There’s plenty of bad news about the state of the market today. First off, the Post has a report that foreclosures in Brooklyn and Queens spiked in October. Brooklyn foreclosures were up 50 percent this October over 2006, going from 815 to 1,200, according to data from RelatyTrac. (Queens foreclosures, meanwhile, shot up a frightening 120 percent.) And the new development market isn’t looking all that great either, according to an article in today’s Sun. About a dozen condos across the city have slashed prices by as much as 13 percent over the past few weeks, according to StreetEasy data. In Brooklyn, there were price cuts at Bushwick’s Evergreen Terrace and The Washington in Prospect Heights. “A lot of this is about staying alive,” says Prudential Douglas Elliman’s managing director for new developments, Andrew Gerringer. “You want to hang in the game, give an adjustment to your pricing and keep moving.”
B’kyln, Qns. Foreclosures Soar [NY Post]
Signaling Cooling Market, Prices Cut at New Developments [NY Sun]