Foreclosures Rise as Condo Prices Sink
There’s plenty of bad news about the state of the market today. First off, the Post has a report that foreclosures in Brooklyn and Queens spiked in October. Brooklyn foreclosures were up 50 percent this October over 2006, going from 815 to 1,200, according to data from RelatyTrac. (Queens foreclosures, meanwhile, shot up a frightening…
There’s plenty of bad news about the state of the market today. First off, the Post has a report that foreclosures in Brooklyn and Queens spiked in October. Brooklyn foreclosures were up 50 percent this October over 2006, going from 815 to 1,200, according to data from RelatyTrac. (Queens foreclosures, meanwhile, shot up a frightening 120 percent.) And the new development market isn’t looking all that great either, according to an article in today’s Sun. About a dozen condos across the city have slashed prices by as much as 13 percent over the past few weeks, according to StreetEasy data. In Brooklyn, there were price cuts at Bushwick’s Evergreen Terrace and The Washington in Prospect Heights. “A lot of this is about staying alive,” says Prudential Douglas Elliman’s managing director for new developments, Andrew Gerringer. “You want to hang in the game, give an adjustment to your pricing and keep moving.”
B’kyln, Qns. Foreclosures Soar [NY Post]
Signaling Cooling Market, Prices Cut at New Developments [NY Sun]
What's Your Take? Leave a Comment
For all you out there making negative comments against developers… I work for a developer and I want to make something clear. There were MORTGAGES paid out to people who really couldn’t afford to buy a home that, in my mind, were ILLEGAL!!! All this “creative financing” is all hogwash to me and I couldn’t believe the amount of people who bought mortgages like that. All these people are insane!!!! How could they NOT consider the consequences???? I really don’t feel bad for these people because they should have taken into consideration all the what ifs with this. Buying a house is a BIG DEAL. How can you NOT take all the what ifs into consideration? (such as would I be able to afford this mortgage if the rates go up?)
The reason for the housing crisis is simple. Our country has been going through a time where everything is being based upon a fake economy. These creative mortgages, as they say, are one of the reasonings behind this fake economy we live in now… the other is all the credit debt everyone seems to be facing on a yearly basis!!!
As for affordable housing, I work for a developer who is in the business of affordable housing. You don’t need to place the blame on the sales prices on the developer, because with affordable housing it is, (get this) THE CITY OF NEW YORK (HPD, HDC, Partnership) who DICTATES to us what the sales prices should be. And, the developer doesn’t make too much of a profit with affordable housing. We’re only doing this for the people in the City of New York to help them better their lifestyles.
We’re the ones who are arguing with city agencies about how ridiculous and unfair their original sales prices are that they want us to market for.
So, trust me, the developer only develops what is in the plans AND the developer basically takes orders from City agencies (like HPD) in terms of when to hold lotteries, what the sales prices are, what kind of people to market to, etc.
If anything, don’t blame the developers… blame our confused City agencies for all the sales prices on affordable housing.
Hey 3:44 I hope you stick to your words in 08.
The Main Steam Media is a bunch of bullshit. America is living off of CREDIT and DEBT. I will not go into a rant, it won’t any difference.
The What
Someday this war is gonna end….
“so here’s the objective point of view, considering the incessant negative skew the liberal media continues to put out to favor democratic candidates.”
Hey, I’m a lifelong DEMOCRAT, and I happen to agree with pretty much everything you said! So lighten up on blanket “liberal media” labels.
so here’s the objective point of view, considering the incessant negative skew the liberal media continues to put out to favor democratic candidates.
-while forclosures were up in Brooklyn and Queens, this was expected and the numbers are not huge compared to other parts of the nation.
-one would expect forclosures to increase in a cyclical type market where the previous years saw unprecedented gains, it’s part of the equation after all; unprecedented gains lure speculative investors without the true means to weather the rough patches, what did we expect..the end of forclosures?
-in a stunning rebuke to conventional wisdom, Staten Island and Manhattan held their own in the forclosure stakes with nothing negative to speak of.
-the second quarter Gross Domestic Product of the nation came in at a staggering 4.9% gain, once again defying all the NYTimes zombies who were waiting for the “recession” of their wet dreams to appear in time for the next election.
-New Housing purchases were UP last month. That’s spelled U P, as in , people are buying homes.
-Online consumer spending and Black Friday spending were unexpectedly HIGH, as in people must be doing alright out there to be buying stuff.
-Wall Street has been posting huge gains in the past couple of days, once again digesting the interminable “subprime meltdown” mantra that the liberal media is putting out, and spitting back the fact that corporate earnings aren’t that bad after all and the subprime mess has had it’s 15 minutes of fame.
I’ll await the vitriol and venom from the liberals who just wanted a recession for Christmas but are still sucking their thumbs in the corner because they never had the cajones to buy in when they had a chance. And by the way, it’s still not too late, there are plenty of homes out there in Brooklyn in the 300-500k price range in case you’re still interested. Just don’t expect anyone to hand you a brownstone.
“Here folks, this is what happens in a meltdown. It just begun. LMMFAO”
OH! It’s JUST BEGUN! Who knew?? I thought we were already there!! My mistake. Boy, this is confusing!
Here folks, this is what happens in a meltdown. It just begun. LMMFAO
Florida suspends withdrawals from state investment fund. <-- State now ya hear! http://www.orlandosentinel.com/news/local/state/orl-bk-statefund112907,0,5698387.story?coll=orl_tab01_layout
The What
SOMEDAY THIS WAR IS GONNA END…. sorry was this over the top?
“America is toast, thanks to all the greedy fuckers out there.”
Timeframe?
I used to think the same way, yeah America is badass man! But 911 came and I said “It’s different”, like now.
I think it has already started, they are just trying to find the best option.
The What
Someday this war is gonna end..
“America is toast, thanks to all the greedy fuckers out there.”
Timeframe?
12:11 here,
Thanks, Bob!