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
People will continue buying and selling homes.
The entire world has not come to a halt.
As things slow, it only makes sense that the better neighborhoods like Park Slope will continue to do well.
It makes total sense.
Wow, a lot of dillusion on here. Look people, it’s a tale of ONE WORLD called “For The Next Ten Years, NYC Real Estate Is A Wrap”. Don’t be blinded by sequence. The boom started in ‘prime’ and ended in ‘fringe’. Now the reverse is true for the bust.
Oh, here’s my evidence…
http://tinyurl.com/mythk
http://tinyurl.com/2tysbn
10:54 is right. westbed is thriving, as is stuy heights.
another example…
Check out Sunday Times. Another house on Lafayette, same block or very close sold over asking at 2.025 in one week on market.
maybe there’s a slowdown in certain parts of bed stuy, but not where we live-on the western edge, bordering clinton hill. things are booming here-the changes in demographics and new businesses are noticeable to everyone from 6 months ago. i’ll say it again-bed stuy is a gigantic area, encompassing some parts that are gorgeous and thriving, and others that are not.
Hmmm I don’t see no price dropping where I’m looking so should I just wait 6 months more?
Those were not facts, 11:59.
Those were your opinions.
And extremely bitter ones at that.
I just gave you an example of the Berkeley place that sold in a month. 2.7 million.
Last I checked that was over 417,000.
And I thought it was way overpriced.
ps. Just because you can’t approved for a mortgage, does not mean others have not. My best friend just got her call this morning from Manhattan Mortgage that she was approved, in fact.
NY Mag is a joke. They change their tune as often as their underwear.
From this week’s NY Mag:
http://nymag.com/realestate/features/37656/index3.html
EMERGENT BROOKLYN: BEDFORD-STUYVESANT AND BUSHWICK
Few neighborhoods in New York have been directly rocked by the subprime-loan crisis, but dozens of homes are on the auction block in these two areas, with more to come. At press time, there were 225 properties in distress here (compared with zero in Park Slope)…