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
I dont know about that 10:40 – I was on 4th Ave in PS this weekend and based on the number of people checking out the new condos down there – Novo, Crest, Heritage et al as well as some resales…. you’d think they were selling for $200 a sq ft.
I have no idea if all that looking translate into sales – but the amount of people ‘shopping’ was unreal and totally out of sync with the national housing/mortgage realities.
yikes.
frozen, 10:40?
how many open houses in park slope were you at this weekend?
i was at 2. i could barely move in either.
“The report is speculative, subjective and draws conclusions that don’t necessarily hold water, to say the least.”
Why does this sound exactly like the lawyer Kramer sometimes gets tangled with on Seinfeld? Just say it in his voice, and you’ll see ..
I agree with 10:31.
six months is a long time. Take a look at the sales for the last one month vs last year.
The market has all but frozen, even in gold plated park slope.
The report is speculative, subjective and draws conclusions that don’t necessarily hold water, to say the least.
once again they’ll be nearly giving away those low income area homes. all those folks who over paid for bed stuy would be crying about now.
Can I give you a Bed Stuy brownstone instead?
No. Now, give me my $1m.