Market Update: Bad News For Subprime-Stunned Nabes
A Crain’s article features some pretty grim sales data from Brooklyn-based appraisal firm HMS Associates. It goes a little something like this: Bed-Stuy, East New York, Brownsville and Ocean Hill are looking kinda screwed right about now. Sales volume in the four neighborhoods, which were hit hard by subprime lending, is down 64 percent over…
A Crain’s article features some pretty grim sales data from Brooklyn-based appraisal firm HMS Associates. It goes a little something like this: Bed-Stuy, East New York, Brownsville and Ocean Hill are looking kinda screwed right about now. Sales volume in the four neighborhoods, which were hit hard by subprime lending, is down 64 percent over the past six months, and prices are nudging down. Financing is simply not available, says HMS Executive VP Sam Heskel. Sales are down all over, but in subprime neighborhoods, you see it more.
Brooklyn Starts to Feel the Real Estate Pinch [Crain’s]
Photo by Reid Harris Cooper.
The Bed Stuy market is crashing? Gee, I never saw that coming!! Who would have thought? What’s next? The zillions of new condos won’t sell? Developers will pull out of new construction, leaving gaping holes in the ground? Could it really be?
lemme try:
1) This is all due to Atlantic Yards!
2) The international investors (Irish carpenters?) will save Brooklyn
3) Article is clearly written by a bitter rent-stabber
4) The laid-off Wall Street financiers will sell their Manhattan pads and buy in East New York, saving the market
5) Lower prices mean it’s the perfect time to BUY BUY BUY
is that enough?
Does The What really not know that he should be refraining from using profanity as opposed to “reframing?” If not, it kind of undermines any intellectual argument and he should probably stick with the profane ranting.
Hey What.
I like your posts without the profanity.
I am actually gleaming little bits of insightful information for once.
Keep it up!
(I will reframe from using profanity.)
There current credit crunch is not easing, in fact it’s getting worse!
Like the Clear Channel Communications deal. This deal was for 19 Billion dollars but, the bank could not find any one to buy the debt. No one want to hold debt on their books!
Major Buyout Deal
Is Close to Collapse
http://online.wsj.com/article/SB120647527104363151.html?mod=hpp_us_whats_news
The deal was typical of many made during the buyout boom of recent years, which was fueled by easy money and put such well-known companies as Dunkin’ Donuts, Neiman Marcus and Hertz Corp. into private hands. Private-equity firms loaded up the companies they bought with debt — in the form of bank loans and bonds — to finance their purchases. But the credit crunch has dried up the market for those loans, leaving some banks that arranged financing for buyout deals stuck with them.
Just like housing.
And… Remember I said that the BIG BOYS never lose. They will past on the loses to the Taxpayers, well….
Taxpayers May Be Liable From Bear, Mortgage Rescue
http://www.bloomberg.com/apps/news?pid=20601087&sid=a4ZyPj4AHfmU&refer=home
March 26 (Bloomberg) — Even as the Bush administration insists it won’t risk public funds in a bailout, American taxpayers may already be liable for billions of dollars stemming from Federal Reserve and Treasury efforts to quell a financial crisis.
You can ignore the current economic situation at you own peril!
The What
Someday this war is gonna end….
Ironically, that photo is of a building on Leonard Street in Greenpoint.
This guy’s got to get his talking points in order. It’s not that sales are down, it’s that inventory is low. And prices aren’t really falling — they just reflect a different mix of properties on the market. I mean, come on. Doesn’t he know that Brooklyn is insulated from what’s happening in the rest of the world? Prices never go down here.
left-wing conspiracy. or right-wing perhaps.
Lies.