This is what $500,000 gets you, folks.  (via NYT)

This is what $500,000 gets you, folks. (via NYT)

I recently received a Google news alert, i.e. an ad, for a condo in Clinton Hill. I’m not in the market, but something struck me about the property. Not its precious name (Aperture 538) or the severe appointments, but its price tag: a staggering half-million dollars for a 533 square-foot studio. That is sheer lunacy — why would anyone pay that much for such a tiny space? Yeah, yeah, location, location, location. The ad says, “Clinton Hill is an ideal neighborhood to call home…”, which is true if you have no concept of the value of money. But I do; so I wondered if that cash would be better spent buying somewhere less desirable and simply visiting Brooklyn every weekend. (more…)

03/18/15 10:20am
brooklyn rent

Usually we break this out for the rent, but what the hell, captures our feelings pretty well. Photo by Rachel DeLetto

It’s been a little while since we talked about home ownership on the ol’ Brokelyn dot com, mostly because we figure most of you don’t make the $66,167.27 per year that you need to afford everything that goes into buying a home. And while we’re dipping out toes back in to the impossible dream of having a piece of property that’s yours and not your landlord’s, this might be the last time, it might be the last time, we don’t know. That’s because buried in Daily News story about the insane down payments people are paying on average in New York City, we learn how much people are paying on average in Brooklyn. Want to compete with your fellow home buyers? The average down payment in Brooklyn is now $163,537. Hey, thanks complain-y real estate speculators. (more…)

01/13/15 9:35am
brooklyn brownstone

Nope. In fact, don’t even look at it, you can’t afford it. via Flickr user straightedge217

Hey there office drone, working while your awful old bosses laugh about how cheap you come: what is it that keeps you going? We certainly hope it isn’t the foolish idea that one day you’re going to own a significant chunk of property in Kings County, because if it is, well, here’s a fun report for you from Ideal Properties looking at Brooklyn townhouse sales over the past year. What’s it say? Oh only that a mere 2% of townhouses sold for less than one million dollars. Better start playing that “hit by a car lottery” rather than working if you want to get a brownstone. (more…)

02/18/14 11:42am
brookly homes

If you made $67,000/year, you’d be home by now. via Flickr user unfauxhemian

You might have become briefly hopeful the other day when we informed you that Bushwick, Crown Heights and Sunset Park were “affordable,” in the sense that you didn’t have to sell your kidneys to afford a place there. Of course, we did point out that you’d need sixty or seventy thousand dollars to pony up for a down payment, but something we hadn’t considered is that you’d need to make that per year if you wanted to own a home here. But, according to mortgage research website HSH, it takes a yearly salary of $66,167.27 to cover your stupid mortgage and its stupid interest payments. Whatever, the exciting renter’s life is much more fun than the boring stability of home ownership anyway. (more…)