Residential Sales in Brooklyn

wow, those are pretty hefty price drops

Posted by: Anonymous at February 7, 2007 11:04 AM

These sales are from this past Fall most likely, and this past Fall there were certainly $100K price cuts on houses. We bought our house for a little over $100K less than what the sellers initially listed it for earlier in the Summer. Also we had to sell our co-op for $50K less than we'd wanted, in the Fall. Many people here kept saying it was a good time to buy, during the panic. Those who listened did well. It's good to get even a little discount because almost all houses in Brooklyn need SO much work. Even when there have been some renos done. Our house was in good shape and we are still spending $70K on it. That $70K on top of what the sellers originally wanted for our house would have been beyond what the house is currently worth.

Posted by: Anonymous at February 8, 2007 10:32 AM

Regarding all the work needed on the place on Union, egads, who buys these places? Plenty of people, I know I know. But they have to spend $500K more on renos on these chopped-up places with all the rabbits warren apartments in them. And meanwhile where do they live, are they paying rent somewhere? Or paying property tax and CC on a co-op or condo? We looked at a 4-story brownstone in prime North PS for $2.2 million last Fall just for fun when we were searching for our under-million house (purchased elsewhere obviously) and it was awful. The tenants in the upstairs apartments didn't even bother to leave their grungy apartments during the open houses. The house hadn't even been divided all that well because the owners duplex had one bedroom (??). It was just a "yuck" reaction to the whole thing. A lifes-too-short moment. Someone with a lot of patience and a lot of money buy these houses.

Posted by: Anonymous at February 8, 2007 10:44 AM