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
fact is this, that any mortgages over 417k are not getting approved or if they are the interest rates are penal.
Fact is that wall st employees (at least the not so dense ones) are wondering who is going to get the axe next year, and even wondering if we might get a bank run or three just like they have in the UK right now.
Fact is that no places are getting over-bids as there was before summer, whomever CAN buy it has the power in the negotiation.
The lack of stock is just that sellers are being told by their brokers not to list and to wait out this “temporary” slump.
Keep bringing up the beehives on 4th ave if you want, they are practically affordable housing for the 20 somethings. The stuff this blog talks about, the nice co-ops, the full browstones, are a whole other kettle of fish.
If you think stuff is selling then prove it: identify a few online listings for houses or 750k+ apartments that will be marked ‘under contract’ on the sites by the end of this month… My bet is there are still there, and if the seller is sane, listed for less.
Agreed that people don’t usually check open houses out on 4th avenue because of boredom.
Especially on an amazingly beautiful day/weekend.
It was a really great energy all over Park Slope this weekend. Beautiful weather, lots of people out, stoop sales, so many new stores open on 5th avenue.
If you haven’t checked out the frozen yogurt place, Oko on 5th, you HAVE to.
It’s better than Pinkberry.
Brisk means look in any real estate office window in Park Slope or listings online and you see very few things for sale in the neighborhood. Brisk means multiple bids on properties.
Decent anything in Park Slope stays on the market for a short amount of time.
The 2.7 million total fixer near me at Berkeley Place was on the market less than a month.
But you’re right 11:06, nothin is sellin.
I understand that you don’t seem to like Park Slope and that’s fine with me, but don’t talk out of your ass and make shit up to support your cause. Just say you don’t like it and move on. It would be great if sales in Park Slope were less brisk, so some of us who love it here might have a chance to continue moving up the real estate ladder.
That isn’t happening now.
Something tells me that people who are looking for something to do on a weekend arent going to be checking out open houses in cookie-cutter 2br condo apartments on 4th Ave in droves – you might have an argument if these were gorgeous Brownstones but you’d have to be desperate for entertainment or in the industry to trek to open houses in these types of developments – clearly the vast majority of these people were shoppers (although obviously not necessarily buyers)
What is funny is they never quantify the numbers sold in Park Slope and other “high-end” neighborhoods. What do the statistics mean if 200 homes sold in Bed-stuy; but 60 sold in Park Slope and 20 in Brooklyn Heights?
How do they define “Brisk” ?
busy open houses doesn’t mean offers and closed deals. It just means people got back from summer vac and want to do something with their sundays. Hell, I went to two to look-see as well .. but they sure as hell aren’t moving at these prices.
And I’m not talking 400k studio alcoves for 1st year law slaves, I mean the 750k to over 2m range.
Yup, the Park Slope RE market is still percolating along just fine. The open houses I visited were quite busy.
Did anyone go to the 3.4 million Berkeley Place house?
Bed-Stuy itself is a tale of (at least) two worlds.