A Brooklyn Real Estate Lawyer says Park Slope Real Estate has a ways to go ….
Real Estate closings in New York have been creeping up lately at our offices in Sheepshead Bay. More and more people coming into our offices are first time homebuyers. Many of them are purchasing real estate in Park Slope. Ive devoted seperate blogs about Real Estate in Park Slope previously, but I would very much like to re-iterate a few points, specifically about new construction homes.
Heres the deal: Many people are buying in Park Slope, specifically new construction condominums, and many of them have absolutely no idea what they are getting into. Many of these new construction sites have used materials that you wouldn’t use to build a dog house (even for people who don’t love dogs, of which Ive found none). The materials are ridiculous. They’re absurd. They’re cheap. But the fact is they were used and the owners now have the privilege of living in new buildings where the elevators dont work, they hear their neighbors coughing (or…you know…) and/or the actual owners are suing the developers.
Why am I creating such a doomsday picture? Because I am a jewish guy from Brooklyn and its in our blood to kvetch. Not really. I am saying this because I know of many individuals who have had the same problem. Dont be fooled. New construction doesn’t mean better. New construction doesnt mean less headache. New construction doesn’t mean more value over the long term. Please, please, please make sure to have your potential new home inspected by an inspector with a great reputation. In this economy, no one in Brooklyn wants to shell out a few hundred bucks if they are not going to buy a place. But think about it. You’re trading in a few hundred dollars for perhaps a life time of headaches and expenses.
Don’t get me wrong. There are some places which were built well during the Real Estate boom in Brooklyn. In my opinion, not legal, just personal, they are just few and far between. If you see that your new construction has multiple mechanics liens filed, and there are lawsuits pending, then there is a good shot the developed weren’t shopping at the expensive aisle at the Home Depot.
Always remember: Caveat Emptor. That cost me about $150,000 and 3 years of education to learn. Its fancy schmancy Brooklyn lawyer talk for Buyer Beware.