realestate

Choosing Between Luxury and Affordability in Brooklyn's Real Estate Market

A young couple downsizes from a two-bedroom rental in Brooklyn's Park Slope and Clinton Hill neighborhoods.

A
bbie Lin and Shaman Kothari's lives took an unexpected turn when their apartment building in Prospect Heights, Brooklyn, changed hands. The new owner refused to renew the leases of existing tenants, forcing the couple to consider buying a home. With only months left on their lease, they quickly assessed their finances and decided to take the plunge.

    The couple signed up for a first-time home buyer "boot camp" hosted by Nikki Thomas, a Corcoran broker who would later become their agent. The seminar aimed to prepare buyers for the process and help them determine if they were ready to buy. Lin and Kothari impressed Thomas with their positive attitude and energy.

    They set a budget of $800,000 and focused on finding a convenient, pet-friendly home in Prospect Heights or surrounding neighborhoods. With manageable commutes into Manhattan a priority, they limited their search to areas with good train access. After losing their dog earlier this year, they knew they wanted another pet and were flexible about space expectations.

    Their initial goal was to find a similar two-bedroom space within their budget, but they soon realized they'd need to downsize. They considered options like a loftlike one-bedroom condo in Clinton Hill with private balconies, an open floor plan, and a shared roof deck with 360-degree views. The asking price was $799,000, with monthly taxes and maintenance totaling $991.

Brooklyn real estate market comparison of luxury apartments and affordable housing options.