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
“Next you people will be quoting specific street addresses that won’t be affected.”
ROTFLMAO
See 1:00 please, 1:28.
agreed, 3:29.
a major housing bust will mean economic decline for all. the more you wish for the bust, the more we’ll eventually have problems with jobs, crime, and then everything else. housing is very much based on people’s perceptions.
i think those who say with glee they hope prices will decline have some serious psychological problems.
It is so strange to me that some people seem to take glee in the prospect of people’s home values plummeting (not saying they will, just that some people think/hope they will), either because they hope to buy or because they’re insecure or being defensive about their own investment.
“RE is a cycle and it goes up and it MUST come down”
Know that that means?? You left off the next part of the cycle.
Right.
It goes up again.
Here’s hoping you don’t get left behind again. Getting sick of hearing how you can’t afford anything.
How is this any more HILARIOUS than the same people who came on this blog and others in 2001 and said the housing market was crashing, then again in 2002, then in 2003, 04, 05 and 06.
Meanwhile, we all made a killing. Yes, we might lose 10% of what we’ve seen in appreciation over the last few years, but we’ll be ok.
No thanks to your, oh so helpful predictions over the years, 3:09.
Most people on this blog are hilarious. First they started off saying Real Estate never goes down, then it was NYC is immune to the real estate collapse, now they are saying Park Slope and Brooklyn Heights are immune. Next you people will be quoting specific street addresses that won’t be affected. RE is a cycle and it goes up and it MUST come down and the more it climbed on the up end of the bubble, the more it has to fall. This is not a guessing game, it is a fact.
evidence, please 1:14…?
“People will continue buying and selling homes.”
NO ONE DISAGREES WITH THAT STATEMENT. BUT AT WHAT PRICE?
“As things slow, it only makes sense that the better neighborhoods like Park Slope will continue to do well.”
IF YOU CALL -25% TO -50% DOING WELL.