Sunday's NYT Real Estate Section includes an article on Flatbush, Brooklyn's "catch-all" neighborhood. Says Lenny Linksker, a real estate investor, "If it's not definitely a different part of Brooklyn, it's Flatbush."
That's a tad broad, Lenny. But we digress.
What's interesting about the article is that the sentiments of newer Flatbush residents mirrors that of those of us who were new to PLG three to four years ago:
In 2002, the couple bought a one-bedroom co-op on Glenwood Road with an eat-in kitchen and spacious foyer for a price that Ms. Simkins, a 39-year-old art director, would not reveal, except to say “nobody could or would believe” it.
If Flatbush real estate trends like PLG, new co-op owners will see their investment double in value in just a few years. Real estate agents quoted in the article also claim that a single family home can be had to $450K... sounds mythical to us, like a real estate unicorn.
When it comes to real estate prices I often feel like I'm out of step with others on this site. The statement that "If Flatbush real estate trends like PLG, new co-op owners will see their investment double in value in just a few years" strikes me as exagerated. I bought in 2000 for 500K. I am almost positive that the house is now worth around 1M (a minimum of 950K and a maximum of 1.05M). Which would mean that at the very best it has doubled over 7 years. That seems about right compared to other homes that I have seen both bought and sold in my time here. Have other people really had their values double in "just a few years"--or did ATP mean 7 years when she said " a few"?
Posted by: jd | December 03, 2007 at 11:23 AM
good point jd. however, i can say that my own investment in a co-op in PLG has doubled in value in three years (if not more than doubled). people who have been in my building for 5+ years have seen appreciation of 1000%. Completely serious - a lot of these apartments sold for around $40K back in 2002ish.
Posted by: co-op owner | December 03, 2007 at 11:56 AM
Interesting, co-op owner. I guess co-ops have proven to be a better investment than houses in the area. Or at least they used to be more under-valued than houses were and therefore have experienced greater appreciation in the last "few years."
Posted by: jd | December 03, 2007 at 01:14 PM
Yep, its true.
I bought my 1 bedroom co-op for $60K back in May 2003.
Now, it's worth about $300K.
Posted by: CJ | December 03, 2007 at 02:47 PM