Foreclosures Not Just for Sub-Prime Nabes Anymore?
For most of the last 18 months as the real estate market declined and the number of foreclosures rose it was unusual to see a property anywhere west of Classon Avenue show up in Property Shark’s list of weekly auctions. So we were interested to see the line-up for this Thursday at Kings County Courthouse:…
For most of the last 18 months as the real estate market declined and the number of foreclosures rose it was unusual to see a property anywhere west of Classon Avenue show up in Property Shark’s list of weekly auctions. So we were interested to see the line-up for this Thursday at Kings County Courthouse: Among the usual smattering of addresses in Bed Stuy, Bushwick and elsewhere were 426 6th Avenue (Park Slope), 325 Clinton Avenue (Clinton Hill), 40 Remsen Street (Brooklyn Heights) and 451 State Street (Boerum Hill). Statistical anomaly or a changing of the tide?
“Most homeowners mortgage payments are probably a trifle higher than your rent”
I disagree here. If anyone has bought in Brooklyn within the past five years (or more?), one’s mortgage payment is definitely higher than renting an equivalent place. It used to be that the impediment to housing ownership was the down payment. The monthly payments between the two were similar.
But the sudden increase in real estate prices over the past decade caused the carrying cost of owning a home to soar. And remember that until the place is paid off you are still paying rent to a landlord, aka a bank!
^ i totally agree with you moretaiser.
im basically supporting welfare scrubs and the upper middle class’ home buying habits.
SO f’ing f’ed up it’s not even funny.
*rob*
*Rob*,
You may not feel sorry for them but you’re tax dollars are supplementing them.
As far as the government is concerned, you…the childless, non-married, renter don’t count.
“It’s still all the rage in London, BD. We call it ‘recolonization’.”
Everyone keep a look out for soldiers in red coats looking to buy your condo.
It’s still all the rage in London, BD. We call it ‘recolonization’.
New York was starting to get quite a few Eurotrash speculators. I was at a dinner in London in 2007 with a group of people talking about their real estate club, whereby they were pooling money to buy properties in New York.
I’m not sure how widespread this was.
DIBS, : P
> we had much fewer speculative long-distance investors
Perhaps in Brooklyn, but wasn’t there quite a bit of foreign speculation in the Manhattan market?
That will certainly have an effect on Brooklyn, no?
Ah yes, the owner of the building with the now defunct and very short-lived Drama Cafe at 341 5th Avenue…