are prices rising too fast?

A recent article about the topic: http://m.nydailynews.com/life-style/real-estate/bed-stuy-bubble-investors-backing-bed-suy-article-1.2138662

Augustiner

in About Brooklyn 10 years and 6 months ago

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Augustiner | 10 years and 10 months ago

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I have a vague feeling that the so called ‘change’ to the hot neighborhoods has slowed down because the entry level rose too fast. Sure, on one hand there is no reason why a SRO wreck in Bed Stuy shouldn´t fetch 1.5 million (as bktothefullest frantically preaches on a daily basis). But on the other hand potential sellers are holding on to their properties because they feel like they’re on an endless winning streak. And you get investment groups pushing the price instead of owner occupied homes. Just a random thought on a Monday evening.

arch111 | 10 years and 10 months ago

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yes insanity prevails

no-permits | 10 years and 10 months ago

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it’s called a cycle and it happens every 7-12 years.

NeoGrec | 10 years and 10 months ago

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Yes, it feels very bubblicious right now. But there are several factors at play that may keep prices high. One: foreign investors are desperate to move their money to the relatively stable US. They aren’t even looking for capital appreciation — capital preservation is enough for some, especially those from mainland China who run the risk of govt grab-backs. Two: owning a brownstone has become a fetish for some of the upper middle class to the point where buyers (and their wealthy parents — did you see the recent article in the NY Observer?) are prepared to pay crazy money to own in neighborhoods without commensurate local amenities. Forget Bed Stuy. The real deals are now in already gentrified neighborhoods like Park Slope, Prospect Lefferts and Windsor Terrace.

BobMarvin | 10 years and 10 months ago

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Prospect Lefferts isn’t “already gentrified”; the main difference between us and most other brownstone neighborhoods is that we never “declined” to the point that we NEEDED to be “gentrified.”

klilly | 10 years and 10 months ago

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Most sellers sell when the time is right for them to sell, not just because the prices have suddenly gone up! Where are the sellers going to live if they are not ready to leave the area? Pay a high price or high rent just so that someone can buy their house?! No, they stay in their old house knowing that it is better than money in the Bank! And comfortable in their years of living a good life in their own house. Most sales of owner occupied houses are still deaths, divorce and other disasters. Most 1-4 family houses are still bought by owner occupants; yes, maybe they close all cash or in the name of LLC’s etc., but most are still owner occupants. Most Foreign investors still prefer Manhattan. The mistake most buyers make is chasing the hype of certain neighborhoods, wanting what the press is telling them that everyone else wants, instead of exploring for themselves. It is investors that pay for the press releases and hype; releasing press releases of each project and opening etc. And it is Banks that create Boom & Bust by making cheap money available and then in a few years pull it back, so that no one can get a mortgage. As the mortgage money in this cycle becomes more easily accessible by more buyers, the prices will keep going up….just wait till interest rates start rising…as they rise more buyers want to buy to beet the rate, as the rates go up the Banks will make more money available, more people will be able to buy ….. it has another 5-6 years of fast appreciating prices, than the plug will be pulled on mortgage money and even the cash buyers wait for the prices to drop and start buying again before the Banks get back in the mortgage business….. The bottom line is, it is always buyers that make the prices.

rastermon | 10 years and 10 months ago

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> _owning a brownstone has become a fetish for some of the upper middle class to the point where buyers (and their wealthy parents — did you see the recent article in the NY Observer?) are prepared to pay crazy money to own in neighborhoods without commensurate local amenities_.

That very accurately described Prospect Lefferts Gardens as well.

Springs | 10 years and 10 months ago

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does anyone know the proper borders of Prospect Lefferts Gardens, and the special district within ?

brokelin | 10 years and 10 months ago

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As someone who moved to brownstone Brooklyn (Park Slope) 33 years ago, I’d say they are on a never-ending winning streak! Prices go up, slow or fast, prices stay the same sometimes, prices even dip and stay there for awhile after a crisis, like from 1988 or 89 to 1997 after the 1987 stock market correction, but even then they went back up fast when they did (in 1997) and then took off for a fast rising steak after that. It is a fact – just get used to it. Sure wish I’d thought to buy back in the 80s!

brokelin | 10 years and 10 months ago

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For Lefferts Manor boundaries: http://www.leffertsmanor.org/about For Prospect Lefferts Gardens, use the google – google maps show you neighborhood boundaries, though as with many neighborhoods, these might be argued around the edges, I don’t know for sure, but it is a place to start.

BobMarvin | 10 years and 10 months ago

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Prospect Lefferts Gardens boundaries, as defined by PLGNA, the Prospect Lefferts Gardens Neighborhood Association, are [N-S] Empire Blvd. to Clarkson Avenue and[W-E] Ocean Avenue to New York Ave. Lefferts Manor (600 houses) is Lincoln Rd. to Fenimore St. and Flatbush to Rogers Aves. The Prospect Lefferts Gardens Historic District( Aprox. 900 houses) includes all of Lefferts Manor plus two blocks each of Lefferts Ave. and Sterling Street, between Bedford and Nostrand Aves. There is also the small 12-house Ocean on the Park HD and the recently calendared 18-house Chester Court HD to be.

majorhints | 10 years and 10 months ago

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  ["allcaps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

August you still have much to learn…