Affordable rents in Carroll Gardens
I wanted to ask how much longer do we have to wait for rents to come down to affordable levels for families? There are alot of families that would like to move back into Carroll Gardens but can not afford to compete with landlords that rent to 5 or 6 adults that work and pay…
I wanted to ask how much longer do we have to wait for rents to come down to affordable levels for families? There are alot of families that would like to move back into Carroll Gardens but can not afford to compete with landlords that rent to 5 or 6 adults that work and pay 500 dollars each a month making the joy of the homeowners wallet but destroying the happiness of many families
Good point the nest big movement is going to be in the condo market. All those half a million dollar condos are going to be a thing of the past condo prices are going to have to come down to 190,000 to 240,000 to find suitable buyes. But don’t tell the sellers and the real estate agents that. They will tell you it ain’t going to happen.
We’re in Windsor Terrace, and rents don’t seem to be coming down at all… not even sure why they would, since it seems to me that the damand for rentals is up with fewer people buying.
I have noticed that they have come down about 10 percent or so but I think they are going to come down by at least another 50 percent. If the city starts to loose even more jobs as are predicted do you still think we are going to get 6 unmarried peple to an appartment paying 500 dollars each? Carroll Gardens is going to have to go back to being affordable for families. You really think Court and Smith streets are going to remain streets filled with pharmacey, restaurants and Banks with the economy tanking? I don’t think so
Most restaurants will survive because folks won’t stop eating out unless they lose their jobs and burn through all their savings.
Rents are already dropping fast. Now is the time to negotiate for a cheap rent in Brooklyn on that Park Slope floor through with backyard access you always wanted.
I’d guess prime Brooklyn rents have dropped 25%-35% in the last few months.
Look on Craigslist if you don’t believe me.
People are asking that famous age old question again: Why live in Brooklyn if you can live in Manhattan for the same price?
Well let me ask you is it sustainable to still ask for 500,000 dollars for a condo? If jobs are going to flee the city and we already lost 550,000 nation-wide rents will pull back in the whole city. Look at the resturants. How long do you think they can pay those high leases without people eating there. I don’t know but if real estate agents in the area are closing shop it is not a good sign for the homeowners. And for homeowners I mean the ones that have payed for them and not the ones that bought a 500,000 dollar condo with zero down payment and then spend 3.00 dollars for gormet coffee every morning.
I have a 2br apt in park slope available, used to be a railroad apt. Was $2400 now $2000. 7th Street near 5th Ave. Email me for more info.
acrcontracting@optonline.net
frankly, carroll gardens isnt entirely comparable to FG or Clinton Hill. I like FG as well as prime CH but they arent the same kind of neighborhood.
In terms of community, the closest are probably Windsor Terrace and Bay Ridge. Both of these neighborhoods have a similar italian history which impacts the neighborhood
Only if the economy really continued to tank would rents in Carroll Gardens go down. And at that point the rent would still be expensive since everyone’s earning would go down proportionally.
They certainly have gone down but not by large amounts.
Carroll Gardens has too many nice qualities for the rent and housing prices to dip as much as the rest of the country.
A good alternative is Fort Greene and Clinton Hill. They have the same architecture and community but are slightly less in price, maybe 20%.
Gennaro Brooks-Church
http://www.EcoBrooklyn.com
Mopar,
Rents have already come down drastically just in the last few weeks — even in Manhattan.
There’s tons of vacant inventory out there and landlords are feeling the pain.
If the NYC vacancy rate hits 5% and the rent control/stabilization laws end, per the law, the market will be flooded with even more rentals and you’ll see rents that we haven’t seen in years. It’s possible families would, at that point, return to Carroll Gardens.
That said, it likely the new Democrat controlled state senate would change the law in order to pander to their far left constituency and find a way to keep the rent control/stabilization laws around for ever.
Remember, there are about two million rental apartments in NYC and about half of them have “rent protections” of one kind or another.