For the last 4 years I have owned or shared ownership of 3 apartments along Bedford near Fulton. Crown Heights/Bed Sty. Early on I occasionally had vacancies of 2 months, and my impression was that my asking rent was too high. Usually I had let some broker talk me into a higher rent than the market would bear. I am done with that approach. It is much easier to set the rent $50 below market and have too many applicants than to have it $50 above and have none. $50/mo =$600 a year which is less then a months rent. If you get a good tenant, who will stay for 3 years say, you have less of a chance of loosing that months rent every year. Also, when the rent is below market people know it. They feel happy and lucky, and are easy to deal with. With the lower rent we can fill the space in 2 weeks. We have fewer people who disapear after saying they are really interested. Usually we have new people move in the day after the old tenants move out. We do not use a broker, though we do probably spend at least 20-30 hours processing applications, showing the apartment and interviewing tenants.

Posted by: ameraleed at March 15, 2007 12:13 PM in response to How long for renters?

I have to say, move a few blocks out and do much better. I know this link here is really Bed Sty, and not the "edge of Clinton Hill" but it is a short walk from Lefferts to a real 2 br with real closets and really 850sf. Plus the joys of an express stop.

http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=934770

Posted by: ameraleed at March 13, 2007 6:14 PM in response to New Development: 46 Lefferts Place

Can someone more knowledgable then me confirm this: I thought that the yards would remain to some extent, and that the new structure would be on top of the yards. My understanding was that a big part of the "cost reduction" to the developer was due to the fact that they are not just building on the ground here, but have to create a huge platform that can carry the buildings. This has a significant cost implication.

Posted by: ameraleed at March 8, 2007 6:23 PM in response to House of the Day: 351 Pacific Street

William, No that is not us. That is the house on 6th Ave between St.johns and Sterling. Great group. As far as I know they are still there. Our house tried to have one or two of us first screen prospective housemates and then we would all have dinner together for a formal interview.

There are a few other houses that are still structured this way, but fewer each year. At the high point in the mid 90's there were at least 7 that were loosely connected (through friends, lovers, etc.) Once we even had a big party where we all traveled from house to house in the course of a day, with different food served at each house.

Posted by: ameraleed at February 13, 2007 5:52 PM in response to All-or-Nothing Brownstone Rental in Slope

I lived in this house for 13 years. Rent was $3k from 92-97, went up to $4.5k in 98 and stayed there for 7+ years. We lived there quite comfortably with a group of 6 people total. There was only one kitchen (now there are two which you might find confusing in the photos). We shared general household expenses and responsibilities, and in general led a fairly idyllic communal life in a great house. We had some turnover amoung the housemates, but 2 of us lived there for the whole 13 years, and many people liver there for 5 or so. Our agreement with the landlord was a kind of "don't call us, we won't call you." We took care of many aspects of repair (including once replacing the Hot water heater, although even I admit that was an extreme example.) Usually we informed him of anything we felt we couldn't take care of. He seemed willing to take on some things, like a plumbing problem with a pipe that was buried in the wall and leaking. Other items, like the carpenter bees eating the wood windows and regular wear and tear items he seemed to shrug off. All in all we were very happy there and our rent was reasonable enough below market that it made sense to rent. We did not trash the place, but we did actually live in the whole house (6 of us) for 13 years. When we left most of what it needed was a coat of paint and a coat of poly on the floors.

In early 2005 our rent was raised to $6.5k a month. We decided it wasn't worth it anymore. The group was getting harder to hold together, and it felt like time to build equity. The core of 3 that had been there the longest moved to Crown Heights, where we now own a comperable sized brownstone and live happily ever after, with tenants on the ground floor and a bigger back yard. He listed it on the market at $8k and later a $10k after the kitchen was renovated and the whole house painted and poly'ed

In my estimate the owner is both crazy and emminantly sane. He rented the house to us for years at just below to way below market rate (depending on where in the 7 year rent interval you measure.) Mostly this was because he didn't want to be bothered by the property. We gave him that. He owns plenty of commercial real estate. He is not hurting for cash and doesn't have a mortgage on this property. He just has fun using his hired handyman staff to renovate a handfull of residential properties when they have down time. (I have seen the reno albums he keeps in his desk drawer.) In 1990, if you believe his tale, he acquired the property for $250k and spent that again on the renovation (adding the kitchen, renovating 3 bathrooms, striping every bit of paint from all the woodwork, including 2 floors of wainscotting, new wood windows, putting in all new mechanical, electrical and plumbing systems, and digging the entire basement down 18 inches and putting in a new slab.) He is doing just fine. He does not negotiate on very much, his usual position is "take it or leave it."

If the .5m house would then rent for $3k, why shouldn't the 1.8m+ house rent for $10K now?

The fact that this house has sat empty since May of 2005 might speak more to the insanity of the market then to the insanity of the landlord.

We had many happy times in the house and it will always hold a special place in my heart. Try to view it around May 9th when the wisteria is in full bloom.

Posted by: ameraleed at February 12, 2007 3:30 PM in response to All-or-Nothing Brownstone Rental in Slope

JB/StoopSitter,
I have lived in Crown Heights for the last year, between Franklin and Bedford, moved there from Park Slope and have the following to report: There are coffee shops, on Franklin, on Fulton, on Nostrand, they might not have Wifi, but that is probably comming soon. Brower Park is pretty large, and 4 blocks from this house. From where I live it is a 15 min walk to Grand Army Plaza and Prospect Park, closer to the Museum and Bot. garden (is ther Wifi in there cafe?) Add 5 min for this house. I still belong to the Food Coop, and usually get there in 10 minutes on my bike, but I am pretty hard core about loading up the bike with groceries. There is a great butcher near this house and organic produce at a small store on Nostrand, near Prospect. There is a Prospect Heights CSA which would provide plenty of organic produce, and again there is the farmers market, we often walk over. I don't know about Japanese, but I will be frank and say that we frequent the restaurants in PH on Washington, Vanderbuilt, and Carlton. It makes for a pleasant evening stroll. AS for Strolling in general, I have never had a problem. I went for a long walk on July 4th and received several very friendly/neighborly offers of hot dogs from people barbequing in front of there houses. This is the biggest change from Park Slope, not fear when I walk around, but constant neighborliness. I love it. Everyone else sits on their stoop and says hello as you pass. When I sit on my stoop with the door open (which I rarely did in PS) I have to pay attention to the people passing because 90% of them will say hello. After a year in Crown Heights I know more people on my block then I did after 13 years in PS. Not only do I leave the door open when I sit on the stoop, I can leave it open while I go in to refill my cup of coffee or answer the phone and never has anyone even opened the gate to my front yard.

Crown Heights does not have many execs, but we have kids learning to ride their bikes on the sidewalk, old folks making sure you do the right thing with your trash and lots of eyes on the street. Neighbor is a verb here, and a very active one.

Posted by: ameraleed at July 19, 2006 6:17 PM in response to House of the Day: 1252 Dean Street

Beautiful house, and being listed with Corcoran, it will get some good exposure. This particular agent has made a real effort at marketing this area. But when I walk around the neighborhood, it often seems like many houses are listed with firms that I have never heard of and who don't have a real web presence, but just hang out a sign with a phone number on it. Is this effective? How are homes typically changing hands in Crown Heights? Does it tend to be people in the neighborhood selling by word of mouth?

Posted by: ameraleed at July 19, 2006 2:07 PM in response to House of the Day: 1252 Dean Street

off we go

Posted by: ameraleed at July 11, 2006 3:34 PM in response to Site Registration for Commenting

I just wanted to add that if you can't find a qualified tenant to rent to in time, DON'T UNDER ANY CIRCUMSTANCES settle on a risky tenant. If your gutt says "NO," listen to it.

I admit I've made a few judgement errors in order to rent immediately that caused me to lose lots of sleep and lots of money. People who screw up in the past usually keep screwing up. If somebody tells you they were divorced and that's why their credit is bad, not believe them.

A good nights sleep is more important than a few bucks.

Posted by: Jake the Snake at March 15, 2007 12:27 PM in response to How long for renters?

Post 911, i had two tenants move. Floor through apartments in owner-occupied Fort Greene brownstone. It took, 5 months to rent one and 8 1/2 months to rent the other.

Brokers were useless and I ended up finding good tenants from Craig's List.

Posted by: at March 15, 2007 1:31 PM in response to How long for renters?

One month - never more.
Even on October after 9/11. Month & half for duplex - more money more space have to wait longer for proper tenant. I usually have floor thrus rented before the other tenant moves out.
If you have to wait longer - you want too much money. Not worth it. I have rented two apts
on border of CH & BS in one day last year and had multiple offers. Price it right from the start.

Posted by: MG at March 15, 2007 2:01 PM in response to How long for renters?

Use Craig List and a reliable broker.... Don't settle. Go with your gut feeling also...

Posted by: PC at March 15, 2007 6:26 PM in response to How long for renters?

Owner occupied home in Park Slope. In 12 years I have consistently rented the apartment without losing even 1 months rent. Always used a broker. Always asked under value. Always had great tenants. If the tenant believes they are getting a great deal they will always think twice before doing something to screw it up. My old tenants (didn't want to move- job relocation) even send me holiday cards.

Posted by: at March 15, 2007 10:49 PM in response to How long for renters?

hmm, usually ends up rented to someone who came to the first showing. as previous posters, i also price it $25-$50 below market, gives me a larger pool of applicants to choose from.

Posted by: at March 16, 2007 1:02 AM in response to How long for renters?