Red Nabes Lose: Condo Price Cuts all the Rage
All the neighborhoods in red above saw more price decreases than increases on condo units between mid-February and mid-May, according to StreetEasy numbers the Real Deal crunched. The data shows that there are more price cuts these days than price increases in both Brooklyn in Manhattan. In Brooklyn, there were cuts at 183 units, with…
All the neighborhoods in red above saw more price decreases than increases on condo units between mid-February and mid-May, according to StreetEasy numbers the Real Deal crunched. The data shows that there are more price cuts these days than price increases in both Brooklyn in Manhattan. In Brooklyn, there were cuts at 183 units, with the average price decrease totaling $42,195. At the same time, there were 103 listing increases averaging $34,660. The stats for Williamsburg are probably the most interesting: The neighborhood had the greatest number of price changes, 104, but it ends up green on the map because there were a bunch of price bumps at Northside Piers. Take Northside Piers out of the picture and there would have notched 40 decreases and 11 increases. Clinton Hill and Park Slope fared poorly in the tally, with the former lodging reductions on 24 units and increases on only 3, and the Slope seeing a total of 18 decreases and zero increases. Brokers say the numbers for the two neighborhoods may have reflected listings where brokers/developers had loose definitions of the two neighborhoods’ boundaries (Bed-Stuy and South Slope, maybe?). Overall, not the prettiest picture.
Condos on the Chopping Block [The Real Deal]
Graphics from The Real Deal.
My 3 family brownstone conversion to Condo’s in Carrol Gardens is not doing well. I dropped the price to 699K Luxury Condo with Pvt Roof Deck, still 9 realtors and only 2 persons looked at it. So now Im going to rent both of them and wait for the market to come back, and It will Come Back, it always does.
6:30pm, you’re just twisting every word I said. No need to try that here, ala Karl Rove, people are too smart.
People know they can buy in decent parts of Brooklyn for less than they can buy in similarly located (per commuting time) in-town places in L.A. That statement is indisputable.
When I pointed out L.A. is $1,000 to $1,2000 per square foot that is not Bevery Hills! I WISH I could buy in Beverly Hills for that little, please. It costs that much in places like Brentwood, Culver City, Miracle Mile, West Hollywood, Hollywood, Silverlake, Los Feliz. Places where you spend over a million to buy a modest 2 BR or 3BR little house. And on top of getting less space you pay 2 or 3 times the property tax.
For a million or just over a million you can still buy a house in Windsor Terrace, Midwood, PLG, Bed Stuy and all those place are a commute to Manhattan of less than 30 minutes. Or you can buy a 2BR coop or condo in those neighborhoods for $500K or less. Looking at the fact NYC is a huge international city with the kind of job market and commerce it offers, that’s a bargain.
We’re not living in a tri-state market. We’re in a world market. Where are comparisons are other major cities here and in Europe and Asia.
Try some traveling outside NYC to gain some perspective.
The nicer areas of Seattle, especially the luxury buildings in downtown Seattle are most certainly comparable to Ft. Greene, Park Slope prices.
I could name 10 areas of San Francisco which are 20% more expensive than parts of Brooklyn.
Chicago is a bet cheaper than Brooklyn, as are some parts of Los Angeles and DC, but two of those are sprawling areas, one in the Midwest and one in an area where it takes 3 hours to drive from one part of the city to the other, so the comparison doesn’t really ring true when talking about such a densely populated area like Brooklyn.
None of the cities you mention are the capitals of fashion, the performing arts, the visual arts, advertising or finance, either.
I don’t know Portland, but the fancy areas of Brooklyn are a good deal more expensive than parallel areas in SF, Chicago, LA and DC. Of course, if you think the parallel to Bedstuy is Beverly Hills, then Brooklyn Heights might indeed be a bargain at $1200/sq ft.
Are we getting lots of out of town bargain hunters these days?
Firstly, Newark and Providence are not good examples of cities on the decline. They are both attracting new residents and are vastly better than they were 10 years ago.
Milwaukee is also not a terrible place to live. I know from experience.
We just moved to Park Slope from Portland, Oregon.
The place we sold in Portland (3 bedroom in the Pearl District) was MORE than our 3 bedroom in Park Slope.
Those who say that Brooklyn is severely overpriced, clearly haven’t left Brooklyn in many years. And that’s a fact. Our place we sold was 1.3 million bucks. 200K more than what we bought our place here for. We found Brooklyn to be a deal compared with where we were coming from.
You all need to experience more of this country, it would seem. Especially you, Brooklynnative.
Idiots. Brooklyn isn’t even that expensive! Have you BEEN to other major cultural cities in the country? Go ahead, just try to buy a 2,700-3,000 square feet house in close-commuting time to your office for under a million in L.A. or San Francisco. Like you can still do in parts of Brooklyn. Or try buying a 1,000-1,200 apartment in those cities for less than $500K like you still can do in parts of Brooklyn.
Even in this downturn, if we took what we made selling our 3-story house in an historic up and coming Brooklyn neighborhood ($1.2 million) all we could get with our money in L.A. would be a dinky 2 BR house about 1300 square feet. If we didn’t want to have to drive an hour on the freeway to work, that is. Anything in-town in those cities within 30 minutes commute like we have here in Brooklyn, is very expensive.
Get real and stop whining.
“Err, I hate to break it to you, but whichever way you slice it, Brooklyn is the ‘burbs.”
No it’s not.
You should try visiting NYC sometime instead of staying out in NJ all the time making cluelesssly embarrassing statements.
the remote working arrangements argument against future development in brooklyn is rediculous. people are moving here b/c they enjoy living here, not to be close to work. proximity to work is a consideration for sure but it’s only one of many ingredients. as more wealth is invested in brooklyn, the quality of life here increases and more people want to live here, repeat, repeat.
BN – name a city that has experienced a 180 reversal in growth over the past 10 years, not a 360 reversal – that would better support your argument b/c it would neutralize any housing bubble speculation effects. naming cities that have been on the consistent decline or flatline over the past 30 years which may have experienced a recent artificial blip due to housing spec does nothing for your argument re urban interest trends.
and the CT hedge fund point is absolutely retarded. where do you think the vast majority of those traders live? not in CT and not in westchester.
and for those who would like to use the current wall street cyclical trough to support an end to nyc real estate argument, let me remind you that this happens every 5-10 years. take a look at the job loss figures on wall street in 2000-2002, and compare it to the current situation. we have a long way to go to get near those figures. yet nyc real estate did pretty decently between 2002 and 2007.
if you think that the current situation is dire you obviously were not following closely during the period following the 87 crash through the early 90s. that period was much much more bleak than the present.
instead of becoming a member of the programmed sheep heard why not look for opportunities to benefit from the current spasticity? this is a great time to build wealth – over the long term and the short term.
10:56, yes, clearly that’s the issue. And the internets being such a new thing and all, how can colleges catch up? It’s not like they offer new media degrees or anything wacky like that.