Brownstone Market: Trouble on the Fringes?
This month’s issue of The Real Deal has an article about the ramifications of a cooling real estate market in Brooklyn (despite the debatability of that assertion). TRD contends that the more “farflung” nabes are the most vulnerable, pointing not only to some price reductions in spots like Bed Stuy as well as signs of…
This month’s issue of The Real Deal has an article about the ramifications of a cooling real estate market in Brooklyn (despite the debatability of that assertion). TRD contends that the more “farflung” nabes are the most vulnerable, pointing not only to some price reductions in spots like Bed Stuy as well as signs of mortgage lenders becoming more stringent about appraisals and comps. One Brown Harris Stevens broker claims that houses in Bed Stuy that may have been selling for for around $800,000 a few months ago now have asking prices closer to $600,000. Maybe, but frankly we haven’t seen many examples of such a dramatic shift. Sure people are being more deliberate in the search and may be less likely to plunk down a million bucks for a wreck in a less proven area, but 25% decreases are the exception not the rule as far as we’re aware.
Doubts on Fringe of B’kln [The Real Deal]
As the demographics in brownstone Brooklyn continue to change, then why wouldn’t the prices continue to change?
The Yuppies are coming!!!
This is a trend that doesn’t seem to be slowing. Until it slows, townhouse prices in Brooklyn will continue to rise.
Nothing wrong with the Nostrand Ave station or area per se, I just prefer Stuy Heights. And, yeah, that two level system is annoying!
Wish we had a Citibank down here in PLG, but even so, with Carver and Chase both at Empire Blvd., I’m closer to a bank than I ever was in Fort Greene!
I actually meant UN-savory, as in stinky, but was typing while also on the phone, and the brain stopped working.
Utica Ave is definitely a more residential vibe. The Nostrand stop is totally commercial when you step from the train, which is great, as you are within a block of banking, supermarkets, shops, etc. Very convenient to be able to pick up a few groceries or go to the cleaners or the bank.(We have 4: Citibank, Chase, Wash. Mutual and Carver Federal Savings – not bad for the hood!)
Welcome to the land of the labelled, Yente! I moved to Crown Heights about 2 years ago and use the Nostrand station too. My only beef with it is that it hasn’t been renovated but considering that the City has never been that interested in fixing up the stations outside of Manhattan, I doubt it will happen anytime soon. But I love it here too ( and frankly feel neither ignorant or stupid, thank you very much Ron & John). Some people just feel the need to trash other neighborhoods and people- it’s in their nature. They hate knowing others are enjoying people and places they are incapable of. Sad for them, good for Bed-Stuy. By the way CHP- did you mean “savory” as in smells great or ewwwwwwww? 🙂
RE my 5:29 comments, I meant LM residents are NOT dependent on rental income. sorry…
RE my 5:29 comments, I meant LM residents are NOT dependent on rental income. sorry…
Babs — I live on macdonough between stuy and lewis but I really REALLY love the brownstones on Throop further north although I agree that the Nostrand Ave stop isn’t the best but there’s more on that end of Fulton. its a trade off I guess, I think people who want piece and quiet would prefer south of Nostrand in stuy heights and ppl who prefer a shorter walk to Subway and Golden Krust would prefer north :-). someone also mentioned that the utica stop is more airy and I can buy that I like the Utica stop better only because I don’t want to have to walk up or down stairs to take the express/local. anyway, I respect your opinion nontheless the area is really nice. on a side note — what’s the word on that brownstone near nostrand that the guy renovated and was selling as condos I love that idea, if I had the money I’d look into that…
Bob Marvin, RE the Lefferts Manor comments. You make a good point that LM residents are dependent on rental income to pay the mortgage. That should keep the area from having a run of owners who need to sell quick before they forclose. However it won’t change whether or not people are willing to pay large amounts for the area. And if the economy as a whole gets softer, not having the rental option will be a real negative for some buyers.
Comparing Bed Stuy and Sunset Park is really apples and oranges. The housing stock is very different. While I know I’m generalizing here, from a traditional brownstone lovers perspective the Bed Stuy homes tend to be larger and more attractive. Sunset Park may be statistically safer, but I feel no better walking at night on Fourth Avenue than I do on Fulton Street.