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Park Slope : Real Estate Advice

  • All127
  • Local Info21
  • Home Buying30
  • Home Selling4
  • Market Conditions10

Activity 106
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
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0 votes 2 answers Share Flag
Mon Oct 26, 2009
Ella answered:
Hi,
on a combined monthly income $4000 /mth, 33 % should go to mortgage.
It's about a $200,000 mortgage loan.
So you could afford about $525,000.

Have you found anything yet?
I have a few attractive listings in Park Slope and surrounding areas.
Best regards,
Ella
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0 votes 8 answers Share Flag
Tue Sep 15, 2009
Joseph Runfola answered:
The median sales price for homes in Park Slope for Jun 09 to Aug 09 was $920,000. This represents a decline of 7.7%, or $77,000, compared to the prior quarter and a decrease of 20% compared to the prior year. Sales prices have appreciated 49.9% over the last 5 years in Park Slope, Brooklyn.

The median sales price of $920,000 for Park Slope is 77.78% higher than the median sales price for Brooklyn NY. Average listing price for homes on Trulia in Park Slope was $930,522 for the week ending Sep 09, which represents a decline of 4.8%, or $46,608 compared to the prior week and a decline of 8.8%, or $89,633, compared to the week ending Aug 19. Average price per square foot for homes in Park Slope was $562 in the most recent quarter, which is 89.23% higher than the average price per square foot for homes in Brooklyn.
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Sun Sep 13, 2009
Jenet Levy answered:
This is a great question. I have lived in Park Slope since 1981 and sell both here and in Manhattan. I've raised my kids here and know every nook and cranny of the neighborhood and can tell you more details and history than you would ever want to know. When I moved here, it was the charm of the townhouses that brought myself and many of my peers to the neighborhood which was still largely undiscovered at that point and undergoing a renaissance. The new condos that have sprung up of late are an interesting alternative. Most of the Slope condos are along the periphery, as most of the core Slope is a designated historic district. Therefore, you are further from Prospect Park and other key attractions of the neighborhood. However, you can get the amenities of a Manhattan new condo for less. I have sold both and both are excellent investments. It really comes down to a matter of the heart - do you love the old, or do you prefer the creature comforts of the new?
Whichever way you choose, it is very much in your interests to have an agent work with you, someone who knows the housing inventory here very well and knows the nuances of the market (she says as she writes from her home office in her Park Slope townhouse). A good buyer's agent takes you through every step of the process with ease, making what could be a very stressful time much smoother. Best of all there is no cost to you as the seller always pays the commission.

Jenet Levy
jlevy@halstead.com
212 381-4268
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0 votes 3 answers Share Flag
Sun Aug 23, 2009
Ralph Windschuh answered:
If you're paying cash, the closing costs usually associated with a bank loan will not be there (closing costs are usually between 4% and 6% of the mortgage amount). In your case, your attorney's fees, title costs, homeowner's insurance (if you're not purchasing a coop) should be all you're looking at. Good luck. If I can help with any aspects of your purchase, please feel free to contact me.

Ralph Windschuh
Certified Buyer Representative
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
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0 votes 1 answer Share Flag
Sat Jun 13, 2009
Jenet Levy answered:
I have lived in Park Slope and remember well the days when you could, but frankly the answer is no. Brownstones and limestones in the Slope are over $2 million. Please beware of what people may call the Slope. You can get closer to your price range in a few surrounding areas, or perhaps a frame house with aluminum siding and needing lots of work in the far reaches of the South Slope (high street numbers, low avenue numbers). People are advertising as Park Slope addresses that clearly are not....so beware. I see it often in OLR, the main agent database. ... more
0 votes 7 answers Share Flag
Wed Mar 18, 2009
Marty S answered:
The market is confusing,owever, from what you are saying you should be ok. Sit down with a mortgage broker and discuss.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
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0 votes 6 answers Share Flag
Mon Mar 16, 2009
Everett Perry answered:
Thu Mar 12, 2009
Mitchell Feldman answered:
They vary based on the type and size of the property and location. The city basicaly calculates an estimate of the per square foot value of properties by the zip code (based on recent property sales, etc.) and then applies it to the property. I have a two family home for sale right now on 17th Street off 8th Avenue, the lot size is 17' by120' and the building size is17' by 35' . It is a legal two family house, 2 stories and the real estate taxes are only $600.00 anually which is cheap. If you need more information than this you can go to www.NYC.gov to do more research.

If you need more information, please contact me, I would love the opportunity to help you!

Mitchell Feldman
Madison Estates & Properties, Inc.
Office: (718) 645-1665 Cell: (917) 805-0783
Email: MFeldman@MadisonEstates.com
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0 votes 2 answers Share Flag
Tue Aug 19, 2008
Rhonda Holt answered:
If you plan to buy a home through a FSBO without an agent then there are some drawbacks. First of all, when you choose not to use an agent your deal can go on forever. Agents have the inside scoop on everything that is going on with the seller in order to protect you and your finances. An agent will is the person that works with all those involved such as the seller, seller and buyer attorney, mortgage broker for you and the seller, inspectors, appraisers, engineers, surveyors, and title company.

As you can see, there are many people involved in a real estate transaction and each of them have many responsiblities all overseen by the agent and or broker. There are many details and paperwork involved to get you from point A to point Z. Protect yourself by using a skilled real estate agent and an experienced real estate attorney and together they will protect all of your interests.
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0 votes 4 answers Share Flag
Mon Aug 11, 2008
Rhonda Holt answered:
Even though you bid has been accepted there are many more steps to go through. First it is advised that you get an engineer inspection on the property to check the heating, plumbing, electrical system, roof, general functioning in the home and the structure. After the inspection if all goes well the sellers lawyer will send your lawyer a contract for you to sign and then for the seller to sign. Then you will begin looking for your mortgage and usually you have at least 45+ days to do so. As your getting your mortgage other inspections and appraisals will be done along with other things that will take time.

Each transaction is different everytime and no one has a crystal ball as to how fast you can close because there's alot of people involved and everyone must cooperate and do their job on time to make it happen.
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1 vote 4 answers Share Flag
Tue Aug 5, 2008
Jenet Levy answered:
Hi. I've been in the Slope since 1981. It was "edgy" when I moved here, but the neighborhood is now extremely stable, extremely pricey and one of the best investments in Brooklyn. My house, which I purchased 13 years ago is worth 5 times what I paid. The NYC market, including Brooklyn and the Slope has seen a leveling off, but not a drop. Prices have stopped escalating as intensely as they were and are now level and it is a great time to get in before they take off again. I sell in the Slope and all the surrounding Brooklyn brownstone neighborhoods. ... more
0 votes 5 answers Share Flag
Thu Apr 24, 2008
Loretta Nastasi-Rivera answered:
Hi Anna

That's definitely going to be a tough one as those areas fetch a pretty penny. If you are willing to live south of the park, you can find a 1 bedroom in Kensington or Ditmas Park in your price range. These neighborhoods are up and coming as many people being priced out of the more expensive areas north of the park are now migrating there. I'd be happy to assist you in your search.
Good Luck.
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0 votes 2 answers Share Flag
Sat Apr 19, 2008
Aileen-Manhattan-NYC answered:
Are you working with a Realtor? Co-ops can be difficult to comp. and having the property in Brooklyn makes it even more so, as Brooklyn doesn't have a significant or centralized multiple listing service (that I'm aware of).

I'm not sure which unit you're referring to and I'm assuming the correct address is "39 Plaza Street West" in Park Slope. If this is the correct address, what I can tell you is: currently one data base lists a 1 bd, 1 bath for sale, asking$339k and approx 750 sf.; another data base lists the most recent confirmed sale of unit 2-A was $999k, over one year ago.

Have you tried ACRIS?
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0 votes 1 answer Share Flag
Fri Apr 4, 2008
Jim Winters answered:
Hi Mr. Duke,

It looks like the developer's counter-offer is firm. I'd start looking for another place, but... I would call back periodically - say once a week - and very nicely, very politely, make your $930K offer. Stress how much you like the place, how great you think it is, how good of a buyer you are, etc. Just stay positive (i.e. don't mention the billboard) and be persistent. If you do this, something will shake out on this property or another one.

As to, whether you should be buying now in this environment? You are safer if 1) you are buying this condo for a home. The price is very high for any kind of investment; 2) you plan on living there for no less than 5 years, and can live there longer if you have to ride out a housing slump.

Hope this helps,

Jim
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3 votes 5 answers Share Flag
Sun Jan 13, 2008
Steven Hebert answered:
Unless you can tell the future, it's hard to say. The attached link is to a very comprehensive calculator that can help you consider all the variables. I've found it useful.
0 votes 3 answers Share Flag
Fri Oct 12, 2007
Ken Herrera Group answered:
A good Rule of Thumb is if you have great credit and good relationship with your bank, they are probably going to be able to give you the best deal. Banks are going to be a little stricter and there is more red tape in order to qualify. A Broker will have a wider vareity of loan products. Interview at least 2-3 Mortgage Lenders and make sure to compare apples to apples. If you can get references from past clients, by all means call them and check on the service. Remember that a mortgage is not just about the payment and the interest rate. Primarily, focus on the best loan that fits your financial needs/ goals, not only for today, always keep the future in mind.

Good Luck
Ken Herrera
Century 21 Infinity
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Thu Sep 20, 2007
Pierre Calzadilla answered:
Wed May 9, 2007
HouseHunt answered:
step by step:
1) add up your income and investments
2) determine how much liquid (i.e. readily available cash you can have for a down payment)
3) add up all your bills and debt
4) determine your monthly left over cash after all expenses and bills
5) this is what you have to put towards a mortgage (don't forget if you pay rent now to NOT include that as an expense b/c that money will now go to your mortgage)
6) look at that number - and cry
but seriously, look at the interest rate and figure out what that equates to - don't forget to consider what you are placing down as a down payment and what your credit score is as that will affect your interest rate - and please PLEASE do a 30 yr fixed. trust me.
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Wed May 9, 2007
HouseHunt answered:
Your offer should not be based on anything but what you can afford and your perceived value. Don't just offer lower b/c you think you can. Educate yourself on the market, the area, sold listings (within the last 6 months) then figure how much actual repair needs to be done - no not paint, not the tile, not personal touches - those things DO NOT affect a homes value... however, the property mechanicals (Water, Electric, Heat, Foundation, Bolier, Pipes, Roof, Walls) all matter, and any necessary and obvious repairs should be discounted from the price. Bring in an appraiser - your own - to get an idea of what is affecting the homes value. Look I am not saying that Marble tile, granite countertops don't raise the home value - but if they are green or black has no bearing on waht yo should offer. Maybe you hate marble? that's life... it should not affect your offer on the house - seriously. ... more
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