
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