buying in Windsor Terrace.. — Brooklynian

buying in Windsor Terrace..

I'm thinking about buying a studio in Windsor terrace. It's a nice place, just next to the park, but it's also small, about 500 sq. feet. I put a bid in for about 270K, and the seller accepted. Am I getting a reasonable deal? The common charges and taxes are quite low (about $200/month). I'm just a little anxious because I haven't been able to find many comparable apartments in the neighborhoods to look at. I'm also a first-time home buyer, so I'm kind of anxious about this whole process... Many thanks in advance.

Comments

  • Yea, there arn't many comps in WT because there aren't that many apts. Is this in one of those walkup buiuldings on PPSW between Selleuy and Vanderbilt? There are like 4 buildings all one ccop and from what I understand they are run pretty well.

    500 sq ft is smallish, for Brooklyn anyway. The one bedrooms in updated cocndition ( like one renovation, 10 yearss ago butr no original) seem to be going in the high 300's maybe low 400's if really nice. Who was the lising agent? Orichio and Andreson prices things pretty well. Corcoran prices em high. $200 month is cheap maintenanced, maybe too cheap. Be sure to look at the financials of the building
  • I think the area is going to get even more expensive if real estate doesn't totally tank. Lonelyville (coffee shop with a bad nam) opened up which should pave the way for other places. Studios will never have the resale value of a one bedroom but if you know you will be there a while, it sounds pretty good to me. I live a couple blocks from there and like the neighborhood a lot.
  • Thanks for the comments. The apartment faces Prospect Park. It's near Vanderbilt.

    One of the things I don't get at this point is the size: the apartment is listed as being about 500 sq. feet, but the main space is about 300 sq. feet, excluding the bathroom... What gives here? What am I missing?
  • BTW -- the listing agent is the Developer's Group....
  • Anonymous wrote: Thanks for the comments. The apartment faces Prospect Park. It's near Vanderbilt.

    One of the things I don't get at this point is the size: the apartment is listed as being about 500 sq. feet, but the main space is about 300 sq. feet, excluding the bathroom... What gives here? What am I missing?
    They often include the hall and the inside of closets when listing square footage. Our coop was really 1000 square feet but the realtors listed it as 1500 because they included the hallway OUTSIDE the apartment
  • Anonymous wrote: Thanks for the comments. The apartment faces Prospect Park. It's near Vanderbilt.
    You mean it faces the bus stop and all the street noise on PPSW? How many units are in the building? and what floor?. All the buildings along there aer walk ups AFAIK so I think hard about anything but the 1st floor, but then if it is in thee front you have the noiee.

    I never heard of Developers Group Sounds like a carpet bagger.

    I don't know, if you are in love with the place than that is one thing but you will get much more for your money in Kensington or een Ditams Park. Have you looked at places along Cortelouy Rd? The Q train is better than the F and it is up and coming, really, it has its own farmers market and a couple of restaurants. Shopping down by the place you are looking at is none existant, there is a Key Food (a really crappy one) but that's a hike. the Ft HamiltonParkway F train is close by, as is Crossroads Cafe. Still If you love being by the park and Uncle Louie G s ices then this place might be for you
  • The unit I'm interested in doesn't face PPSW -- it faces the homes on the other side. The view isn't good, but the light is excellent and the noise level is low.


    I'll take a look at the other locations that were suggested... I feel very attached to the park, but I also really like the Q train...
  • I've should say just for the record that I've had a good experience with the Developer's Group thus far (though of course I haven't closed yet).
  • BrooklynJack wrote: I don't know, if you are in love with the place than that is one thing but you will get much more for your money in Kensington or een Ditams Park. Have you looked at places along Cortelouy Rd? The Q train is better than the F and it is up and coming, really, it has its own farmers market and a couple of restaurants. Shopping down by the place you are looking at is none existant, there is a Key Food (a really crappy one) but that's a hike. the Ft HamiltonParkway F train is close by, as is Crossroads Cafe. Still If you love being by the park and Uncle Louie G s ices then this place might be for you
    You can definitely get MORE for your money in Ditmas and Kensington--big prewar apartments--but I am assuming if this person is buying a studio they are single. HOw would it be to be single in those neighborhoods? Where I am, it is ALL families and couples (even hipster couples, but couples nonetheless). It seems over by the park there might be more single people. I might be wrong but....because on the other hand, I call the apartment building across from me Melrose Place since everyone is single and they hang out on their balconies mingling all the time.
  • Yeah, I'm single.. I've looked out in Ditmas a bit, and I'm not that crazy about it... Not enough of my friends live there... And I really love the park.... And it feels kind of suburban to me... On the other hand, Kensington is somewhat attractive - at least the parts that border Windsor Terrace.
  • Anonymous wrote: I've should say just for the record that I've had a good experience with the Developer's Group thus far (though of course I haven't closed yet).
    Just remember that in a real estate deal there is 1 and only 1 person on your side and that is your lawyer. Not the Sellers agent not the agent that found the place for you not the managing agent, your lawyer is the only one that works for you. Find one by recomendation and not from the real estate agents, unless maybe you know one that has no connection to this transaction
  • I recently bought a one bedroom, also on PPSW for about that much. Was it recently renovated? Not sure I would jump on this one - seems to me you could get more for your money.
  • I, personally, would not buy at this point in the market. All the housing data indicates that if we're not on the peak, we're very near to it. Everything from housing starts to existing home sales are tanking and the Northeast is one of the hardest-hit regions. Now, I know NYC is a slightly different animal, but the city has seen some serious housing downturns and stagnations in the recent past. I especially think that neighborhoods that haven't fully transitioned in the way of services, daily-needs stores, desirability, etc will be some of the first to slip. I'm not 100% sure that WT falls into that category, but my gut tells me it does.

    Cringing in anticipation of the WT flaming...
  • 8thandPrez wrote: I especially think that neighborhoods that haven't fully transitioned in the way of services, daily-needs stores, desirability, etc will be some of the first to slip. I'm not 100% sure that WT falls into that category, but my gut tells me it does.

    Cringing in anticipation of the WT flaming...
    But -- WT is safe and zoned for good schools -- so that would help. I would feel better about buying there than in some other neighborhoods (why name names). Though the schools thing probably doesn't make a difference if you're talking about a studio apartment.
  • It depends on how long you're planning to stay. With the current market, I think you'd best be prepared to hold to your place for a while so you don't lose your investment if the market takes a downturn and you feel you have to leave. New York has had downturns in the housing market before, but if you're here for the long term you'll eventually come out ahead (barring the impossible to predict, like a major dirty bomb incident or the like). Of course, even if you like it and plan to stay in WT, in 5 years you might feel like you need more space than a studio. If you're going to buy now, you should make sure it's a place that you think you could spend at least the next 5 years if you have to. You don't want to feel trapped by your apartment.
  • Thanks for all of your responses. Yes, it is a new renovation. The location is great, but like some of you, I'm also concerned about how the market is going to go. Of course, I'm also trying to balance that with the fact that I'm also hearing that rents are giong way up, which I imagine might soften any decline in the real estate market.

    To the one who just bought a one bedroom: how many sq. feet is your place? And what kind of maintenance do you pay? It's a co-op, I assume. One of the advantages of the place that I'm looking at is that it's a condo, so if after 2 years I decide to get a bigger place, I can always rent this one, which should cover the mortgage and maintenance...
  • Anonymous wrote: One of the advantages of the place that I'm looking at is that it's a condo
    Being a condo makes a big differenece, the $200 monthly charge, called common charges on a condo and maintenance on a coop doesn't seem like such a great deal as you'll be paying real estate taxes on top of that but the $270K is more inline witha condo as you will pay more for a condo than a coop.

    I thought you said this is on PPSW ans Vanderbilt, yes? AFAIK there are only 1 and 2 family houses along there, though there was one recent renovation. If this is that I would be extremely leary as buying a coop or a condo in a building with only few units aint' such a great thing. You've got so few people to apportion common charges to, if just one of them doesn't pay then you all pick up the slack
  • Subject: real estate taxes

    Uh -- the maintenance charge on a co-op typically includes the real estate taxes. Unlike a condo, where the individual owners pay the r.e. tax yearly, in a coop the corporation pays them. That is one reason a condo common charge is typically a lot lower than a maintenace charge for a co-op might be -- but it is also based on square footage of the apartment and the financials of the co-op.

    Personally, I think that's a bit high for a studio in WT. We do have the amenities around here -- dry cleaners, corner groceries plus an ever-improving Key Food, a decent if b list array of restaurants on PPW and better chow not much further away on 7th Ave south. The transit can be iffy (good old F train), which perhaps helps keep prices every so slightly depressed. But I believe that for that money, you could possibly land a smallish one bedroom co-op in WT, still, with a bit of looking.
  • that's a lot of money for a studio. I have seen listings for 1BRs in prospect heights (for real PH, not crown heights) for about that much. and that's in the last few weeks. I wouldn't spend that money if I were you.

    also, to whoever was talking about schools and that sort of zoning - does any of that matter for a studio? I'd be more concerned about that if I were purchasing property that was family oriented. but a studio or 1BR is pretty much the territory of single folks or couples who probably care more about restaurants, bars, coffee shops and proximity to their friends.
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