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Park Slope : Real Estate Advice

  • All125
  • Local Info21
  • Home Buying29
  • Home Selling4
  • Market Conditions10

Activity 105
Mon Jul 16, 2012
Oleg Polonsky answered:
Good evening, Letannor.

Are you looking to buy or to rent? Both Kensington and Windsor Terrace could work really well for you. With the F train close, you also get access to shopping. Prospect Park is within walking distance as well. In addition to the F train - express buses run to Downtown Brooklyn where your husband can transfer to LIRR. I live in this area and know the listings around here well. I welcome you to call me so we can discuss the specifics if you would like to buy a co-op, a house or a condo. ... more
0 votes 6 answers Share Flag
Tue Jun 19, 2012
Trevor Curran answered:
Dear Jennifer,

I've been helping First Time Buyers for 22 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.

Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.

For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."

And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.

There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay. It's a Buyer's Market, after all!

Trevor Curran
NMLS #40140
... more
0 votes 7 answers Share Flag
Tue Jun 19, 2012
Trevor Curran answered:
Hello Nancy,

I'd love to sit down and chat with you and your husband to complete a thorough Prequalification. I'm a Local Mortgage Banker and I've been helping HomeBuyers for 22+years here in the NY Metro region.

In the Prequalification meeting we'll review the building blocks of a successful mortgage application: IAC or Income, Assets, and Credit. Then we can determine the loan programs we can offer you and the programs that are the best fit depending on your family's goals and financial lifestyle. I'll also guide you through the entire process of buying a home, from finding a great local Realtor, to making an offer, home inspections, contract signing, loan process and closing. My clients get a personalized "First Time Buyer's Seminar."

I'm accessible seven days a week and I make house calls, so give me a call today and we can get you on your way to homeownership!

Trevor Curran
NMLS #40140
Office: 516-829-2900
Mobile: 516-582-9181
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
http://www.phsloans.com
... more
0 votes 9 answers Share Flag
Sun Jun 17, 2012
Valarie Phillip answered:
Good afternoon,

I have a short term rental although not in the requested areas. It is located on
Willoughby Ave close to Broadway and the J train line.
Apartment is freshly painted, hardwood floors, 2 bathrooms, and spacious.

Rent is $1200


Call
VPhillip Realty Group
347-576-5316
... more
0 votes 2 answers Share Flag
Tue Jun 12, 2012
Luke Constantino answered:
David, Home Seller, White Plains, NY

Looks like the same agents just answering to get a VIP badge. Give me a break.



Dave... If you were buying/selling, wouldn't you want a professional to answer your questions? One that knows your area? ... more
0 votes 16 answers Share Flag
Mon Jun 4, 2012
Trevor Curran answered:
Been a long time since I hung proper "paper" wallpaper of the English variety. When you say Victorian, I assume English. Generally difficult to work with; you have to have an extreme amount of patience and care to hang paper wallpaper. But when you do, it looks great.

I found this online: http://www.wallpaperstogo.com/searchadv.aspx?ShowPics=1&IsSubmit=true&SearchTerm=English+&SearchTerm_Vldt=%5Breq%5D%5Blen%3D3%5D%5Bblankalert%3DPlease+enter+something+to+search+for%21%5D



Hope that helps!
Trevor Curran
NMLS #40140
... more
0 votes 4 answers Share Flag
Mon May 14, 2012
Angela Nelson answered:
You can email me and i will assist you.
0 votes 1 answer Share Flag
Fri May 11, 2012
First Last answered:
The average is not as useful a statistic as the median per square foot, because an outlier property on either the high or the low end can seriously skew averages. So take all the numbers with a grain of salt.

In commercial real estate square footage is king, but in the residential world things are a lot more complicated, especially when we're talking a neighborhood full of grand old brownstones.

I know that location well and have sold properties in Park Slope. If this is a walk-up in poor condition, the price per square foot will be considerably lower compared with a property in great condition, with original details, and on a low floor or with an elevator.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
kharby@crrnyc.com
212-688-1000x146
... more
0 votes 7 answers Share Flag
Sat Apr 28, 2012
Trevor Curran answered:
Good morning Floria,

Yes, 90% Financing is available both under Conventional (FannieMae and FreddieMac) and FHA guidelines.

First steps:

1. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.


2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Good luck!
Trevor Curran
NMLS #40140
... more
0 votes 7 answers Share Flag
Sat Apr 28, 2012
Trevor Curran answered:
First steps:

1. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.


2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Good luck!
Trevor Curran
NMLS #40140
... more
0 votes 4 answers Share Flag
Mon Mar 28, 2011
Coldwell Banker Shayovitz Realty answered:
In my opinion, get a short term hard money bridge/construction loan. It's expensive, but you can close in 2-3 weeks, finish the job and refinance.
Lenders, Coney Island Capital Group, or Approved Funding Mortgage Bankers may consider it.
Call 718-339-8800
Ask for Jacob
... more
0 votes 4 answers Share Flag
Thu Dec 23, 2010
First Last answered:
I am personally familiar with the lease with option to buy, in my role as landlord/owner. It's really a form of owner financing.

These deals are somewhat complicated to structure. In most situations, you the tenant will still need to put up a substantial amount of cash, which you will lose if you do not go through with the sale. This is really the only way I know to get an owner interested in working with you. Anna Brocco is absolutely right, most owners would much rather sell outright than mess around with a lease-option.

However--I think there might, might, be an opportunity for you in the current market. You need good credit scores and a secure job, as well as cash on hand and the confidence that you will be able to purchase down the road.

If that sounds like you, feel free to contact me via email with more information about your plans, as I could help you as a buyer's broker.

Karla Harby, VP
Charles Rutenberg Realty
New York City
kharby@crrnyc.com
... more
0 votes 3 answers Share Flag
Mon Dec 13, 2010
Anna M Brocco answered:
Keep in mind that when it comes to co-ops, finding a lease with the option to buy could prove to be a long shot--board approval is necessary for renting and many complexes don't allow rentals, or only allow a certain percentage of units within the complex, boards have their own financial requirements that need to be met, each complex is different, etc.; have you visited with any qualified loan officer yet--if not, consider the idea, maybe you can qualify to buy outright--also consider working with any local agent. Since renting with the option to buy could be risky, do consult with an attorney who specializes in real estate beforehand and inform yourself well. ... more
0 votes 1 answer Share Flag
Sat Oct 2, 2010
Joseph Runfola answered:
Hello Robin, there is no point here other than to share available information with the trulia member who inquired and requested it. People can judge and make their own educated decisions based on the information presented. I did not try to steer anybody. ... more
1 vote 8 answers Share Flag
Sat Oct 2, 2010
Joseph Runfola answered:
Hello again Peachesd11, this article may be of interest to you. It appeared on line on the Gothamist. A tip from a reader pointed us to the Brooklynian message board, where a woman posted about being mugged in Park Slope this past week: Tuesday night just after 11 pm I got mugged in Park Slope, on Park Place between 6th and 7th by two young African American women (this is a dark block with lots of big trees). I was robbed and bashed on the head by something that felt like a bottle (but may have been something else), and ended up in the hospital with stitches.The cops who came told me this is now a pattern - they are targeting women walking alone on dark streets and asking for directions, either to downtown or in my case, to Court Street. I screamed and they ran away, and grabbed my purse in the process. Please be careful, because they are not afraid to assault you. Previously, they tried to mug another woman on St. Johns, also in Park Slope, same m.o.
We contacted the 78th precinct for more information, and they told us there had been a "slight uptick" in robberies (they preferred to not call it a "mugging"): "Two people, both robberies, the same thing happened to them. They were asked for directions, then something was taken. Detectives are working on it, that's the pattern, that's it, just two," said Community Affairs Officer Galante. Have you heard of, or seen, anything like this in the neighborhood recently?
... more
0 votes 5 answers Share Flag
Tue Aug 17, 2010
David Rogoff and Bonnie Chernin answered:
Stephen,

Park Slope is a very desirable neighborhood that is still in demand and the homes/condos/coops have retained their value well, even in this market. While there are exceptions and you can sometimes get a price break (i.e., finding a very motivated seller or a situation where there is an estate sale or job transfer) it doesn't happen often. Park Slope is not the first place we'd suggest looking for a "great deal" when it comes to price. There are surrounding neighborhoods you can consider depending upon your price range, including WIndsor Terrace and Kensington. We are full time Brooklyn agents and we would be happy to help you in your search.

At this time, there is approximately an 8 - 9 month inventory of homes on the Brooklyn MLS. You indicate you are from San Francisco. If you would need to set up a time to come in, we can begin to look for properties in advance and have some lined up for you to view. If you provide enough details we'd be happy to e-mail you a list that meets your criteria.

Best regards,

David Rogoff & Bonnie Chernin
Fillmore Real Estate - Branch 19
Brooklyn NY 11210
e-mail: davidrogoff@fillmore.com
917-593-4068 - David mobile
646-318-5031 - Bonnie mobile
... more
0 votes 4 answers Share Flag
Mon Mar 22, 2010
Jeanne Feenick answered:
Hi there, there are so many positive factors for buyers - especially if you qualify for the tax credit and can get yourself under contract by the April 30 deadline (June 30 to close). I will say this to you - I owned a one bedroom in Park Slope, and easily rented it out many years ago - I sold it, also easiliy in a tough market and look back with one regret - ever having sold it. Since then, Park Slope has gotten ever more desirable. Don't think you will have any trouble with retaining value in this sought after neighborhood.

Best,
Jeanne Feenick
Unwavering Commitment to Service
... more
0 votes 7 answers Share Flag
Thu Mar 11, 2010
Jennifer Hero answered:
Hi Tina,

I'm an agent in Park Slope at Warren Lewis Realty, living in central Slope and the price range is approximately from $1.3 million (and 2 family brownstones have sold for about $1.3 in the past year) to $3 million. The closer you get to Prospect Park the more expensive the properties get. Barbara gave you some good information on taxation below. Also note that the more "families" that the building is legally allowed to house, the higher the taxes are. People have been able to adjust that when they are using the building only for 1 family, but it's difficult to do. The best place to look for all properties is the New York Times website real estate section. Virtually everyone advertises their properties there. With the more expensive properties they often don't hold open houses (shown by appointment only) but they do advertise them in the Times.

I am happy to assist you with your search. Please email me directly (nycHero1@gmail.com) and I will call you or forward my phone number to you so you can call me.

Warm regards,
Jennifer Hero
New York State Licensed Real Estate Sales Agent

Warren Lewis Realty
Serving Park Slope for over 30 Years
123A. Seventh Avenue
Park Slope, NY 11215
718.638.6500
www.WarrenLewis.com
... more
0 votes 5 answers Share Flag
Sun Nov 8, 2009
Nirmala Caraballo answered:
Dear Noodles2003,

Buying a home is one of the biggest and most important decisions you will make. It is impossible for me to tell you if the price is high, unless you can tell me which buiding you are thinking about purchasing in. I looked around but most condo/coop in Park Slope varies in price. I would suggest that you work with a real estate agent, we are usually effective in negotiating the price for buyers. There is no cost to you if you have an agent represent you. Condo's vary in prices from one building to next primarily because of amenities such as parking, laundry, gyn, doorman, pool, maintainence, age of the building, tax abatements, etc. You should decide what amount works for you and negotiate the price. The asking price is not set in stone.

Good luck to you. Please do not hesitate to contact me should you have any additional questions. I would be happy to assist you in securing a home for yourself.

Nirmala Caraballo
Real Estate Agent
Cruse Realty
Tel.: 646-479-7873
E-mail: nhcaraballo@yahoo.com
... more
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