An End to the Real Estate Recession in Brooklyn?
The Brooklyn Real Estate Roundtable, hosted by the Brooklyn Historical Society, met on Tuesday to discuss, among other things, whether the economy has finished receding, as some analysts conjecture. The Brooklyn Eagle reports that David Kramer, chair of the roundtable’s steering committee, said: “Perhaps we are at the bottom [of the recession], and there’s a…
The Brooklyn Real Estate Roundtable, hosted by the Brooklyn Historical Society, met on Tuesday to discuss, among other things, whether the economy has finished receding, as some analysts conjecture. The Brooklyn Eagle reports that David Kramer, chair of the roundtable’s steering committee, said: “Perhaps we are at the bottom [of the recession], and there’s a long journey ahead. But at least there’s a journey ahead. Even if there is a light at the end of the tunnel, however, the real estate biz is still in the tunnel. Speaker Mark Caller of the GLC Group noted, for example, that despite relative success with nForth and professed optimism about an upcoming project at 163 Washington Avenue in Clinton Hill, developing in the city nowadays is a “nightmare.” Of course, bad news for developers can be good news for buyers: the original plan at nForth included only hook-ups for washers, but in the current market, GLC also provided washers and dryers with every unit. This is good news, of course, only for buyers who can afford to purchase in today’s economy.
Are We At The Bottom of the Recession? [Brooklyn Eagle]
Ideal Properties is great. I have more than a few friends who have used them and been quite pleased.
NSR: – ugh are you kidding? care to share which agency?
I have had great luck with Ideal Properties and Warren Lewis… -am hoping to seal a deal on a condo turned rental soon enough! just waiting for the damn closing date!
northsloperenter: Are you looking for a rental in North Slope? If so what are your parameters? My apartment is on the market (I’m moving to center/south slope at the end of the month). email me at lechacal2008 at gmail dot com.
A broker who fraudulently posted his “fee” ad listing under “by owner no fee” on Craigslist and THEN was late to show me the apartment he had tricked me into looking at assured me that if I didn’t take the dark, dank, and dingy basement apartment he was showing me that “medical students would sweep in and take it by Friday” and that I “will never find what I’m looking for”.
So, I’m guessing that the the real estate recession is being stopped by flocks of medical students swooping in and I’m totally hosed and will end up living in a cardboard box down by the river.
Or possibly the broker was full of shit.
I do, yes…infinite…
DIBS: I definitely haven’t missed the rally. Remember, I was scooping up equities when the S&P was in the 600s.
Being short real estate doesn’t mean I’m short equities.
But as I’ve established I don’t so care so much about the whole real estate thing any more.
11217 you own already right?
Don’t fear, as you can see self-knowledge comes slower to some than others… And hey, enjoy the summer while you can. Maybe even take a walk outside?
My portfolio has been going gangbusters the last couple months. I’m pleased. 🙂
And in terms of the real estate market, I think everyone assumed it would be “cheap” in NYC after the bust. Thing is…even though we are already down 20%, you barely even notice it.
I was thinking personally that I’d be able to notice if I could find a 1 bedroom I could afford on my budget in PS.
There is nothing. 1 bedrooms are still over 400K for the relatively ok ones. I’ve seen a few for less, but they are pretty crappy.
I think some people thought it was going to be more noticeable (and I’m sure it’s not over yet) but what some don’t seem to realize is that since the last major recession NYC has taken a place among the world’s most sought after cities and it’s just an expensive place to live now, just as the other major cities of the world are.
NYC was underpriced before 2000, in my opinion.