Thoughts on BK real estate

Well I’m literally in the market for an apartment right now with my roommate so I will report back and see how the search goes! Though our ideal location is not the typical Brownstoner Forum spot!

lkrshacmzcy

in General Discussion 5 years ago

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jen-kg | 5 years and 1 month ago

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Anyone worried about declining real estate value in Brooklyn, specifically places that appeal to families, as people flee to the burbs? Not asking to be a troll, but actually a bit worried as a homeowner.

RobertGMarvin

in General Discussion 5 years and 1 month ago

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It’s not as if you can actually do anything about a possible decline and it doesn’t really matter UNLESS you’re planning on selling your house soon

lkrshacmzcy | 5 years and 1 month ago

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Had the same thoughts and sent this out to several people in the real estate industry to get some professional feedback in terms of both Commercial Property and Residential Property.
My thoughts were the same: Both would be declining and ripe for investment purposes
Feedback so Far: Investors are thinking the same and nothing has dropped dramatically that was not already dropping for other reasons. They said to play it normally until October and then talk again.

lkrshacmzcy | 5 years and 1 month ago

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jen-kg | 5 years and 1 month ago

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Interesting perspectives, thank you… And I’m also a parent of school aged kids so, I’m also concerned for health and investment ?

jen-kg | 5 years and 1 month ago

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Interesting perspectives, thank you… And I’m also a parent of school aged kids so, I’m also concerned for health and investment ?

lkrshacmzcy | 5 years and 1 month ago

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That being said, I have heard Rent has seen a lot of changes lately!

lkrshacmzcy | 5 years and 1 month ago

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That being said, I have heard Rent has seen a lot of changes lately!

jen-kg | 5 years and 1 month ago

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@Chris what do you mean? Rent declining? We have a townhouse with outdoor space but that doesn’t matter if school isn’t happening in the city but happening in the burbs. Ugh!

yudashasom | 5 years and 1 month ago

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Anyone leaving the city, was probably considering it before the virus. People have been leaving since the beginning of time and it has nothing to do with the current situation. Some move back, or others come and fill their space. A virus isn’t going to scare away most die hard NYC’ers.

Values will probably be flat for a bit, but I don’t see a decline. Remember, the economy and real estate market were fine. There was not an underlying issue.

lucie | 5 years ago

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My thoughts are that virus situation is temporary and somewhat predictable: we all will make some adjustments including city agencies, medical facilities and businesses. At least there is some science involved in managing epidemics vs managing terrorism, for example.
What happened on September 11 was absolutely unpredictable ( at least to regular people of New York). No washing hands or wearing mask or social distancing would help to avoid the danger in that situation. Still NYC had psychologically recovered after September 11 and real estate grew tremendously.

lucie | 5 years ago

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housepoor | 5 years ago

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One brownstone broker I know has been saying the number of listings is way down and suggests that without much supply, even modest demand will keep prices up or even push higher. And people will want to live in buildings where they don’t have to go up and down in an elevator or interact with lots of other people. That is all good for brownstones.

restorationcontractor | 5 years ago

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Brooklyn real estate is not going to take any major hit. The demand is not going to change.
Low interest rates now and we made it through the 80’s, 90’s, and 00’s. Anyone who can remember the way it was back then can understand why we are at the price points we are now.

I am seeing a lot of new interest in upstate NY real estate, thankfully I am heavily invested there as well.

Proponents of building as densely as possible, packing people together in “cluster development” or “Conservation development” in order to reduce urban sprawl are going to have to rethink their playbook after the pandemic.

Guest User | 5 years ago

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Actually a massive exodus is happening. There are multiple facebook groups that have started in the past month with thousands of brooklyn families all leaving the city. So many apartments for rent, so many apartments for sale. Inventory is going to go way up, which means prices will have to fall…

yudashasom | 5 years ago

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@rc, that’s fake news.

lucie | 5 years ago

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I remember that we reduced rent by $300 for both our tenants in 2008 or 2009 when prices were declining. It took a couple of years and prices raised. We got market price when tenants moved. If I remember correctly in was something like 1K more a month.

lucie | 5 years ago

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restorationcontractor | 5 years ago

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It’s only good for investors when people start to panic. I don’t see any real downturn from this, and if it does anyone holding long term is not going to be affected. Could affect flippers, but then who cares?

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