NWR: Does anyone know anything about coops? In Bay Ridge Brooklyn?

We have a lot of smart women on this board....Just wondering if anyone out there knows anything about coops...if they are too risky a purchase, if the Bay Ridge area is too risky to buy one in...etc.

Any opinions? I'm soooo torn right now.

Re: NWR: Does anyone know anything about coops? In Bay Ridge Brooklyn?

As far as investments go, I don't know much but I do know that real estate is the least risky investment -- coops included. As far as Bay Ridge, FH and I were planning on purchasing a coop in Bay Ridge as well - the area is great IMO, except that parking is really bad!!

Hope that helps!

Re: NWR: Does anyone know anything about coops? In Bay Ridge Brooklyn?

I don't know much about coops, but I lived in Bay Ridge on Shore Rd (rented an apt) 1 1/2 yrs ago, for 1 year. It is nice there, but the parking IS terrible, and the only easy place to get to from Bay Ridge is Staten Island! (I was working in SI at the time). I found it took a long time and was therefore difficult to get to Manhattan and Long Island. The community is nice, though, as well as the restaurants.

Re: NWR: Does anyone know anything about coops? In Bay Ridge Brooklyn?

Hi,

Two of my sisters bought co-ops in Bayridge and they absloutely love it there (except for the lack of parking). They've looked in Long Island and Jersey and bought in Bayridge and their building is beautiful and the neighborhood is great. One of my sisters is getting married soon and they are looking for a house and she plans on renting her co-op to help pay for her new house.

I don't know if any of this helps you....but it's a great area except for parking.

They each bought their own co-op in the same building.

Re: NWR: Does anyone know anything about coops? In Bay Ridge Brooklyn?

I know a lot about the area, and it is beautiful and parking is hell...my biggest concern is resale value on coops there. I know any purchase seems like a good one..but if the building is only 50% sold, the rest still not converted from rental to coop, is that good or bad??
I guess we're just scared of not being able to unload this thing when we are ready to get a house...so confused!!! It also doesn't come with a parking spot.

Re: NWR: Does anyone know anything about coops? In Bay Ridge Brooklyn?

I think any investment like that is good. I don't think you would have a problem selling it. Quite a few of my friends have bought them and sold them when they wanted a house, and I don't remember any of them taking a beating as far as that goes.

My sisters paid 55 each for them about ten years ago......and now they are worth close to 100, i can't believe they'd go down in the future, just higher.

Re: NWR: Does anyone know anything about coops? In Bay Ridge Brooklyn?

My FH lives there -- nice area-- parking is a complete nightmare though--but thats anywhere in the 'city' type areas. They have the BEST Christmas decorations out there--we are supossed to go sometime this week to see them! Not that that is a reason to buy a coop there!! HA

Good luck! let us know what happens!

Re: NWR: Does anyone know anything about coops? In Bay Ridge Brooklyn?

55? Now going for 100? Are they willing to sell? LOL The one we are checking out is a mint condition in a pre-war building (sooooooooo beautiful!!!) is asking 219!! For 2 bedrooms!!

Oh, the lights are in Dyker Heights off 11th and 12 avenues..head for the area on and around 82nd street....it's great this year!

Thanks for the advice ladies...I'll let you know if we go for it!

Re: NWR: Does anyone know anything about coops? In Bay Ridge Brooklyn?

wow....219 for a co-op? It must be huge...

My sister's each have one bedroom, living room and kitchen.........all huge rooms though.

You also must be near the water for that price, right?

They are a few blocks away........71st St. is the area they are in.

Re: NWR: Does anyone know anything about coops? In Bay Ridge Brooklyn?

This one is closer to Marine Avenue in the 90's....so a bit closer to the water. Views of the Bridge from everyroom. I am SO IN LOVE WITH THIS PLACE.

Re: NWR: Does anyone know anything about coops? In Bay Ridge Brooklyn?

Bay Ridge is a nice area but I would recommend that you rent in the area before committing yourself. You never know how YOU will like an area until you live there.

If you already rent there...

No one can gaurantee that property values will continue to rise but the likelyhood of them falling substantially is pretty small based on the history of the real estate market. In any case, its better than pumping the same $$ into rent.

In general, buying is a good idea when you plan on spending several years in the property. If you plan on moving in the next 1-2 years, chances are renting is a better option.

As far as general neighborhood/price/value comments - I would tend to ignore what people outside of the area think. For example, $219K for a coop sounds like a VERY CHEAP price to me because coops in my area go for $350K and up. Similarily, if you live on some parts of LI, you can get a 2 bedroom coop for $150K. Just compare it to what you can find elsewhere (by looking a lot) and make a decision based on what you know.