Real Estate Market

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NYU’s Furman Center for Real Estate and Urban Policy have released a study that says “supportive housing” (for formerly homeless folk or those who rely on a multitude of services) doesn’t chip away at nearby property values. “Looking at 123 supportive housing developments between the 1980s and 2003, the study found neighboring properties between 500 and 1,000 feet away from the housing see values drop at first before rising, but values increase over time compared with other properties further away in the same neighborhoods,” writes the New York Observer. The authors of the study hope the findings will change neighborhood attitudes and policy alike. “The city, state, and providers of supportive housing must continue to maximize the positive effects of supportive housing and ensure that supportive housing residences remain good neighbors. Good news for projects like Morris Manor, at 1247 Flatbush Avenue, that opened last month.
Study: Housing for Ex-Homeless No Big Drain on Property Values [NY Observer]

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Brooklyn mortgages dropped 18 percent in 2007, reports the Daily News, in line with the city’s statistics. But it turns out the number of mortgages was chopped in half, or more, in poorer, minority neighborhoods, which are bearing the brunt of the foreclosure crisis &#8212 they call it the “tale of two Brooklyns.” “The number of mortgages issued fell by 60% in Brownsville, 58% in Bushwick, 57% in East New York and 45% in East Flatbush,” they write. “Experts say the declines are due to a combination of the drying up of the subprime market and lending discrimination by banks reluctant to make loans &#8212 even to qualified buyers &#8212 in those neighborhoods.” Now for the other Brooklyn: the number of mortgages rose 48 percent in Brooklyn Heights and Fort Greene; 11 percent in Williamsburg and Greenpoint; and stayed the same in the Slope.
Mortgages Plunge by 50% in Some Minority Neighborhoods [NY Daily News]
Photo by Jimmy Legs.

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This three-story brownstone at 399 Bergen Street has a nice vibe too it but would benefit from a little staging. The two-family house just hit the market for $1,595,000 which doesn’t seem like a lot of dough for a house in this part of town—or at least, it wouldn’t have a few months ago. Now, it’s anybody’s guess. Although only three stories, the brownstone does have some extra FAR that comes with it. Waddya think?
399 Bergen Street [AHrlty.com] GMAP P*Shark

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Here are a couple of foreclosures scheduled for this afternoon that caught our eye. At left, the four-story house at 587 Putnam Avenue, which changed hands for $602,550 back in 2006, currently has a lien of $535,370 on it. At right, the three-family brownstone at 237A Decatur Street comes to the auction block with a lien of $506,402. Both properties will be auctioned at 360 Adams Street, Room 261, at 3 p.m.
587 Putnam Avenue [Property Shark] GMAP
237A Decatur Street [Property Shark] GMAP

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“Based on a few anecdotal conversations with local real estate brokers, the market for rentals continues to be strong in Dumbo,” blogs DumboNYC yesterday. A two-bedroom at 30 Main just rented for $9,800 a month and a three-bedroom at One Main is still on the market for $14,750. If you’re not Daddy Warbucks, don’t fear: The median rental in the nabe is still $4,000 a month. More on the link.

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More on the ongoing unraveling of the real estate market here from this month’s Real Deal. Hey, turns out, even if you’ve got a stellar credit score and 20 percent down, banks might not offer you a mortgage because, as you well know, they’re holding tight to their cash, and some properties may seem riskier than others. “There are certain buildings that some lenders just won’t lend to, period,” one expert tells them. “There are a lot of buildings with very low presale numbers, far below the numbers that lenders typically require. It’s become much more challenging to get them approved.” None are called out as officially blacklisted here, though Lofts on Lex, at 95 Lexington Avenue (which got a price chop last week), gets a look.

Though the units have been on the market for roughly eight months, only five are in contract, Neinast said. When several banks increased their presale requirements to 51 percent just weeks away from closing, she almost lost three of those buyers in one fell swoop. “I knew right away they wouldn’t be able to get their financing,” she said. “We would have had to have 10 units to start closing.”

Makes it harder to have a buyers’ market when those units sitting there the longest, and most eligible for price cuts, are the hardest to fund.
Ominous Signs from New Condos [The Real Deal]

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This four-story brownstone at 291 State Street in Boerum Hill looks like a time capsule! That should not come as a big surprise, as the house has been in the same hands for over three decades. While that’s good news in terms of architectural detail, it’ll leave buyers who want modernized kitchen and baths a little disappointed. (It’s close to modern though: It’s the first old brownstone next to the new batch of 14 Townhouses.) Given that some work will likely be required, the asking price of $2,250,000 is probably a little high, but not by much, we’d guess.
291 State Street [Jim Kerge/NYT] GMAP P*Shark

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We’re big fans of the large prewar apartment building at 101 Lafayette Avenue in Fort Greene known as The Griffin, but this particular one-bedroom isn’t really doing it for us. It still has those lovely casement windows, but other than that, it feels like it’s suffered from a sponsor-type renovation. Who puts this kind of kitchen and bathroom into such a charming prewar space? Talk about value destruction. The asking price for the 850-square-foot pad is $580,000. Think it’ll fly?
101 Lafayette Avenue, #6D [TREGNY] GMAP P*Shark
Co-op of the Day: 101 Lafayette Avenue, #1K [Brownstoner]

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We’ve been geo-tagging all our posts around here for the past three years or so. The result is a map-based archive that should be a very useful research tool for apartment hunters and home owners alike. Let’s say you were considering buying a place on Bond and Pacific. Go to the Boerum Hill Archives in the dropdown menu at the top of this page, zoom in on the map and, voila, there are 9 posts within a block.

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They call it the Cobble Mews: a Two Trees rental building that caused some commotion for wanting to build 10 feet higher than what’s allowed in the Cobble Hill Historic District, 50 feet (their request was disapproved). Then there was the constant speculation about whether its neighbor, Trader Joe’s, would open, and, if so, when. Okay, now we got TJ’s, and all 50 feet of the building is up, so how are things at 200 Atlantic? Pretty good, reports Two Trees. Of the 32 apartments that went on the market about three week ago, 19 have signed leases. They range from one-bedrooms starting at $2500 to one-beds with office (no window, so they can’t call it a bedroom) for $3250 to two-bed, two-baths starting at $3500. Some have private rooftop space, others have a shared terrace.
Two Trees Rental Rises As TJ’s Treads Water [Brownstoner] GMAP P*Shark DOB
10 Feet for Trader Joe’s Building Preservation: A Fair Trade? [Brownstoner]
Will Two Trees Proposal for Atlantic Ave. Get Chopped? [Brownstoner]