Traditionally a multifamily market, Bedstuy Condos are making moves

By
Real Estate Agent with Castle Homes NYC 10401224890

784 Madison Street, Brooklyn, New York

$ Click for current price
2 (1 full, 1 half ) BATHROOMS | 1056 SQUARE FEET

JUST SOLD: IN CONTRACT...why did this happen so quickly?  Why are buyers looking for condos?

Bedstuy had a heyday a few years ago... investors came into the area, found older buildlings that were in lis pendis, or behind on mortgages.  Promised buyers CASH deals and easy outs... then gut renovated and pulled out original details and sold the houses at a substantial mark up.  After initial purchases saw the values in the area rise over 35% in a short period, many decidfed to capitalize on that and  the second tier buyers took over.   Many continued to upgrade or improve property, turned nicely renovated bathrooms and kitchens into luxury spaces, landscaped the raw backyards, added architectural details that had been removed, or some brought a very modern and edgy feel to the interior.  These buyers held the property  till the neighborhood values started to rise again and sold.  Value continues to reflect the neighborhoods as they add more services adn new businesses take root, cleaning up park areas, adding green spaces, improving street conditions and so forth.  

If you were a first time home buyer and not savvy on digging your way through construction, and contractors, and getting violations removed:  you were not the buyer for those less desireable properties, even though at face value you could have afforded to purchase back then.  Cash buyers were the ones that were needed to get the properties off the chopping block and back into circulation.  Once a mortgage could be written on a newly renovated property, it was market value.  So how do you afford to get into this highly desireable Bedford Stuyvesant neighborhood on a 2014 budget?

THINK Condos: the next big thing in the area.  Developers had renovated and updated buildings. They used grants and offered housing programs to get folks into properties who were employment ready, but cash deficient for those huge downpayments.  These programs basically have helped first time home buyers become like the developers who first purchased the multi family homes and sunk some heart and soul into them.  Now that these newly remodeled buildings have shown their appreciated value, homeowners who are selling are able to move to larger spaces, or capture equity to move to another suburban location.  This movement provides opportunities for new buyers to come in on the second tier of purchasing and hold on for the appraised values to follow the trends of the area that the multifamily homes have shown.  Areas where renters can transition into homeowners have historically appreciated home values, have brought commercial services and entertainment and restaurants to the area.  Parks and schools improve when the community is knit together with stakeholders.  Everyone wins.  Because of these types of opportunities, we were able to garner a great sale for our clients at 1B, while providing a wonderful new start for a buyer who is no longer a renter, but whose bottom dollar for living expenses will also stay in line with what they can afford.  It is a win/win for both parties.  

If you are interested in looking at condo opportunities in BedStuy, email us at carolcastle@kw.com, mention you are interested in our off market condo opportunities coming up.  Why pay rent when you can own?  It is the best way to make your apartment truly a HOME.

 

See our ready to close property below:

Cleverly apportioned duplex condo has classic and modern touches that discriminating homeowners will appreciate. High ceilings and doors bring light and air into the space. Newly renovated in 2011, 1B has two rooms, gallery kitchen, dining nook, under the stairs massive storage, and large full bath on the main level. Up the staircase is 1/2 bath, large open bonus room and bedroom with large closets and full height doors. Plenty of windows bring lots of sunshine, and the park directly across the street provides green space and tree views. The building has laundry in the basement as well as ample storage common to the other residents. There are security cameras throughout. In the back is a private fenced back yard. 784 Madison Street is within a couple of blocks from Gates Station on the JZ train, and close to many of BedStuy's most well known eateries and shops. A great place for a great life awaits you here in BedStuy.


784 Madison St is a Green LEED certified building. Renovations have brought the best of modern energy efficient living to the 1930s brick townhouse building, Building security and Secured front door locks provide safe entrance to units and common areas in the lower level where there is a modern full service laundry room, and storage for owners. A common back yard joins three sister buildling's space together for a massive area to enjoy the yard, the trees, and the sunshine. Parking is easy, because of the park across the street!


J52 tax abatement for 7 more years. Commons charges include water.

Presented By:

Carol Castle

Licensed Sales & Investment
Castle & Co New York @ KW Tribeca
646-677-0736
Licensed In: New York
License #: 10401224890

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Member of REBNY and NYStateMLS:Residential and Multi-Family Sales: Certified Buyers Agent :Commercial Specialist :Leasing for Landlords Rental Agent Team

Posted by

Carol Castle

The Castle Group @ KWNYC Tribeca
646-677-0736
 www.carolcastle.kw.com

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Rainer
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Carol Castle
Castle Homes NYC - New York, NY
We Make Coming Home Happen!

In a competitive buyer and seller market having the right person to watch your back, and give you transparent service is essential.  Our team at Castle & Co New York can cover your bases from agent to attorney, to inspector to contractor... We know the best companies to work with and they want to work with our clients.  

Give us a call today for a better night's sleep tomorrow!..

May 02, 2017 11:35 AM #1
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