Buyers Sweet on Slope, Bay Ridge, and Bed-Stuy

These writers at the Eagle are overly optimistic. Brooklyn is not immune from the rest of the country and the United States is about to enter the most severe recession since WWII. Here are the reasons why we will witness a serious economic collapse:

1) Greed: Wall Street and Corporate America
2) More wars: Pentagon predicts bigger, costlier conflicts
3) America's new 'pushers:' Banks feeding consumer addicts
4) Massive debt: Everywhere, trade, federal, states, local
5) Toxic derivatives: World's $516 trillion ticking time bomb
6) Housing-credit meltdown: We've got a long way to go!
7) Democracy failing: America now run by 35,000 lobbyists!
8) Class warfare: Superrich vs. Main Street America
9) America's already in a recession, and in denial

Posted by: guest at April 1, 2008 9:48 AM

Market is not going no where in NYC the greatest City in the world. If you dont like that Move to Miami Or LA

Posted by: guest at April 1, 2008 9:51 AM

I'm in the market and I've never once been to that REBNY website.

Posted by: guest at April 1, 2008 9:53 AM

Agree with 9:53, not a great website since it doesn't have all of the listings. I prefer NYTimes RE and StreetEasy, even if they don't have everything, there sure have a lot more.

Posted by: guest at April 1, 2008 10:11 AM

BROOKLYN!!!!!!!!!!!!

Posted by: guest at April 1, 2008 10:25 AM

I WHOLE HEARTILY AGREE WITH 9:48.

And what's that political bs, talking about "Blue State thinking"? I guess you're some sort of Republican Wall Street whore who only cares about himself? Ooops, got political myself! So sorry! Whore!

The thing is, the more people like you deny, the worse it gets. We need to face up to the fact that we are on the verge of the worst recession (potential depression) in the past 60 years, people!

Wake up! New York City, although extremely arrogant, will get its balls kicked. hard!

Posted by: guest at April 1, 2008 10:33 AM

daveinbedstuy - close your eyes and repeat - maybe you should tap your heels three times too. Anything can happen in the land of Oz...

Posted by: guest at April 1, 2008 10:36 AM

And San Francisco will get its pussy kicked.

Posted by: guest at April 1, 2008 10:38 AM

Gabby why do you keep posting this nonsense. This website has maybe 10% of the listings and I do not know of anyone who uses it.I think sometimes you post this shit just to get a reaction out of people.

Posted by: guest at April 1, 2008 10:42 AM

man, these brokers are fighting this the whole way down. they have to rely on CPW/Plaza inflated medians for "proof" that NYC prices aren't going down. then, they completely ignore the loud absence of bidding wars, which were so commonplace a year or two ago. now they say that drops in ask do not equate drops in price. but before, it was: ask does not represent the true price and you should be prepared to overbid. whatever. ignore the falloff in bonuses, ignore wall street layoffs, ignore tighter credit, ignore buyer sentiment, ignore the recession. doubting thomas had to feel the wound. learn how to spell capitulation.

Posted by: guest at April 1, 2008 10:49 AM

They don't have listings from Corcoran or Douglas Elliman, and the interface at independent sites like Streeteasy is far better. Why would anyone use REBNY? Judging by the comments here, no one does.

Posted by: guest at April 1, 2008 10:51 AM

Bedstuy really Gabby that is stretching it even for you.

Posted by: guest at April 1, 2008 10:55 AM

Once again Gabby strikes

Posted by: guest at April 1, 2008 11:00 AM

So if the facts don't fit your gloomy predictions you don't trust it?

Bitter renters, please make sure you pay the rent by the end of the day today.

Posted by: guest at April 1, 2008 11:03 AM

Couldn't you have found a better looking photo to represent Bed-Stuy? A street with a bunch of parked cars? Come on!

Posted by: guest at April 1, 2008 11:22 AM

yeah the Bedford Stuyvesant photo looks cold... it is the only photo taken in the winter. The PS and BR photos are lush and green...

Posted by: guest at April 1, 2008 11:31 AM

define facts, 11:03. i gave an exhaustive list of realities and all you have is inflated medians and broker-originated stats.

Posted by: guest at April 1, 2008 11:57 AM

"exhaustive list of realities"
- now that is funny! More like socialist talking points.

Posted by: guest at April 1, 2008 12:14 PM

This is here because it's advertising to try and drum up visitors to REBNY, that's all. REBNY might as well have posted a fake ad on Forum.

That photo doesn't represent Bed Stuy and that other photo sure as heck does not represent Bay Ridge. There are like, maybe a dozen houses left of that size and era in good ole tear-em-down Bay Ridge. If you fall in love with this photo good luck ever finding a house to buy like that there. The vast majority of Bay Ridge houses are 2 or 3 story attached houses with tacky alterations to the exterior.

Posted by: guest at April 1, 2008 12:19 PM

11:57: Unless you can come up with a set of facts to contradict this story - regardless of its resemblence to an ad - you haven't disproved it with your comment. They based their commments on their information. You can disagree but, without a contradictory set of facts, your comments are meaningless.

If you have the facts, share them.

Otherwise, stop complaining because the facts don't fit your perseption.

Posted by: guest at April 1, 2008 1:18 PM

really 1:18? do you understand what facts are? first, median: look it up. prices quoted in the media are basically an objective reality at this point because almost all the stats come from the brokers. see case-schiller, see that miller samuel piece where even the brokers admit prices are coming down in NYC, not just the metro area. facts. my personal observation is that brokers are pricing off 07 comps and are frequently cutting from there. why? because those comps are unrealistic in today's market. i have been to many open houses where the whisper word is "flexible".
facts: 34k+ wall street layoffs so far w/ more in the hopper, bonuses down in 07 and moreso in 08. m&a volume at historic lows. bear stearns with 14k potential added to the mix. markets in shambles, hedge funds having worst month since 1998, some imploding. banks tightening lending standards across the board. consumer confidence at historic lows. how many facts do you need? i didn't make this stuff up and it is not skewed by questionable inputs. now if you choose to believe that my list will have no impact, keep lying to yourself. but i call it like i see it. will people stop buying? no, if the price is right. but trying to suggest that the last 5 years are indicative of the next 5 in the current economic environment just sounds plain silly.

Posted by: guest at April 1, 2008 1:33 PM

1:33: You didn't site one fact that contradicts the story. You are just full of hot air and dancing around the issue until you can quote facts.

Now go troll the web and find some and we can discuss. Yes, that is your homework assignment. Let's hope you don't fail again.

Posted by: guest at April 1, 2008 1:42 PM

1:42. i "sited" facts. case-schiller, miller samuel piece. you look them up. if you prefer to base your "facts" on REBNY, be my guest.
now, your homework assignment is to brush up your resume (hint: use spellcheck). i hear tgif is hiring bartenders. but you must have experience...

Posted by: guest at April 1, 2008 2:02 PM

yeah, this is really useful fluff. just tried a search on that site (which i have never used before). besides being really user unfriendly, the only options for brooklyn are: park slope, bay ridge, bed-stuy, sheepshead bay, and prospect heights. wow. shocker. the first 3 on the list are the top hits out of 5 choices.

Posted by: guest at April 1, 2008 2:08 PM

Hey Denton, keep buying up your stocks and real estate and talk to me in a couple of months. We'll see who is laughing, idiot!! Here is a little added wisdom:

The cycle of denial, hope, and panic that has caused stock prices, interest rates, commodity prices, and exchange rates to oscillate more and more widely since the onset of the credit crisis in August 2007 and that was followed by the wide recognition of a U.S. recession in March 2008 will continue. The Fed's dramatic moves on March 16 to prevent an outright failure of Bear Stearns and to offer unprecedented open credit lines to investment banks triggered a frantic rally in shares of investment banks. The price of Goldman Sachs shares rose from a low of $140 on March 17 to $175 on March 18. This 18 percent increase was aided by the Fed's 75-basis-point rate cut on March 18. Simultaneously, shares of Lehman Brothers more than doubled from $20 to $45 a share, while shares of Bear Stearns more than tripled from $2 to $6 a share, having been as high as $65 per share on March 14, just after the Fed announced it would take what was then the unprecedented step of lending to Bear Stearns. After Bear's stock subsequently collapsed, despite the Fed's March 14 effort, the more radical step of offering to lend directly to all investment banks was taken on March 16 in an effort to stem a panic in Asian markets.

The pattern of market panic and reaction by the Fed to save the day, at least for a short time, has been repeated over and over again and with rapidly increasing frequency since last August. By the end of the day on March 19, stocks had already reversed their sharp rally of the day before. Then they turned up again on March 20, but without establishing any new trend. The frequency of Fed reactive moves to stem panic has reached an alarming pace since March 7, the day a weaker-than-expected employment report signaled recession to all. Special measures were undertaken on March 7, 11, 14, and 16, followed by the 75-basis-point cut of the fed funds rate after the Open Market Committee's regular March 18 meeting. If the pattern in place since August persists, a sharp stock market rally and reduced stresses on credit markets will signal hope that the worst is behind us, until a worse-than-expected economic number or rumored trouble at another financial institution brings back panic and moves us another step toward monetization by the Fed.

There is really no way to tell which particular Fed move or legislative action will end--or at least contain--the adverse feedback loop from weaker credit to weak economy and back to weaker credit. Until there is some realistic hope that house prices will stop falling while the extent of credit losses is known, it is difficult to see an end to the rising volatility in markets tied to ever-widening cycles of denial, hope, and panic.

Posted by: guest at April 1, 2008 2:17 PM

1:33 please save your energy. The masses believe everything is OK and pointing out facts won't convince them otherwise. The people that understand the dynamics of a Mutant Asset Bubble will not be surprised when it crashes. 1:33 you have to understand the dynamics of Disconnect of reality. The people will ignore all facts to justify their cause. 4.00 Gas, high food prices and other bubble mechanics will not stop until it's too late. America is in serious trouble.

The What

Someday this war is gonna end....

Posted by: guest at April 1, 2008 2:22 PM

Here's a link to 2:17's added wisdom (see Conclusion). Thanks for your originality:

http://www.aei.org/publications/pubID.27713,filter.all/pub_detail.asp

Posted by: guest at April 1, 2008 2:52 PM

2:52

Theres an Internet trick...any time you see more than a paragraph in a foum its almost always cut and pasted and passed off as original. I always cut and paste a sentence into Google and voila!

2:17 You are a true asshole.

Posted by: guest at April 1, 2008 3:09 PM

Am I the only one here who thinks that Bay Ridge place is tacky and hideous? It looks like something Tony Soprano would turn his nose at for being too over the top.

Its goombah-riffic! .

Posted by: guest at April 1, 2008 3:11 PM

Fact is: Regardles of the credit crisis, there are still alot of people in the city who made alot of money over the past 5 years who are still willing to pay for overpriced realestate.

Posted by: guest at April 1, 2008 3:19 PM

Most people we know bought their houses or places long enough ago that even with a big dip they still have equity in the place. Not every property in Brooklyn was purchased within the last 3 years. That would have been really some kind of migration! Have you any idea how many people own and live in Brooklyn? It's a huge place. Many many people who have owned their properties their entire lives, or 20 years or more.

Posted by: guest at April 1, 2008 3:29 PM

2:02: Show me sales data, not what some "broker said" bologna. This article is about Brooklyn and specifically about 3 areas. Explain how your "facts" contradict that? You still haven't done that.

You really don't understand how to interpret data.

It is obvious you have no arguement since you resort to calling out spelling errors and trying to insult.

btw: The insults are really lame and childish and totaly destroy your attempt to seem intelligent.

Posted by: guest at April 1, 2008 4:25 PM

4:25: your precious article is BASED on what a broker said. so how can you rely on broker babble when it fits your argument, but claim it is useless when it contradicts it? plus, if you actually read the miller samuel piece, you would realize that the data is not broker-derived but was so convincing that a broker could not deny it, hence the quote. you are the one who can't interpret data, my friend. i would highly recommend taking a logic course. ask a lot of questions when they get to circular logic. but i am sure you are right. prices still going through the roof. non-stop. even if park slope alone has over 1,000 mostly overpriced listings on nytimes.com. there have to be at least 1,000 suckers out there, right? right?
facts: 659/661 carroll. 659 sold out in late 07 at $950K for a 2br, 3rd floor. exact same floorplan, developer, footage everything at 661 sat on the market for 6 months and took a cut to $875K before they could move it. 230A 6th ave - exact same original plan, very similar layout to carroll (around the corner) on the market now. they tried to price comp at 950K. no takers, immediately cut to 875K. open house is a ghost town (i was there). sure, it's anecdotal but this is the primest of the prime and there are ACTUAL price declines. i'm sure you will find some way to ignore these facts too.
"that little voice in your head, it's called pride. you gotta fight that sh!t."

Posted by: guest at April 1, 2008 4:46 PM

4:46- 950 or 875k for a 2 bedroom in a row house in bklyn is a homerun!

Posted by: guest at April 1, 2008 5:09 PM

Owned my own home in Brooklyn since the age of 21.... Purchased during poor housing slump and poor ecconomy imagine the equity I have l'm 50yrs old now you can never go wrong with purchasing a home in Brooklyn....

Posted by: guest at April 1, 2008 10:46 PM

4:46: There is only a loss if they BOUGHT at a higher price. Did they buy at a higher price than they sold? If not, what is your point? You take one sale as a trend? You are worse than the real estate agents pushing their kool aid.

I see you went to the open house. Are you a bitter renter? HAHAHAHAHAHA.

I think you are an open house troll who likes to snoop and is envious of property owners.

What a loser.

Posted by: guest at April 1, 2008 11:24 PM

The current mortgage crisis coupled with the downturn on Wall Street and the credit market will cause Brooklyn real estate values to plunge 25% to 30% over the next 2 to 3 years. Take if from someone who has been a real estate investor in Manhattan and Brooklyn for almost 30 years. If you are interested in buying in Brooklyn, just wait it out and you'll save yourself a bundle.

Posted by: guest at April 4, 2008 2:06 AM