Market Report: A Chill In Former Hot Spots
The Wall Street Journal has an eye-opening article about what’s happening in some of the formerly frothiest markets around the country. In parts of Florida, California and Arizona, where home builders have been constructing new units at a furious pace in recent years, the market has reversed quite sharply in recent months: Homes that just…
The Wall Street Journal has an eye-opening article about what’s happening in some of the formerly frothiest markets around the country. In parts of Florida, California and Arizona, where home builders have been constructing new units at a furious pace in recent years, the market has reversed quite sharply in recent months:
Homes that just last year were selling so rapidly that they stayed on the market for just days or even hours are now languishing without buyers or even prospects. Many once-booming markets are seeing double-digit declines in sales. The Florida Association of Realtors reported recently that sales of existing single-family homes were down about 20% in February when compared to the same month a year ago — and they were off as much as 47% in Naples. In California, sales dropped 15% in February compared with last year, led by a 30% decline in Sacramento, according to the California Association of Realtors. February sales were off year over year by about 19% in Washington, D.C., and down about 25% in and around Phoenix.
This isn’t the case everywhere. Prices in “bargain” cities like Indianapolis, Albuquerque, and Houston are still rising. As for Brooklyn? A broker told us just last night that she thought the balance of power has shifted to buyers. Along those lines, check out Curbed’s report on the price cuts at 55 Berry. Whoa!
Hot Homes Get Cold [Wall Street Journal]
Anon @ 2:18 “amazing housing” in E NY and Bushwick
Have you ever been to ENY or Bushwick??? The housing stock in the broad stretches of both these neighborhoods (with the exception of a pocket here or a street there) is crappy @ best.
The only person who has used the word “white” here is The Brooklyn Gentrification Collective. His/her posting was clearly a spoof. You need to lighten up.
Sorry, but I just check the dictionary and gentrification means the “restoration and upgrading of urban property by the middle class”. The was no mention of “white people moving in”. Please note that the “middle class” does not have members who are in minority groups. The thinly veiled racism on this site is shocking.
sorry Sunset parks 72 pct was the 3rd best pct as far as crime stats in 2005. they are leading in 2006 so far, but the year is very young.
Some of you are saying that a neighborhood’s prices can fall while it is gentrifying. Can any of you think of a single example of when this has ever happened?
Yes the Sunset Area is made up of many Asians and Puerto ricans but in the last 6 months to 1 yr it has begun to get gentrified with the Gay Lesbian move into the nabe. Looks like the crime Stats tell the story.
Just looked up the crime stats last year 6 homicides , not bad. So far 1 this yr looks like they were the safest behind the 76th in the most important categories. Including burglary,homicide,auto larceny,larceny,robberies,assaults. Looks like 72 pct Sunset Park is top for low crime.
Anon 03:42 PM, the ‘collective’ might sound a bit crazy. But think about it. How do you think neighborhoods like “Marine Park” become ‘exclusive’?
It is way off the beaten path but at the same time it is probably more well-heeled than Brooklyn Heights. It has some attractive features such as canal-ways and waterfront views/access. But it’s stay way out in the boondocks.
I think a lot of this stuff happens via word-of-mouth. So a collective would just be a way of formalizing the word-of-mouth process.
Can someone please find crime stats for Sunset Park? I’m hearing something completely different from the glossy post above. Appears sugar coated by the self-interested.