Posts Tagged 'Brooklyn'

Putting A Condo on Layaway

There are a lot of reasons that condo units are going unsold in today’s market: a glut of inventory, tightening lending standards and economic uncertainty giving buyers cold feet. One solution has been for new developments to convert into rental buildings, but many of these condos gone rental (aka “nondos”) boast doormen and high end finishes and as rentals they command high prices. Just as there is a limited number of people who can afford expensive condos, there’s also a similarly limited number of people willing to throw down on a luxury rental these days. The newest trend is based on the realization that there is some overlap of these populations–fairly affluent first-time buyers are now looking to rent the very same units that they were previously interested in buying, so it’s only logical that rent-to-own schemes would start to pop up in the city. According to the Real Deal, this is happening primarily in the outer Boroughs, particularly Brooklyn. To read more about how you can get in on the rent-to-own action, read the full article here.

Blogging the Bed Stuy Rental Market

Based in Brooklyn, the Reclaimed Home blog is a great resource for DIY-ers who want to make their apartment renovations green and thrifty at the same time. The site offers an especially interesting perspective on the rental market because this blogger is also a landlord! This past week, Reclaimed Home had an analysis of the blogger’s own experience as a landlord in Bed Stuy who has seen her pool of eager tenants growing exponentially over the past 2 years. Her theory on the reason more renters are choosing Bed Stuy? She thinks that potential renters are being lured to the neighborhood with Dinner parties! Maybe she’s right?

Brooklyn Rentals Offer More for Less

According to a recent NY Times article, there’s a new breed of rental development in Brooklyn, one that will be very familiar to Manhattanites: the condo-style building that features designer kitchens and baths, fitness centers and roof decks, video intercom systems and doormen. This kind of rental has been popping up in Williamsburg for a while now but these days they can also be found in other parts of Brooklyn like Fort Greene, Bed Stuy and Downtown Brooklyn and tenants couldn’t be happier that Brooklyn living is no longer restricted to pre-war elevator buildings or subdivided brownstones and townhouses. “You can’t put a fitness center in a Brownstone” says one new tenant.

The Times identifies several trends at work here. Primarily, as the sales market slows and there is a glut of new inventory, condo projects are trying to forestall the problem of poor sales and many are opting to convert into rental projects. This movement is dovetailing with an increase in the number of renters who want sweet apartments with high-end finishes and amenities without the Manhattan price tag. The price differential cited by the Times was striking. An apartment in the Mynt building on Myrtle Ave in Bed Stuy that rents for $2550 in Brooklyn would rent for nearly $7000 if it were in Manhattan!


About Me

Michelle Erfer is a licensed Real Estate Salesperson in New York City.
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