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]
Yeah, Babs, I usually agree with you, but I live 1 block from the Nostrand station and it’s great! I’m also restoring my house and will have 2 very real apartments to rent, both of which I’ll post on Craigslist (and elsewhere).
BTW, I’m 4:55 and do lots of postings under “anon”. I’ve finally given myself a name!
Babs–wonderful, thanks a million!
Aww Babs, what’s wrong with the Nostrand station? It’s been my stop for over 20 years, and I have a perverse fondness for it and I know it’s not as airy as the Utica A station. Since they closed the Bedford entrance, you can’t cross over from uptown to downtown anymore, but at the time, ten or fifteen years ago, it wasn’t too safe to do that anyway. I do admit the lower level used to get a little savory, but the whole place is much cleaner than it used to be. Even the rats look cleaner these days.
I concur anon 4:55 I’ll pass on waking up at the butt crack of dawn to catch the train all the way from Sunset Park to the city. plus, lets just face it, as far as I’m concerned Bed Stuy is a much better neighborhood!
4:41, I think that was anthrax, not ebola. Let’s get our killer plagues correct here.
Nice to see we could get almost 80 comments before the anti-Bed Stuy trolls woke up.
Gloworm, the best areas of Stuyvesant Heights are in the historic district (here’s a map: http://www.nyc.gov/html/lpc/downloads/pdf/maps/stuyvesant_heights.pdf), but I’d say for safety and convenience the really prime areas would be between Lewis and Stuyvesant Aves.
By convenience I mean closeness to the A express train — the C (at Kingston/Throop, not to mention Clinton Washington in Clinton Hill and Lafayette Ave in Fort Greene) just runs too infrequently at rush hour. And for safety I prefer the Stuyvesant Heights area — although there are some lovely blocks between Marcy and Throop, there are still some sketchy areas and I’m not really fond of the Nostrand Ave. subway stop.
And don’t waste too much of your time on Craigslist — half of the ads aren’t real, or are inacurrate in terms of location. You should use a good, reputable broker instead — check out Corcoran or some of the other ones Brownstoner links to here. I don’t work for Corcoran, but I know the people in their Fort Greene office very well — they’re all good, knowledgeable, and honest agents, who won’t waste your time showing you listings that are either out of your budget or don’t meet your criteria.
None of the biggies has opened a Bed Stuy office yet, but Corcoran’s Fort Greene office has many people who live in and/or know Bed Stuy very well.
Good luck!
interesting that they quoted someone from brown harris stevens they do not have ONE listing in bed-stuy. how are they competent to comment on the market there? cur!ous really.
John, in answer to your question….I chose to live in Bed Stuy rather than Sunset Park because I loved the feel of the neighborhood. It may come as a surprise to some people, but those of us who have moved to Bed Stuy actually love it here and would do it all over again even if prices were the same as other parts of Brooklyn. I grew up in Midwood and it’s been my goal most of my adult life to move CLOSER to the city. Sunset Park, Bay Ridge, Ditmas, etc all seemed too far out there. To me, that’s fringe, as is Windsor Terrace. I don’t mean to offend anyone from those neighborhoods, maybe I’m just a self-hating outer Brooklynite. Ron, I’m glad you won’t be visiting my ghetto anytime soon.
David, you think rental income is more closely tied to salary? The same could have been said about home values a few years back. People pay to live at an address; whether it’s for financial investment reasons, or prestige, safety, or otherwise.
I expect a similar kind of ‘irrational exuberance’ to occur in the rental market once the sales market goes soft. Demand for rentals will drive prices up as more of the ‘moneyed’ crowd pay more for neighborhood, architecture, views, details, etc.