Corco Cutting Prices East of Classon
It can be hard to spot a trend in the real estate market until after the fact, but we couldn’t help but notice when we were perusing Natefind yesterday that Corcoran had cut prices on six of its townhouse listings in Bed Stuy and Crown Heights within the past week. (The biggest cut, both in…
It can be hard to spot a trend in the real estate market until after the fact, but we couldn’t help but notice when we were perusing Natefind yesterday that Corcoran had cut prices on six of its townhouse listings in Bed Stuy and Crown Heights within the past week. (The biggest cut, both in absolute and percentage terms, was at 36 Monroe Street.) Is this a coincidence, do you think, or could there have been some word from on high that drove these cuts? Taken as a whole, do the cuts signify anything about the market in those neighborhoods or is this bad news balanced out by bidding wars at places like 100 Decatur?
56 Monroe Street [Corcoran] GMAP
36 Monroe Street [Corcoran] GMAP
470 MacDonough Street [Corcoran] GMAP
1300 Carroll Street [Corcoran] GMAP
1416 Sterling Place [Corcoran] GMAP
610 Eastern Parkway [Corcoran] GMAP
I do agree with Mr. B that it would be interesting if Corcoran had decided to cut townhouse prices across the board in particular hoods, or if they decided to cut their prices on everything. But generally, people are sooooo quick to look for trends–the sky is falling, the market is booming, the bubble is bursting. Whatever. Save your damned pennies, get a piece of dirt as soon as you can afford it, work your ass off to make it better, and live your life.
On the race business, I sympathize with Anon 1:17 about what some of the CH black community has lost here. Hadn’t seen it put that way, and I respect that point. Fortunately, as others have observed, though, many African Americans have profited handsomely from selling (or continuing to own) houses here, and many black-owned businesses continue to thrive. The hood is still majority black, very community and family oriented, and I’m honored to be here. So far, I’ve seen nothing but friendliness here among all races and income levels. An amazing place to live.
Not to put too fine a point on it, but: Joan of Arc was a “heroine.” Drop the “e” for intoxication…
Meanwhile, a 5% price drop during the summer when nobody buys houses is completely commonplace and indicates, um, nothing.
Also, as a Clinton Hill resident myself, I can assure the conspiracy theorists here that we want nothing for Bed-Stuy (and every other nabe in Brooklyn) but success. Think about it–as Mr. B indicated, we’re right next to it.
when i went to underhill i too cried because it used to be black, not black nannies and their rich white charges. america is predominantly white and hostile to non whites. this has been documented in countless books and everybody knows this. look at the vitriolic immigration debate or listen to the vicious way (mostly white) people talk about undocumented latinos.
ch/fg was a black and proud neighbrhood. we knew what we had an we loved it. we didn’t have the money to make it fancy but we loved it nonetheless. and i mean passionately loved it just as the newcomers do now. and if we were nannies we were nannies on the ues or park slope and then we came home to ch/ fg. this is a kind of nostalgia that people on this board do not want to hear because it is not about them. it is about longing and loss for those forced out. i know, get over it. i’m trying.
“prices are down all ovr the place. it’s summer!”
EXACTLY–the sky is NOT falling!
No one’s addressed the likelihood of whether these cuts originated with some kind of top-down directive from the Corcoran brass or whether they are just anecdotal and coincidental. Brokers, are there ever across-the-board decisions like that?
when speaking of clinton hill and fg you are talking about black / white. i get that you want it to be more complex. and it is in that some of the people doing the displacing are black too.
fulton street and myrtle ave had a heroine problem. (not unique post Vietnam) that is why i made the distinction between those blocks and the always already beautiful residential blocks of CH and FG.
Back to the topic at hand…
Corco is cutting prices because the NYC housing market in softening.. Inventories are rising, sales volumes are failing, time on market in increasing. All the signs of a softening market.
In the hood, they call that “Keepin’ it Real”.
Would like to put my two cents in for Crown Heights. We bought a 2-family there a year and a half ago and are very happy. We bought a two-family for $685,000 that needed 2 bathrooms redone and that was all. We have a duplex and top floor rental and we feel like we got a deal. And it is NOT the crime ridden fest so many fearful people are describing. There are so many beautiful homes here and families who have lived here for generations.
Hey – you said it yourself:
“Clinton Hill was beautiful in the 1970s. Beautiful w/ a little heroine thrown in.”
I’d say “a little heroine” is enough to qualify a neighborhood as “shabby”.
Stuyvesant Heights has transitioned from being “shabby” to being mostly middle class black with primarily black owned businesses, which is why I said it’s changing… it’s not due to any racial elements. All of the businesses I know of here are black-owned in fact (ie: Bread Stuy, Solomon’s, Brook’s Valley, Ebo Landing, Afro Art Designs, Petit Bassam, Bush Baby Coffee, and so on).
It’s no coincidence that insurance rates are lower in Stuyvesant Heights than they are in “East Williamsburg”, which is MUCH shabbier and largely Hasidic, Puerto Rican, Dominican and Chinese.
This sort of assumption and rhetoric is immensely damaging to everyone of all races and delays any sort of betterment for everyone. I’m not saying it shouldn’t be a subject or a consideration in things, but that it’s not always the ONLY factor in things.