Has the Buyers' Market Come to Brooklyn? Duh.
HMS Associates released some dismal, but not surprising news yesterday: Average Brooklyn home prices dropped two percent to $695,285 in Q3 of 2008 (from $708,457 in 2007), as opposed to a three percent rise in the first quarter and an eight percent rise in the second; we had one percent more sales (from 988 to…
HMS Associates released some dismal, but not surprising news yesterday: Average Brooklyn home prices dropped two percent to $695,285 in Q3 of 2008 (from $708,457 in 2007), as opposed to a three percent rise in the first quarter and an eight percent rise in the second; we had one percent more sales (from 988 to 999). Now for more not-very-surprising neighborhood breakdowns: prices were up in Brooklyn Heights and Prospect Heights and down in Sheepshead Bay, Greenpoint and Park Slope (well, maybe that’s a wee bit surprising). The number of homes sold went up in Carroll Gardens, Williamsburg and Marine Park and went down in Greenpoint, Fort Greene, and Brooklyn Heights. Bed Stuy, East New York and Brownsville weren’t included; had they been, the average prices would surely have been much lower. Poor Bed-Stuy was recently named by CNN as having one of the highest foreclosure rates in the country. We know our readers are very skeptical of numbers, but the authors of the study say they translate to one thing: a buyers’ market. Agree?
Photo by bondidwhat.
Oh wait, of course, Oliver, you’re buying property that is way over the jumbo limit. Interesting. Does that mean all buyers of plus-$500,000 townhouses in Brooklyn (even with credit scores over 750) will need to put 50 percent down? That will put a crimp in the number of people buying such houses, for sure, but I still don’t see a big run-down. Most people will just sit tight.
Oliver, how can this be? Currently 20 percent is fine in Bushwick and Bed Stuy. Or could that be because prices in Bushwick and Bed Stuy have already declined 40 percent since 2005? Have you checked with a mortgage broker or another agent? Curious to hear more about this situation.
Snaps!
What, you missed your calling in proctology. You seem absolutely fascinated by matters pertaining to that field. Your bedside manner leaves much to be desired, however. You might want to work on that first.
is it a buyer’s market? sort of, i guess. According to my mortgage broker, because of the declining value of real estate in my neighborhood (Fort Greene), they want a 50% down payment. I’m just an MD trying to enjoy my life, and I still can’t afford to own my own home in this city.
“As to the rest of your post, I feel like I didn’t get the decoder ring that allows me to understand your logic. I give up.”
Let me help you. Remove your head out of your rectum. Ah better now…
Greed+ Delusion=Fail
The What
Someday this war is gonna end…
What……Wha??????
You must have been selling to mostly flippers and scoundrels, not normal people. Sheesh.
As to the rest of your post, I feel like I didn’t get the decoder ring that allows me to understand your logic. I give up.
Aussie – a quick P.S. – today’s HOTD on Lincoln Place is on the market for over 2.5 (almost 2.6)., and last traded, just 4 years ago for about half of that, 1.3+mil. So, would I feel sorry for the seller if, say, this house sold for 1.8-2mil? Probably not. Sure, they may have spent money on renovation, but I highly doubt they spent more than 500-600K. If they walk away with “only” 100-200K in profits, or, if the worst case scenario for them is that they break even, is that really so bad?
“Dow, you and the What are wrong regarding those who may be going into forclosure from ignorance. Education and awareness would have saved quite a few from losing everything. Not everyone is greedy, too many are just ignorant.”
No MM I am a Real Estate Broker and I will tell you 80% of the buyers who came into my office was delusional and greedy. 2002-2007 was the Mutant Asset bubble and the mortgage production out there was nuts! 106% financing Stated income, Stated Assets, one day out of Bankruptcy (NO BS), 1% teaser rates, Just sign you life away! You will never see that crap again in your or my life! Paulson if demanding the Banks loan out the money they got in the 700 billion dollar tax slave rip-off and the banks are telling Paulson to “Get Bent”!
Here Morris put that “Ivy League” education to work!
Paulson Lacks Leverage to Make Banks Put Cash to Work (Update1)
http://www.bloomberg.com/apps/news?pid=20601087&sid=amZ3uCIUB8GQ&refer=home
Treasury officials acknowledge they can’t force banks to get the taxpayer money into the hands of their customers. Instead, officials are betting that the government’s investment will create conditions where banks have a greater incentive to earn profits from lending than to hoard money to shore up their balance sheets.
Ivy League Huh?? Those are the Asshats who has Jacked (I can’t curse) everything in America and most likely we are in a Depression!!!!
“It’s no wonder people foreclose. Can you imagine if you barely speak English? There should be a law. Greed is the least of the problems, here.”
No Morris Greed, Delusion and Stupidity…
The What
Someday Morris put her nose down….