42 Comments

• help

  how much are the homes in your pictures above? how much is necessary to make these homes habitable?

• dream home owner

  Everything you write is true. I am trying to but a home in Crown Heights for 15 years now. Every time one become available I find myself bidding against the wilhelm/sperlin flippers group. Time and time again he uses the same excuse that he is trying to buy a house for his children. I was at a estate auction where a house on Union Street went on auction. there were a dozen Lubavitcher there trying to buy this house. Every one there with a check for the deposit and a dream to win the house. I watched in horror how Wilhelm made another Lubavitcher pay over 100,000 more for the house, all the while casting a dumb smile on his face.

• de emmes

  or maybe just maybe these are heimishe short sales where someone sells to their family member and hands their lender/ the us government/taxpayers a bill for the difference.

  unfortunalty common practise particuallry in frum ‘hoods. Super high conentrations in Willimasburgh , Boro Park, 5 towns etc

• the wanting to own public

  With good credit how much do you have to be earning to buy a $500,000. a $400,000 or A $300,000 home? can you be earning less if you are looking for a two family? how long do you have to show income for? are there programs that allow you to put only 5%? what are the cons of those programs? is anyone eligable? Please follow up with another article. Thanks

• resident

  We have to stop the young park slopeniks from coming in and taking our apartments. My son and daughter in law were ready to pay rent for an aprtment when lo and behold the lovely owner rented it out to a young yuppy and his girlfriend. forget the fact that this was a jewish owner. What will become of the young couples. i wont deny htat they cant pay as much sometimes , but they come first! this is our community and we have to build it up with our young people. not other white trash.

• Nobody

  I think it very bad advice to tell a young couple to buy a two bedroom condo and then upgrade.

  Simple math. 400,000 purchase with a 5% fix 30 year mortgage (very generous numbers on both – your condo is likely 450 or more, and you aren’t necessarily landing 5% even today), with 10% down, plus about 5% in closing costs (likely more), will cost you $60,000 up front, plus you will be paying over $1,400 in interest alone for several years, plus real estate taxes plus condo fees.

  Add to that that the only return on that $80,000 you will see is if real estate prices go up, a very dicey bet in the short term.

  Now this is why it is not worth it: As a young frum couple, kids are likely on the way, which means you will grow out of that condo very fast, and you will have earned only a few thousand dollars in equity at that time and more than likely spent as much or more on interest, taxes and fees than you would have spent in rent for an equivalent place, not to mention the temptation to make your own improvements which generally don’t increase the value of the house nearly as much as they cost.

  So at the end of all of this, when you have to get a larger place, you will be contacting Mr. Katz to sell your house, and he will take a fee that will likely wipe out any equity you earned, and then there is tax on the sale, etc.

  So buying your own house if you intend to stay there in the long run, when your mortgage payments represent less and less interest and remain fixed over a long time while inflation and rents go up, then it is a good deal. But if you have no intention of staying there more than a few years, and you are not doing a 15 year mortgage or putting a large amount of money down it doesn’t make a lot of sense.

  When the real estate market was very hot, these concerns were overwhelmed by the fact that the value of the house was going up and the money you were making on that outweighed the other things. But who knows when that will happen again.

• zxc

  a. i feel brilliant! since i did exactly what katz said..
  b. i agree with him…buy young, work hard, pay towards mortgage instead of rent, move out when too small…great investment…
  and…
  c. stop being obsessed with center of crown heights….go check out what’s all around, not bad at all!!!!!!!!!!
  bye.

• advice advice

  Good advice to buy on the outskirts, OH WAIT, what about all those shootings???

  Personally, I can’t afford to buy in the center of CH, and I think I would rather just move out of CH…

• lucky

  696 eastern parkway 650?
  please, tell me another joke
  lol

• Entertained

  I find this quite entertaining!
  Houses for that price? Sure if you want to live on Midwood or St Johns.
  The house on Carroll corner of Albany went for 820K!
  Ur not gonna find a house in even fairly good condition for such prices. I know plenty of people that would grab a house for 500K.

• To #4 and #6

  To #4: I actually spoke to a mortgage broker and he answered all those questions you had.You should call one also.
  To #6, The mortgage broker also told me that if I plan on living there at least 3 years then it will be worthwhile. Worthwhile also means that after all my expenses and interest, I would have lived there for 3 years paying at least half of what I would pay in renting a nice 2 bedroom.

• for ur info

  Just for your info, JJ Katz has never flipped a house nor does he ever plan to. Ask him yourself before making any judgement calls. He is a true honest real estate broker in our community.

• To #6

  Whats wrong with one of our own making a “fee”. Would you rather support all the other goyish brokers that sell in our community? What do you do for a living? I actually dealt with Mr. Katz and he convinced me to extend my house instead of buying a bigger one. So he actually gave up 2 “fees”. He could have sold my home and sold me another.

• 2#2

  Are you suggesting that the author of this info is different?

• Q. for JJ Katz

  Mr. Katz – can you please answer this: HOw is it possible that 696 Eastern Parkway sold to Shawnay Cooper from the estate of Vida Moore for $650,000 on Sept. 23 when it was originally listed for $1,500,000??????
  Doesnt that tell us something about inflated prices in our community – that no Crown Heighters will not fall for????

• to 6

  I agree with you. In fact, Peter Schiff advocates renting as opposed to buying, and to use the balance of what you would have otherwise have dished out for home ownership, on buying silver/gold (I don’t mean a silver menorah, rather silver bullion).

  The equity in precious metals far outpaces the equity in real estate and you have no long term headaches. You can move on a moments notice giving you huge flexibility. When you sell the silver and gold, you don’t pay tax on the equity unless you are dumb enough to report it to the IRS. as federal obligations are sky rocketing and currently at 70 trillion $$$$$, there is no way that the government can cleanly pay off their debt and they will have no choice but to monetize the debt (print money to pay off the debt), thus causing the price of precious metals to skyrocket and the value of the typical salary to become worthless. Just check up on youtube what happened with hyperinflation in Zimbabwe. You will be enlightened. You will have a huge home (inflation makes it easy to pay off the mortgage), but no money to pay for heating and electricity.

  Meanwhile, silver has went from $4.50 per oz. ten years ago to $29.34 an oz. today. That is over 550% equity (and 6 and a half times the original principal) in 10 years. And there is no real estate taxes on precious metals! I challenge someone from CH to tell me that they had 550% real estate equity in 10 years without home improvements. ESPECIALLY if you add the real estate taxes to the principal.

• To #13 and #11

  To #13.

  There is nothing wrong the real estate broker making a fee. In fact, a good real estate broker will make up for his fee by getting you a higher price on the property. I have very little direct experience with Mr. Katz, but what I did have was positive. However, it is just simple math that this is where the money goes if you sell quickly if the housing prices are not shooting up.

  To #11:

  As long as you are doing the math and are comfortable with the decision and not doing it because the Mortgage Broker (a nogeia bedavar) tells you the math works. I outgrew a two bedroom (a small two bedroom) with my third child. If you are on your second year of marriage, you could be looking at having three children by the time you are on your fifth year. Just be sure you are comfortable, because a house can be a very hard thing to get out of.

• ds

  don’t blame pple for \renting to goyim….personally, i tried renting to yidden, they said it’s too expensive and too small, since they have a growing family…at the end of the day, i have tuitions to pay etc. etc…no one has rachmanus on anyone…..

• need a house

  Who wants to live on the out skirts of CH today?
  with all the shooting etc.
  I would rather pay more and live between frum people in a good block.
  We all know that in CH (BP and Williamsburg also) you pay for the block.
  It is all about location, location, location

• Comes with benefits?

  If the $500,000 house comes with an alamed garage and bullet proof vests it’s worth it.

• ha

  nice ad!

• Maple St.

  We bought two years ago on Maple. It is small 3br condo not super fancy but nice. Our mortgage is LESS then we paying to rent a mouse infested small 2br at a building in the main area owned by Lubavichers who are charging a fortune to other. It is a shame that they do this, making it hard for young couples to save because rent is SO high. Buying was the best thing we ever did.

• Thx for your help

  I am so angry about this. It is a shanda to all the “chassidim” of Crown heights and virtually all of the so-called “gevirim”.

  The Rebbe wanted us to all own homes. I won’t get into the sordid history. But what has transpired is that a bunch of greedy blood sucking individuals flipped, charged exorbitant prices or sat on real estate that could have been sold fairly to young people.

  These individuals and their younger “disciples” have literally ruined Crown heights for anyone except their relatives. Yet they go around masquerading as “elter chassidim” and baalei tzedaka and lecture about market prices like they’re Bernanke . But what they really are is base criminals.

  All I can say is that you sow what you reap. Instead of helping young people to purchase homes, you have shown that you are greedy lowlifes not worthy of the name Chosid

  So now, no normal person can buy a home, and guess what? Young people are leaving in droves. They can’t afford the rent, let alone buy a home. And to be honest, there aren’t a lot of positives that would incent someone to live here. (maamer hamusgar)

  So listen up: You may have stolen a few million but who is going to be left in Crown heights except your relatives?

  Non-Jews who don’t care about Lubavitch or the Rebbe or even a Jewish shechuna and who won’t think twice about opening a bar on Kingston Av or beating you up as you are leaving the shul.

  If you think I am kidding, look at Williamsburg.

  So good luck to you. You have ruined the Rebbe’s shechuna in the name of your god mamon. Just pray hard there’s some real estate available for you in the next world that isn’t red hot.

• Business Major

  “Nobody”, I think your math is tad off. Assuming a annual price change of %2, which is low (this area has a lot of growth potential), assuming the rent prices hold (I assumed a $2,100 monthly rate for a %450,000 condo,although those numbers are not exact), it will be worth it after about 7-11 years. Roughly the “first house” timeline.

  http://www.nytimes.com/inte…

  This is free-market economics, but aren’t Chassidim supposed to be better?

• Lovin the outskirts-Utica Rocks!

  How about the shooting of the guy in the Laundromat-Troy & Carroll or the guy in the bakery across from Bais Rivkah-So much for the center of Crown Heights!!- I live in the Utica/St. John area. Who says it’s not safer??

• elanaf

  The best comment is number 23, right on! The craziness of this real estate is insane. In New Square, they sell to heimishe, at proper prices. The Squarer Rebbe gave strict instructions on how the sale of homes is to be done, and now most of the mishpachos own their own homes. They care for eachother, what can be said for our own?

• shmerel

  move to new haven ct. its a nice place to live ,close to ch and monsey . you can buy a home for under 200,000.

• overpriced old houses

  how is anybody supposed to buy a house for these crazy prices? where is this money coming from?
  whats with affordable housing for young families?
  is crown heights shoting itself in the leg?

• west orange

  Move to west orange NJ
  homes from 200 to 300 k, 1 hour from CH, 20 minutes from Morristown, great mivtzoym oppotunities, Large jewish community (thosands of jews) 40 minutes from Manhattan.Chabad house.

• home owner

  to all those who plan on buying a condo or house dont you dare rush into it not anymore . things have changed here in the usa as well as in crown heights. so much money for what. /// plus, food , plus tuition. i really hope young couples are not thinking of this its a shtus. give extra tzedakah, and be happy , its not as glamerous as you think i promise.

• Expand Crown Heights

  Let us move towards Williamsburg so Crown Heights & williamsburg meet. It’s only 20-30 blocks apart.
  Maybe Crown heights Askonim and Williamsburg askonim could work together on such a project.

• re: comment 3

  To crownheights.info: I enjoy your website very much and I think you are doing a great service to the community by reporting on some sensitive issues that others shy away from. Having said that, please be responsible and remove comment # 3.

  And to the one who wrote comment 3: How dare you make such a sweeping accusation against your fellow frum Jews. It is comments like this – originating from WITHIN the community – that enable the reshoim to persecute us.

  Ledaiti tsarich livdok acharov heitiv…

• To #24

  I don’t disagree, except for one thing: 7-11 years is way too long for a two bedroom condo for a young couple. In that time they could have 5-6 children easily.

• To #16

  Gold is an investment among others. There is nothing wrong with investing in your home, and if you are actually buying a long term home in the community, this is something the Rebbe very much encouraged, you just have to be aware of the long term consequences.

  Not reporting income to the IRS is probably not be a good idea.

• go-d-s right hand man

  i got a two bedroom for $450
  so if the metropolitan area isn’t helping you make enough money MOVE ~*!&~

• chana

  why are you wiling to pay so much money to live in brookyn–what happened to eretz yisroel?—what happened to your perspective?–the economy is stronger now in Israel–my son-in law yossi lipsh can lead you to dwellings (no this not a paid advertisement on his behalf!) for half the amount of what you will be paying for a fixer upper in CH that needs over $100,000+ for refurnbishing—
  what compels you to stay in NY–unless you have a tafked there, get out….he is also in charge of a new chabad shikun in RBS Gimmel—
  we have a lovely apartment with a veiw of harei yehuda–before that it was the garbage of lefferts and empire..it really is a no brainer–unless family and business restrictions compel you to stay–think otherwise

• Open Letter From Shimshon Stock

  http://www.crownheights.inf…

  Open Letter From Shimshon Stock: Flipping Houses
  My Dear Friends & Neighbors:

  Please hear me out, don’t throw this away – I realize there are many papers arriving at your door daily nevertheless I ask PLEASE HEAR ME OUT?

  Several people in this community have caused housing to skyrocket by FLIPPING real estate!! They buy houses from long time residents and flip the homes for astronomical profits. They compete with other members of the schunah for the sole purpose of flipping for a huge profit! Years ago when a friend or neighbor was looking for a house and we knew of one we were thrilled to pass on the information. Today unfortunately there are yungelight canvassing the neighborhood for available homes so they can FLIP for profits ranging from $50,000 to $380,000. Once ‘Mr. Roberts’ becomes aware of the price his new neighbor paid he will seek the same or more.

  There is NO excuse for this shameful greed!

  This is not like selling a container of milk for a higher price. This cannot be considered “regular business practice”.

  If one merchant in the neighborhood sells an item for a higher price then there is always an option of going to another shop. The same is not true with housing. If a Lubavitcher wants to buy a house in his or her schunah there is no other schunah to shop in. Obviously not the same as the guy selling milk or potatoes.

  Therefore to excuse oneself with the warped logic that it is business like any is totally unacceptable.

  Some of you are reading and thinking “oye, what’s it my business” either because you already have a house or you have no intention of buying one. You are so wrong! It is your business! Yungelight are buying houses at these inflated prices because they have growing families and need a place to live. However, they can hardly make the monthly payments. Each mortgage payment becomes a huge struggle.

  Eventually this filters down to many of you. The one struggling cannot pay tuition for their kinderlach. The grocer, butcher, baker etc are not getting paid so they in turn cannot pay their tuition and suppliers (many of which are from this schunah also). This financial drain and strain filters into many more areas than you can imagine. Marriages are suffering and children are not getting the attention they NEED and DESERVE! THAT IS WHY YOU CANNOT SAY “WHAT’S IT MY BUSINESS”!

  Years ago Machne Israel wanted to buy three private houses behind 770. They offered between $200,000 and $300,000 to the owners – then a well known gevir with the best of intentions offered more money and the Rebbe did not allow it. The Rebbe did not want to start this trend of paying exorbitant prices for housing. Not because the Rebbe was overly frugal ch’v, the Rebbe was very realistic and practical. Now we have the so called Chassidim causing the very difficulties the Rebbe looked to avoid. The FLIPPING must stop and each one of you should shun those committing this selfish -disgraceful practice!

  Ask the flippers if they have been donating some of this BLOOD MONEY to the Mosdos that are all suffering as a result of their selfishness.

  Remember – the Melamdim and teachers who are with your kinderlach for many hours each day are suffering from this and their money worries detracts from their quality of teaching. If teachers get paid – their worries are eliminated and in turn this filters down and benefits the students.

  The flipping problem IS YOUR BUSINESS and BUYING from FLIPPERS must be STOPPED!

  My best regards,
  Shimshon Stock
  593 Montgomery Street
  Brooklyn, NY 11225

• disapointed in our crn hts landlords

  as usual shimshon said it best

• Both Sides of the Coin

  “Non-Jews who don’t care about Lubavitch or the Rebbe or even a Jewish shechuna and who won’t think twice about opening a bar on Kingston Av or beating you up as you are leaving the shul.”

  Gentiles are also non-violent and religious or spiritual, just like you. Statistically, most (billions) grew up up in an Abrahamic faith, raised on 10 Commandments believing in the same G-d as you.

  Speaking of attacks, CH has its share in publicly made machlokes, verbal attacks on women for their level of modesty, gossip, etc. Those are not on a higher level. Do you want all Jews to be judged negatively by the bad actions of a few? Then don’t do it to Gentiles. Bad apples exist in every community.

  Bars just don’t open up without a huge process which includes the local government. Why are you complaining about bars when alcohol is a staple of so many religious events? That seems hypocritical.

  Yes, not everyone knows about the Rebbe, Crown Heights or Judaism. Crown Heights may be the world to you but it’s like a grain of sand compared to the whole Earth. Someone in another town or state or country will only care and know about you as much as you care and know about them.

  “We have to stop the young park slopeniks from coming in and taking our apartments. My son and daughter in law were ready to pay rent for an aprtment when lo and behold the lovely owner rented it out to a young yuppy and his girlfriend.”

  A yuppie is a Young Urban Professional. Are you implying they are non-Jews or maybe they’re Jewish but not frum? Are you sure it wasn’t his fiance or wife and maybe they couldn’t afford rings yet? More importantly, who cares?

  Maybe they had better credit scores. Maybe the landlord just got along better with them. Landlords, like employers, or a potential significant other, go with facts of the meeting and their gut. You can either look at an obstacle as a victim and whine or you can realize what you have to change about yourself to overcome it.

  As for the real estate, it’s disgusting. Subsidized housing is being bought, people are being kicked out, the places get gutted and then the rates shoot up while salaries are going down. Places appear nice but really, the quality is no better.

• another crown heights broker

  In general, working with a broker will get you farther, for sure. Sellers often will take a lower price from a buyer when their offer is presented through a broker, since that broker (or any middle men) can present their case much better than the buyers themselves! Negotiations also tend to go smoother when there’s a middle man. I worked with JJ way back, before I got my broker’s license, he is an erlicher Yid, honest & fair.

• @ 16

  If I were you, I would do a little more investigating into your plans before deciding. Its all very well talking about silver gaining 6 times its value in 5 years, but have you checked out what it did before that? And more importantly, you should understand why things like silver go up in price: its because of the demand which grows exponentially as mor3e people get excited about it. IF silver has made it onto crownhights.info, its a siman that eveerybody owns it and when there is already so much invested in it, it has no more room to go up and will stagnate. [which is what happened for the 20 years before it was $4].

  All im saying is do more investigating than checking out youtube.

• Levi

  Heres an idea: why doesnt a mosad buy up property and keep it cheap. This would reduce the market price overall. Lemoshol: the kollel has about a hundred yungerleit that each get a $300 check each month to pay their landlords. That money could be better used paying off apartments that belong to the kollel. After 20 or 30 years the kollel would own those apartments, and could charge cheaper rent and use the rent money to finance more apartments.

  Its a non-profit so no taxes, and the apaartments would remain the kollels assets so no transfer duties and estate agents fees. This would also encourage chevra to go on shlichus when their year is up because you could charge them full price.

  This would cause overall rentals to come down, even if slightly. That in turn would bring down the price of properties becuase otherwise fewer people would buy.

  Although it would only slightly influence other prices, it would make a world of differrence to the guys who would directly benefit [kollel], and theyre the ones who need it most as theyre not working.

  Similarly, you could have a planned buying up of houses beshem the community in general, but that would be more complicated.

  PS The gvirim who own property in CH, and give tzedaka to the kollel, lav davka that thats tzedoka and not an investment in property prices. These people should start thinking during kriyas shma sheal hamita.