Possible to buy a 3 bedroom house for 400thousand or less???

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amother

Beige

Sun, Sep 18 2016, 6:03 pm

Is there such a thing anymore in Brooklyn???
dh and I did the math and figured out that that's what we are able to afford now (obviously we don't know for sure till we get approved for a mortgage, but based on our research that's what it looks like)
We didn't start looking seriously yet (we plan to in within the next few months), but by just looking online, it seems like everything is more then that.

We are not so picky with the neighborhood but we would like to at least have a couple of other frum families on the block (I dont know what to call us - I guess yeshivish, but not extremely), have a shul that walkable.... An attached house is fine. It doesn't have to be very big. If there's an extra room that can be converted to make it 3 bedrooms eventually, then we'd take a 2 bedroom also. At a last resort we would even consider a 3 bedroom co-op if the maintenance is reasonable...

Do we even have hope???

amother

Amber

Sun, Sep 18 2016, 6:07 pm

I'm not sure since I don't live in Brooklyn now. I remember that a few years ago the houses in Marine Park were significantly less, probably not the case anymore.

In Lakewood, definitely yes!! On the outskirts there are homes that are pretty decent size going in the 3's. Some townhouses even less. Would you consider, op?

doctorima

Sun, Sep 18 2016, 6:08 pm

In BP or Flatbush I don't think you'll find anything habitable for that price. If you're willing to move out to Mill Basin real estate there is much cheaper, though I don't know if it goes down that low.

Fabulous

Sun, Sep 18 2016, 9:18 pm

yeah, even in Mill Basin they are already in the 500s.

You might be able to get an old condo for that in certain areas of flatbush. 2 bedrooms. I doubt three.

amother

Navy

Sun, Sep 18 2016, 9:55 pm

I live in a co-op building in between Boro Park and Flatbush. The one bedroom apartments are selling for about $400,000 now. The 3 bedroom apartments are about $600,000.

isrmss91

Sun, Sep 18 2016, 11:37 pm

Because of the massive growth, B'H, Prices have gone crazy high,
and those houses that are on the market, still need tons of work, aside from the initial purchase price. I read people are looking into Staten Island instead. So maybe look into that. The community is growing there. They have a girls school and opened a kosher grocery store.

Otherwise, the towns on the outskirts of Lakewood are in your price range. But in Brooklyn?? Not a chance. The realtors and the sellers know they can and do get top dollar on homes in Brooklyn. The rents in the area have gone really high in the past few months. I have heard many times from my friends how the landlords are going to raise their rents and they have to find new housing. One friend who is leaving their apartment was told by their landlord they can get almost double of what they were paying. The landlord is having a agent look at the place to let the landlord know what work and improvements, they can do to the apartment, to get that amount.

nicole81

Mon, Sep 19 2016, 12:09 am

I don't think you're going to find a house with other frum families on the block in the $300s. You can most likely find a 2 or maybe even 3 bedroom condo in an older complex in Georgetown/Bergen Beach in your range.

You can still find in Mill Basin in the mid-upper $400s, but that's out of OP's range.

amother

Aquamarine

Mon, Sep 19 2016, 12:13 am

Would you consider Bayswater? It's not too far from Brooklyn.

amother

Taupe

Mon, Sep 19 2016, 7:53 am

I looked on Zillow.com and there are a few listings for 3 bedroom co-ops and homes under $400k for Brooklyn. So it *might* be possible to find something. Issue of course would be location, how much work the property needs and these homes are prob quite small. Your best bet would be to find a good real estate agent and see if they can help you find something in your budget range. You never know, you might be lucky and be able to find a short sale or foreclosure. also, interest rates are still low now, which is also in you favor.

I never thought I would be a homeowner myself and B"H, was able to find a house back when the market crashed in 2009 (for under $400K then) that fit into our budget. I live in Southern CAlifornia where housing is crazy crazy expensive and just got even crazier the last year! It took a few months, but after months of working with a diligent realtor we found a lovely little home in the eruv very close to our shul. Now my house is old (from 1940s) and tiny (less than 1200 sq feet), but it's mine! And the previous owners remodeled much of it, so I was lucky it required almost no work before I moved in.

Good luck!

amother

Beige

Mon, Sep 19 2016, 10:42 pm

Thanks for all your input. So to sum it up, if we'd like to buy, it looks like our choices are -

a - to try to see if we could possible stretch our budget a bit more a get something in Mill Basin (would we fit in there or is it more modern?)

b - buy a two bedroom co-op - technically we would fit since we only have 2 kids now, but DD has SN and would be much better off in her own room, plus we were hoping to have more kid/s. But I guess left with no other choice we could get a 2 bedroom for now...

c - move to somewhere like staten island (are there any other places within 30-40 minute drive to Brooklyn that are also cheaper?) DD has SN and needs to go to brooklyn for school, plus we have jobs here so it cant be further than that. We'd also likely have to buy another car if we do this.

d. wait a little bit and see if (like another poster mentioned) we could find a short sale or foreclosure.... (unlikely but maybe?)

Kumphort

Mon, Sep 19 2016, 10:51 pm

Don't bother looking in Staten Island. Prices have sky rocketed lately 3 bedroom semis are going for the highs 5's these days

Good luck with your search

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