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]
3:42 hillarious.
Anon 3:13–
I used Ft. Greene/Clinton Hill as an example because I’ve lived there for almost nine years and know it better than other neighborhoods. I’ve also seen really dramatic change, most for the better.
I don’t know if I’d call BH, CH and PS super-gentrified, but they’ve been safe and comparatively affluent for a generation. It wasn’t that long ago that Fort Greene and Clinton Hill were being redlined, and sending your kid to a local school was not an option until very recently.
Sunset Park? Isn’t it all Asians and Puerto Ricans? I don’t know much about the nabe but would love to find out more.
Attention natives and sundry poor people!
I represent a collective of hipsters, gay people, and young white couples with babies and rectangular glasses! Our consortium wishes to acquire a considerable interest in your neighbourhood for the purposes of Gentrification, Coffee-Shop-Building & General Improvement thereof!
Please secure us an offering of 30 to 40 of your most prime dwellings. Time is of the essence! Rest assured, our offer will permit you and your brood to purchase large televisions and sate your appetites in abodes most palatial in the interior hinterlands!
Couriers have been dispatched bearing this same offer to the communities of Bushwick, Sunset Park &c! Make haste to accept it! No man shall forestall Progrefs, but Opportunity shall flee like the wind!
To anyo 3:13 Sunset park is already starting to become gentrified as for East ny and Flatbush and some of those other areas you suggest . The crime stats are some of the worst if not the worst 75 pct in the city. Why would anyone want to risk there lives. Look what happen in Harlem the other day. These areas you have talked about are mostly Black areas where the people are not going to have you just move in and take over. I would not risk my life in Bed stuy, or East NY. Looks like Sunset park is the right move to make, Kennsington looks good to.
Sunset Park is on the move up up up
This is anon 02:18 PM, I’m not trying to discourage would be buyers. Just suggesting that they work collectively (if that’s possible) to buy into areas that are less under the radar. I had mentioned bushwick and east ny. but the same goes for Sunset Park, Kensington, Ditmas Park, Flatbush, Midwood, etc. Just pick an area and go for it. If enough of you focus on an area then the rest will follow. Find an area with lots of available listings and, infiltrate. It has to be timed well because if the agents and brokers get wind of it then the prices will go through the roof.
tinarina–
So Fort Greene and Clinton Hill are gentrified? Which makes Cobble Hill, Brooklyn Heights and Park Slope what, super-gentrified?
Somebody needs to make a chart to cclear all this up.
Good thing about Sunset Park there are no Housing Projects. = Low crime. Good for family. By the way Ps 1 is a very good school.