Need views on buying a condo in South park slope in NYC, Brooklyn?? please let me know what do you think?

What do you think this investment would be? Is this neighbourood is a good investment? How is it to live there?
We are planning to buy a 2 bedroom condo witth terrace...

Depends. Is it REALLY Park Slope?

Lots of Real Estate people will use terms like "South" Park Slope, to describe areas that are not actually IN Park Slope.

Park Slope is a really hot neighborhood. So the Real Estate people like to use it as a lable to bring people in, especially those who don't really know the area.

The only real firm boundaries to Park Slope are to the North and East.

To the North, you have Flatbush Avenue as a boundary. There is no question about that one. To the East, you have Prospect Park. There is no way to be past the Park!

But on the Southern side and the Western side, the boundaries are more flexible - it depends on who you ask!

I'd say that Park Slope goes to 14th Street to the South. That's where the Park ends, and there is no Park Slope without Prospect Park!

The Western border I'd say was 4th Avenue. It used to be 5th Avenue many years ago, but times have changed. Perhaps they will change again. Who knows?

If you are on a street with a number higher than 15, and between 6th Avenue and Prospect Park West, you are in Greenwood Heights, actually, but it's sort of an extention of Park Slope.

Now, in Park Slope or Greenwood Heights, you are in a nice area. Real Park Slope is a better investment than Greenwood Heights. The farther to the Center of the Slope you are, the better the investment. Also, any building in the P.S. 321 school zone is a great investment! (School zones count! P.S. 172 is a good bet, too. There are other schools that are good in that area, but they don't make people want to buy in their school zones just from the sound of their name, like 321 does!)

I'd say Greenwood Heights is a fairly good investment. But all of the above depends on the price you are paying. If you are paying an inflated price, I'd definately say, DON'T DO IT!

It also depends on your timeframe. Park Slope is one of the best place in America to raise children. Because of that, it's a neighborhood very much in demand. But there is a major recession coming, and also there is a lot of housing that has just been built here in Park Slope. Because of that, I expect prices to fall in the next few years. If you plan to be here for a long time, I'd say go ahead and buy. But if you are planning to buy something now, only to sell in a few years, I'd say wait. You may be able to buy much cheaper in a year or two.

Oh, as to how it is to live here - it's GREAT! That's why so many people want to buy in this area! If you DID get into a situation where you bought and prices fell, leaving you unable to sell, you'd find this a neighborhood well worth staying in! It's a lovely place to live.