Big Slowdown Seen in Brooklyn's Poorest Zones
The Brooklyn market is a tale of two worlds, according to housing data released on Friday by the appraisal firm HMS Associates. While sales volume remained “brisk” in the higher-income areas like Park Slope and Brooklyn Heights, the number of homes that changed hands in Bedford Stuyvesant, Brownsville and East New York fell by about…
The Brooklyn market is a tale of two worlds, according to housing data released on Friday by the appraisal firm HMS Associates. While sales volume remained “brisk” in the higher-income areas like Park Slope and Brooklyn Heights, the number of homes that changed hands in Bedford Stuyvesant, Brownsville and East New York fell by about half in the six month period ended September 12 versus the same period in 2006. (Bed-Stuy sales fell from 438 to 203; East New York from 416 to 182; Brownsville from 49 to 25. The report is showing clearly the subprime impact in these neighborhoods, said the firm’s founder Sam Heskel. The report (which HMS would not release until later this morning) also noted that while prices in these three hard-hit areas had not started to come down, they are “likely to decline in coming months.”
Brooklyn Neigborhoods Feel Housing Crunch [Crain’s]
Photo of Brownsville houses by GKJarvis
don’t think it’s high, 7:01.
206 berkeley was listed at 2.7 million and sold within a month very recently…
i saw it and it needed a total overhaul.
don’t know what it sold for, but have to guess it was close.
if your place is done up, i’d say 3 million is the going rate, especially up on berkeley which is one of the nicer streest in the slope…
So, did anyone go to the Berkeley Place house listed at $3.35?
We own a brownstone nearby and while our place doesn’t look as nicely remodeled as this one, that seemed high to us. If not, maybe it’s time to sell.
$175k is rich anywhere but here…
9:58, not everyone who lives in a brownstone bought in in the last 5 years. There’s nothing odd about it. Tens of thousands of lower middle class families bought in brooklyn when a brownstone could be had for under 50K. Mine was bought in 1972 for 28k, and is worth at least 50x as much today. Poor families still live in brownstones because they bought into these neighborhoods when rich white people were fleeing to the suburbs. Now that’s reversed, but it’s a free country, and many of the people are staying.
Honest question: does the board here consider a couple of 35-years olds making a combined $175k in Brooklyn “rich” or “middle class” or something else?
I have no idea how much my fellow Brooklynites make, but most of the younger, yuppie-er set around here do seem to make a heck of lot more than the $32,000 per capita mentioned in the stat above. Then again, I see families who seem to be barely above welfare level living in Brownstones. So odd…what’s the deal?
guest@9:02: I make roughly what you make (gonna use a broad range, say 60-80k), and I absolutely can’t afford anything in Park Slope today (except quite possibly for the shoebox listed in an earlier Brownstoner entry today)…I’m starting to think that one year really made a sufficient difference…
do you feel like describing your place at all? cost, sq. feet, general part of Park Slope, would all be appreciated. Maybe in a year from now prices will have fallen enough to allow me to buy a similar place. But I’m definitely not holding my breath.
My style of living involves trying to save up for a downpayment that rises at a drastically higher rate than my rate of savings…it’s ridiculous.
dead on, 8:37.
the majority of new yorkers will never be homeowners. it’s the way it’s set up.
the huge difference now is that it seems so many more want to than ever before.
not necessairly because they “feel” that they want to own a home, but because they see and hear about so many people making large sums of money in real estate over the last 10 years.
you should buy a home if it’s something that will increase your satisfaction of life. that’s why i own. i hated renting. just didn’t feel right. plenty of people are totally fine renting, and that’s great. some of those are now going against what they naturally feel out of the possibilty of a windfall.
it would be an interesting topic to write about…
It’s all about priorities, then 8:26.
I happen to make less than 75K and bought a place in Park Slope last year, yet you say you make far more than that and can afford nothing but Bay Ridge.
Either I’m better with money than you, or we have very, very different styles of living.
Cycles happen, i don’t think anyone is disputing that. and those who bought during the uptick made the right call and those who didn’t probably wish they did.
those who predicted the prices would come down for the last 5 years were wrong. and i would venture to say that those are the same people regretting now about not buying back then. and it wouldn’t be too far off if i were to say that these were also the same people who are wishing for a dramatic price decreases now.
at the end of the day, there are arguments for both side. nowadays, you can use google to find links for any argument, so it is quite funny when people, give blanket statements then provide a link that they found somewhere. its pretty deceptive.
despite where prices go, here are things that some people have not considered:
-median incomes were mentioned, but do you realize that alot of people don’t work in nyc. homes are inherited.
-wealth of nyc residents, there are some people who are just that rich and would not have to worry about a downturn in the subprime market.
-new your city has vastly improved since the 1990’s becoming a more desirable place to live. this has cause more people to pour into the city and many retired to come back.
-the global appeal and the weak dollar has attracted foreigners wanting a piece of the big apple.
-the amount of coop’s in new york city who evaluate one’s financials.
-good job economy
-low vacancy rate for renters
just to list a few.