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Prospect Heights : Real Estate Advice

  • All62
  • Local Info15
  • Home Buying13
  • Home Selling2
  • Market Conditions8

Activity 22
Thu May 2, 2013
Shane Milne answered:
Your question doesn't make a lot of sense.

Are you asking if someone can qualify for a FHA HECM reverse mortgage? If so, then the answer is "Yes", people can qualify.

You don't need to "qualify" for a reverse mortgage (although some lenders are now requiring to verify that there is income), you just need to be "eligible".

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/rmtopten says:

To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home. You are also required to receive consumer information free or at very low cost from a HECM counselor prior to obtaining the loan. You can find a HECM counselor online or by phoning (800) 569-4287.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
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Sun Nov 20, 2016
Javier Meneses answered:
The first thing you should know is that there are no "bad credit" mortgages. I guess it really depends on what your definition of bad credit. What's available these days for less than very good credit is FHA and HAPR. In either program your credit needs to be a certain way. For example, FHA will require you to have a 640 FICO or higher. In addition to the FICO, they'll also require any collection, charge-off and judgements to be satisfied.

The best thing you can do is meet face-to-face with a loan officer and allow him/her to review all the necessary paperwork to determine if you qualify. Should you not qualify, perhaps they can let you know what you must do to improve your credit so that you can get to qualify soon.

I'm always available if you need someone. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
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0 votes 7 answers Share Flag
Mon Nov 5, 2012
Barbara Ann Rogers answered:
Hi Dimpihk,

I am extremely familiar with both this building in particular and the area in general, having handled numerous sales and rentals in the neighborhood.

This is a new construction building at the corner of St. Johns Place and Classon Avenue in Crown Heights, one block east of Prospect Heights and one block west of Franklin Avenue, a rapidly-developing commercial stretch including several notable restaurants, like Barboncino and Chavela's, as well as shops and cafes. However, when apartments here were first offered for sale in 2008 this commercial development had just begun and the real estate market was depressed, so they were rented out instead. Units were re-introduced to the market this past June; three are reported to be in contract.

Unit 5C is currently rented out through March 31, 2013, at $2450/mo., which I would say is a good return, given the apartment's size and location. Apartment 2A, a 2 bedroom, 1 bath unit is currently available for rent at $2600; it has been on the market since September, originally asking $2700. Of course, it does not have the outdoor space associated with unit 5C, but it does have two true bedrooms.

Do not hesitate to contact me if you would like further information about this or any other Brooklyn property.
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Sun Sep 30, 2012
Mitchell Feldman answered:
Dear Melindagar:

If you purchase a property with less than 20% down you will have to get private mortgage insurance. This can be quite costly so keep that in mind. Your best bet is to get yourself pre-qualified with a mortgage banker to find out what you can or cannot do.

When you meet with the loan officer there are some important questions you need to ask such as 1) how much can I borrow? 2) what rate can you offer me? 3) how much will my monthly payment be for the loan? 4) how much will my closing costs be? 5) do I have to pay for PMI and if so how much will that cost?

Once you have the answers to those question you can add in your other living expenses such as monthly common charges, insurance, real estates taxes if applicable and utility expenses. See if all that fits into your budget and if it does remember... You will also save a lot of money on your income taxes when you own as oppossed to renting! Your accountant can tell you exactly how much you can save.

Also keep in min that if you are purchasing a co-op, some of them have minimum down payment requirements. These policies vary from building to building so you should make sure to only look at properties where the 10% down is permitted.

I suggest you have a good real estate agent help you. If I can be of further assistance please contact me directly. Good luck!

Sincerely,
Mitchell Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
718-645-1665/ 917-805-0783
MitchellSFeldman@aol.com
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Tue Jul 3, 2012
Luke Constantino answered:
Here's the best I can do without driving you around Mary:

http://upload.wikimedia.org/wikipedia/commons/f/f2/Brooklyn_neighborhoods_map.png

Give me the cross streets and I can be more accurate. I myself am guilty of blurring the boarders sometimes with listing locations.

Luke Constantino
Commercial | Residential
REMAX PARK SLOPE
Direct: (212) 300-3919
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Wed Jan 29, 2014
Madeline Padovano answered:
Hi Molly - Don't think any of us really have crystal balls sorry. rentals in brooklyn NY are on the
rise and hard to comeby - do not know anything about midland, MI - but if you are talking about
prospect heights, brooklyn, new york. It has always been on the rise and is currently on the rise
will always be a good investment, location, location. not sure what (55ep) means?
enlighten me please thanks.
madelinepadovano@fillmore.com
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Mon Apr 23, 2012
Mitchell Feldman answered:
Dear Maxwellimus:

Nobody has a crystal ball to predict the future with 100% accuracy. Having said that, Brooklyn is one of the safest places in the world to invest in real estate. There is always demand and the population is always growing. Prospect Heights has become somewhat of a hot spot right now and I think the prognosis for futures values rising is very good. In the end it depends on how good of a deal you receive when you purchase.

Also, if you are currently renting, it behooves you to buy something because you get a big write off on your income taxes when you purchase a primary residence. If I can be of further assistance please let me know. Good luck!

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
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Tue Jul 10, 2012
Jenet Levy answered:
Paula and Jean,
That's a great question. The answer is no, apart from new developments in the Park Slope and Prospect Heights areas, there is not indoor parking. The reason is because the housing stock of mostly brownstones was built before the car was invented. There are carriage houses still around here and there, which is where you would have kept your horse, and many are now quaint homes. There are a few lots here and there where you can pay for monthly parking.

Hope this helps.

Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
htp://jenetlevy@halstead.com
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0 votes 4 answers Share Flag
Wed Apr 28, 2010
Alen Moshkovich answered:
It will depend on your building and zoning.

Will your building allow commercial tenant and will the zoning allow it?

You forgot to tell us your neighborhood. Also is this ground unit on a side street or main avenue? That can mean night and day. ... more
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Fri Mar 26, 2010
Sharon Go answered:
Hi Anna -

You can easily search for open houses on Trulia for the area you are interested in. We have a search filter that allows you to specifically only see open houses for this upcoming weekend. Below is the link to open houses in your area:

http://www.trulia.com/NY/Brooklyn,5210,Prospect_Heights/#for_sale/5210_nh/w_oh/

Hope this helps!
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Sat Jun 6, 2009
Janet "Gigi" Zimmerman answered:
It really depends on the condition of the building, whether it has been renovated, and on the exact location. $1.6 for a wonderful house on a great block in Park Slope/Prospect Heights is not at all unreasonable. ... more
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Tue May 19, 2009
Rhonda Holt answered:
There are other factors such as the exact area in Prospect Heights, location effects price. Also the lot size of the property is also important. Contact an agent in the area where you're interested to get some clear answers. ... more
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Sun Aug 10, 2008
Vicky Chrisner answered:
K - sorry, I don't know the area. Do you have a buyers agent? I know someone very good in Brooklyn, if you need a referral. Please contact me directly - vchrisner@kw.com
0 votes 2 answers Share Flag
Thu Mar 13, 2008
Gerry Vazquez answered:
Bubs, A Realtor practicing in the area and familiar w/the building is in the best position to answer your question. Would you be interested in talking to such an agent?

Gerry V
631.422.8221 ... more
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Sun Jan 6, 2013
Ronpkr answered:
LOCATION , DEMAND WILL DETERMINE THIS. THE MARKET IS STILL GOOD FOR THE MOST PART
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Thu Jan 17, 2008
CJ Brasiel answered:
Genna -

I know the local Realtors will chime in and will have a more accurate answer.
For us here in California, normally there is a "document transfer fee" that the home association charges to publish the by-laws and related documents for the buyer and for the escrow/title company. Many times this is less that $100 but I have seen it as high as $250.

The HOA dues are prorated so depending on your closing date, those fees could be added into your closing costs.

CJ
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Sun Jan 6, 2013
Sonni Woodbury answered:
Prospect Heights is one of those Downtown Brooklyn neighborhoods that has an increasing appeal because of it's central location. Pricing is still strong and demand is high. The product that this neighborhood offers is comparable to most Downtown Brooklyn neighborhoods. Sales are up and inventory sells quickly. Now that new condo development has come to the area, the population should see nice growth. ... more
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Tue Jun 19, 2012
Sonni Woodbury answered:
Prospect Heights offers various types of property. If you are looking for a coop, condo, one family to multi-family, you can find it there. Because inventory in low, if you find a property that really appeals to you, you should take an aggressive approach to make the purchase. ... more
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Mon Jun 18, 2007
Sonni Woodbury answered:
There are various lenders in the New York Metropolitan area.
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