Index Investing News
Friday, May 9, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

With Just a 5 Percent Down Payment, What Would $650,000 Buy in Bed-Stuy?

by Index Investing News
July 30, 2023
in Property
Reading Time: 2 mins read
A A
0
Home Property
Share on FacebookShare on Twitter


When Miranda Haymon moved to New York City in 2017, there was only one neighborhood to consider: Bedford-Stuyvesant, the historic, ethnically diverse enclave in North Brooklyn. Mx. Haymon, 29, a theater director and writer who grew up in Boston and studied at Wesleyan University in Connecticut, found in Bed-Stuy a neighborhood full of college friends and family members.

“I saw the kind of community that I wanted to be a part of,” Mx. Haymon said. “I saw Black people who owned their homes. I saw millennials with families. Bed-Stuy feels like a smaller universe within the larger New York City.”

Mx. Haymon shared an apartment off Bedford Avenue with roommates until the pandemic hit. With live theater — and the majority of their work — on pause, they began to worry about finances. But what at first seemed to be a crisis turned out to be an opportunity. Mx. Haymon left the city in 2020, heading home to Boston to find new ways of generating income. The answer came in the realm of podcasts, commercials and films, where work was still available — and lucrative.

Saving to buy a home, which had felt like fantasy before the pandemic, suddenly felt possible. “I had a totally different financial equation when I moved back to New York in 2021,” they said.

[Did you recently buy a home? We want to hear from you. Email: [email protected]]

Landlords in New York had a different financial equation at the time, too, and when Mx. Haymon returned to Bed-Stuy, they were able to rent a two-bedroom with a balcony for $2,350 a month — a “Covid deal” that wouldn’t last forever. They continued to save, and by the end of 2022, with the rent set to rise to $3,000 a month, the time had come to look into buying.

They reached out to Dalia Glazer, a real estate agent with Compass, and explained that they could spend up to $650,000 — as long as the down payment was only 5 percent. That significantly narrowed the pool of available properties.

“I couldn’t go above 5 percent for a down payment,” Mx. Haymon said. “And by December, interest rates were high. But in my head, I did the math, and I knew interest rates can change. So if I could afford the interest rate for a few years, I knew I could always refinance.”

Ms. Glazer said her client was “very diligent” and didn’t look at anything unless it fit the criteria.

“There wasn’t that much around,” she said. “It’s very rare to have a 5 percent down payment. If it’s a condo, most of the time it will be 10 percent that’s required, and most people pay 20 percent, so that was the first difficulty.”

Mx. Haymon was hoping for an apartment with some outdoor space in a building near an express train, for easier access to Midtown Manhattan. And they looked only at apartments that had been on the market for several months, because the sellers would be more likely to accept a small down payment.

“I really wanted to take advantage of the market,” Mx. Haymon said.

Among the properties considered:

Find out what happened next by answering these two questions:



Source link

Tags: BedStuybuyPaymentPercent
ShareTweetShareShare
Previous Post

She Opened a Bookshop in Brooklyn, Then Moved In Above the Store

Next Post

NYC has its priorities upside down

Related Posts

Simply Listed | 13701 Artisan Circle

Simply Listed | 13701 Artisan Circle

by Index Investing News
May 8, 2025
0

AMAZING IN ARTISTRY2 Beds | 2 Baths Up to date Class Meets Resort Residing in Artistry! Welcome to this upgraded...

Gradual Begin for Charlotte’s Workplace Market in Q1

Gradual Begin for Charlotte’s Workplace Market in Q1

by Index Investing News
May 8, 2025
0

The Charlotte, N.C., workplace sector had a sluggish first quarter of the yr, with solely a single constructing delivered, based...

After Years Abroad, They Got here Residence for a Quiet Life in Upstate New York

After Years Abroad, They Got here Residence for a Quiet Life in Upstate New York

by Index Investing News
May 8, 2025
0

Carol Volk and Jules Leichter’s careers have taken them everywhere in the world — Washington D.C., Paris, Rome, Tel Aviv,...

Simply Listed | 1310 Lamarville Drive

Simply Listed | 1310 Lamarville Drive

by Index Investing News
May 7, 2025
0

"WOW" in Windsor Park4 Beds | 3 Baths This gorgeous house is a superbly up to date gem, absolutely built-in...

Would the housing disaster ease if underused single-family houses grew to become ‘roommate homes’?

Would the housing disaster ease if underused single-family houses grew to become ‘roommate homes’?

by Index Investing News
May 8, 2025
0

Monte Anderson opened a brush closet in his kitchen and pointed to a door deal with close to a mop...

Next Post
NYC has its priorities upside down

NYC has its priorities upside down

FTX sues Bankman-Fried, others to recoup more than  billion

FTX sues Bankman-Fried, others to recoup more than $1 billion

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

The Best Fall Jackets and Shackets for Women in 2022: Sherpa, Denim, Puffers and More

The Best Fall Jackets and Shackets for Women in 2022: Sherpa, Denim, Puffers and More

October 27, 2022
A 401(ok) match is one the ‘uncommon ensures’ in investing, CFP says

A 401(ok) match is one the ‘uncommon ensures’ in investing, CFP says

September 22, 2024
Correlation, causation, and big changes

Correlation, causation, and big changes

May 13, 2023
Highland Park Capturing: Gunman Will get Seven Life Sentences

Highland Park Capturing: Gunman Will get Seven Life Sentences

April 24, 2025
How Summoning the Go well with Alters Moon Knight from His Comics Counterpart

How Summoning the Go well with Alters Moon Knight from His Comics Counterpart

April 9, 2022
The Nice Reset … In Asset Returns (Commodities Hovering, Treasuries Tanking, Residence Worth Development Nonetheless 4x Hovering Mortgage Charges) – Funding Watch

The Nice Reset … In Asset Returns (Commodities Hovering, Treasuries Tanking, Residence Worth Development Nonetheless 4x Hovering Mortgage Charges) – Funding Watch

April 4, 2022
Bankrupt Crypto Firm’s NFT Assets Sells for .5 Million At Auction

Bankrupt Crypto Firm’s NFT Assets Sells for $2.5 Million At Auction

May 20, 2023
The Best Breakout Performances of 2022

The Best Breakout Performances of 2022

January 17, 2023
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In