Bushwick/ridgewood or anywhere NYC condo <$500k
Hi all,
I'm new here. I wanted to put out my feelers and ask your experiences and opinions on the current Bushwick/Ridgewood condo market? I am super familiar with the area but need some opinions. I am interested in purchasing an investment studio or 1 bedroom and only have a budget of $450k or less. I am looking for either new construction or something where only minimal work is needed. Neither of these neighborhoods really have had condos historically, and the condo development didn't start until probably a few years ago. I already own two houses, both bought in the past 5 years (Bed Stuy and Cypress hills) and really can't see myself taking on much more renovation/maintenance work (although as mentioned, there aren't really older condos to be had there anyway) I have found a few properties in southern Bushwick that would not even break even, would have me paying probably $200-300/mo after rental income. I of course would find something that covers expenses but it doesn't appear possible based on my recent search (in Brooklyn or anywhere else in NYC, aside from maybe Canarsie which I don't see changing quickly) My gut feeling is that it still probably is worth it for the long run, but maybe I'm just speculating on appreciation of this part of the neighborhood (southern Bushwick has not had bars/restaurants until less than a year ago and it seems like they're coming at a fast pace), although I would like to hear some opinions on this (would be madness in other markets but maybe in NYC, one cannot expect immediate cash flow?) Since there aren't really any comps to look at for condos in southern Bushwick (there are only a few and they're all active sales now), I wonder where the market is likely to go as more condo buildings are built in this area (there are a few in progress ones right now)?
P.S. I'm happy to share my experiences about either of my houses or areas - Bed-Stuy and cypress hills. I know there's lots of interest in Cypress Hills and I'm excited anytime I hear of interest in the area. I bought and live here for the past 1.5 years and am happy the way it is currently but also looking forward to the development of amenities.