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
7:48:
“if the median incoming of a Brooklynite is 32k, then it boggles the mind how anyone can afford to buy anything at all…”
Most can’t. And never have. New York has always been a city primarily of renters–about two-thirds. Buying is not something the average New Yorker has ever been able to do.
guest 8:04: affordable “for me” housing means Bay Ridge right now. That’s how overinflated the Brooklyn housing market really is right now. And (at least according to these guys at NYU: http://furmancenter.nyu.edu/documents/202.pdf ), I make considerably more than the median income of even Brooklyn Heights…so why I’m being priced out of (practically) everything so quickly just amazes me. Bring this overinflated garbage down already.
Affordable “for you” might mean going to Kensington, Flatbush, PLG, Midwood, etc.
No one said you were born with the right to live in Park Slope or Brooklyn Heights.
3:37pm, et al: I don’t think it’s such a bad thing to wish for housing prices to go down at all. I think it’s called being rational and selfish, and, for the most part, a normal human being. As one of the many people I imagine living in Brooklyn that, no matter how much money they make, simply can’t afford to buy anything in any sort of decent neighborhood, I would be surprised to hear more people weren’t waiting for this sick bubble to pop.
I’m not looking for “affordable housing”…I’m looking for “affordable for me housing”…which, to put it simply, is middle-class.
to guests 5:32 and 6:05: if the median incoming of a Brooklynite is 32k, then it boggles the mind how anyone can afford to buy anything at all. Whether the real estate market collapses or not (and I’m betting it’s not right now, unfortunately), those are the people who will never get a chance to own a thing. And that’s just sad. But, to be fair, you won’t see any of those people wasting their time posting on this thread, so it’s not like it matters so much eh?
Let’s all hope for a crash
The median income for ALL of Brooklyn is like $32,000, btw.
Not sure where in the world you got 45K for Clinton Hill.
um…the average median income for clinton hill in 2006 was $19,000 and change. i just researched it last week, in fact.
you need to look at a government census report.
not stats from corcoran.
Eh.
I’m not worried about all this. I’m here to stay.
Besides, that’s what they said about Ft. Greene in the 90s.
No, 4:43. But you’ll be dreaming if you think you can do it again after the economic events of this past summer.
4:41,
Go to Corcoran’s site and read median/average incomes for your nabe of choice. Multiply that figure by 3 and you will have your pre-bubble (late 90’s) price per family/unit.
Clinton Hill
Avg. Household Income: $45,534
Avg. Fam. per Brownstone: 3
Pre-bubble price: (3 X $45,534) X 3 = $409,806.
Yup. That’s about what they went for back then (and even less). So whatchyoutalkinbout’ Willis? I have an old 1998 ad in my hand from Brooklyn Landmark Realty, Inc. with the following immaculately restored brownstone listings in move-in condition…
C.Gardens 3-story, 2-fam: $429K (2.8X income)
B.Hill 4-story, 3-fam: $575K (2.5X income)
F.Greene 4-story, 3-fam: $420K (3.1X income)