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April 7, 2008
Brooklyn's Varied Real Estate Market
The Times' real estate section cover story yesterday on how the four boroughs' residential markets are stacking up compared to still-strong Manhattan pegs Brooklyn as mostly healthy, but weak(er) in certain spots. On the one hand, prices and sales are still healthy in the most desirable brownstone neighborhoods (Heights, Slope) and holding steady—if not breaking records—in areas like Clinton Hill and East Williamsburg. On the other hand, brokers also say they're seeing more caution from buyers, and the president of Aptsandlofts says his brokerage has dealt with a few people this year who bought investment properties in Williamsburg and are faced with the prospect of selling condos at a loss. And so Brooklyn remains a very big borough with a very diverse market.
Taking the Pulse of the Boroughs [NY Times]
Photo by williamsburger.
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"So Brooklyn remains a very big borough with a very diverse market." Wow, with hard-hitting insights like these, I smell Pulitzer!
Posted by: guest at April 7, 2008 10:11 AM
I do not see where it says Clinton Hill and East Williamsburg are breaking records. This is the quote on those two neighborhoods...
"For the right price, buyers are also still buying in less affluent neighborhoods like East Williamsburg and Clinton Hill, said Highlyann Krasnow, executive vice president of the Developers Group, a real estate marketing company. Her company sold 20 of the 24 one-bedroom condos at 223 Maujer Street in East Williamsburg at prices that began at about $360,000. She said that before the housing slowdown, prices would have been $40,000 to $50,000 higher."
Posted by: jerri blank at April 7, 2008 10:30 AM
cute homos moving to jackson heights=soaring property values
Posted by: guest at April 7, 2008 10:55 AM
But, but commentators on Brownstoners kept telling me Williamsburg would only go UP with "Manhattan quality" restaurants, bars and boutiques! I'm so confused!
Posted by: guest at April 7, 2008 10:59 AM
I upgraded to a three bedroom apt in williamsburg and made over 200k on the sale of my loft. Bought it two years prior. Personally, most of what I see on this board is people whining and moaning not predictions about anything.
But, but commentators on Brownstoners kept telling me Williamsburg would only go UP with "Manhattan quality" restaurants, bars and boutiques! I'm so confused!
Posted by: guest at April 7, 2008 11:45 AM
yippee for you, douchebag. I bet you're a lot of fun at parties.
Posted by: guest at April 7, 2008 12:44 PM
Billyburg has to be peaking. Wildly overcrowded L train; scuzzy streets with crummy building stock; no trees; no park; too few supermarkets. A fun place to visit for the stores and restaurants. But otherwise, what a dump!
Posted by: guest at April 7, 2008 1:20 PM
regardless of what these shills say, park slope is past its prime these days too.
Posted by: guest at April 7, 2008 1:25 PM
regardless of what these shills say, park slope is past its prime these days too.
Posted by: guest at April 7, 2008 1:48 PM
"faced with the prospect of selling condos at a loss"
False use of tense. The sellers featured in the article have already lost.
Posted by: guest at April 7, 2008 1:53 PM
PEOPLE SELLING AT A LOSS???
its realestate NOT stocks... Housing needed to calm down everyone knows that what happened to people buying a place and sitting on it for awhile you cant flip everything a year later... I dont feel sorry for these people at all...
Its a house you need to live in it its better than renting... You cant hope the price goes up 20% a year because those days are gone...
Posted by: guest at April 7, 2008 1:59 PM
This story was just that - some interesting stories, without enough information to really know what is going on. A bunch of anecdotes, but how big were the apartments, and how much do comparable places rent for? A broker saying properties are "flying off the shelves" and another broker / buyer who we should pay attention to because she "checked out the neighborhood" before she moved in! Sometimes I think these pieces are written to make people who are looking for real information grind their teeth.
Posted by: WillBklyn at April 7, 2008 2:30 PM
stupid story settle down.
apts and lofts doesn't know all. why would anyone have to sell now at a loss?? just rent it.
sales volume in williamsburg has been high.
in my condo building, all re-sales made substantial profits - even since the downturn. also, all the investors in our condo complex are renting out their units for way more than their mortgages. one neighbor just rented her place last month for a rental amt over her mortgage (and within a week).
an apt just sold a couple blocks from me as a re-sale for over 1.7 million.
doubt that most on this site will ever understand williamsburg though. anyone who could be OK with living in park slope or brooklyn heights is a different breed of peeps which is fine.
Posted by: guest at April 7, 2008 5:24 PM
5:24 -- "just rent it"? It seems like most of the 1 bedrooms are (were) going for like 600,000 - 700,000. I have lived in Williamsburg/Greenpoint for a long time and like it quite a bit, but you're delusional if you think anybody is going to rent a one bedroom for like $3500 or $4000 a month around here. I just took on a new lease for a HUGE one bedroom off Bedford for $2000 a couple of months ago, and things didn't get much expensive than that. Also, no lie, the 3 bedroom below us has been vacant since just after we moved in, and he's only been asking like $2700.
Posted by: guest at April 7, 2008 6:27 PM
There's the rub, 6:27. In most cases the possible rent isn't going to cover the mortgage. So for folks in a pickle, the options seem to be to either lose money in one fell swoop and sell at a loss, or lose money every month as the rent fails to cover the mortgage, hoping and praying for a market upswing.
Posted by: guest at April 7, 2008 8:37 PM
@11:45 - When you "upgrade" your house, you make no profit. You simply sink in more capital. So don't get too excited. For a vocal housing bull, you sure should have had more financial common sense than that.
Posted by: guest at April 7, 2008 9:41 PM
6:27 - no, one bedrooms can be under $500K and in the $600-700K range, it's probably a 2 bedroom. also, 2000 is cheap - remember, there are people more successful or older or whatever that will pay more for something nice. ie: have a friend paying $2900 for a 1 bedroom. another friend paying $2500 for a 1 bedroom.
you are speculating. i know SEVERAL people who bought in williamsburg and immediately turned around and rented it and made more money.
Posted by: guest at April 8, 2008 10:24 AM
This is 6:27 -- RE: 10:24 -- Did you read my post? How could I possibly be speculating? Like I said, I was JUST out on the rental market myself, and I've been in the neighborhood for a long time, so I took my time looking around, and I'm pretty familiar with all the development going on. Are you talking about IN WILLIAMSBURG that people are paying those rents? I can guarantee you if someone is paying $2900 for a one-bedroom IN WILLIAMSBURG, they're among a VERY small crowd. Even then, $2900 won't cover a 600-700K mortgage. And, technically, immediately turning around and renting your "unit", as the condo people say, doesn't "Make you money", it "reduces your debt". Bringing in like $300 a month off a $700,000 really isn't anything to brag about.
Posted by: guest at April 8, 2008 6:58 PM
This is 6:27 -- RE: 10:24 -- Did you read my post? How could I possibly be speculating? Like I said, I was JUST out on the rental market myself, and I've been in the neighborhood for a long time; I definitely took my time, and I'm also pretty familiar with all the development going on. Are you talking about IN WILLIAMSBURG that people are paying those rents? I can guarantee you if someone is paying $2900 for a one-bedroom in Williamsburg, they're among a VERY small crowd. $2900 won't cover a 500K mortgage, and you're still stuck with maintenance -- and anyway, I defy anybody to find a one-bed condo in Northside Williamsburg (Bedford Ave) for less than 500K (not to mention a couple of months or a year ago). You're talking east williamsburg at best, where rents are still cheap.
Posted by: guest at April 8, 2008 7:08 PM
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