Letter Urges Williamsburg Homeowners to Sell Due to “Major Correction”

Photo by Cate Corcoran

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A Brownstoner reader who lives in Williamsburg was incensed to receive a letter urging him to sell his townhouse.

“It makes my blood boil,” he told Brownstoner.

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These solicitations are a dime a dozen, as any homeowner in Brooklyn knows. But this one, from a Manhattan-based real estate investment and management firm, claims market conditions have led to a “major correction” in the New York real estate market and “property values have seen a major decline over the past six months.”

“If this is anything like the bubble of 2007, values will continue to drop over the next five years,” the letter said.

Brownstoner, for its part, reported home prices in New York City slowed their appreciation in the fourth quarter — but that’s a far cry from “major decline.”

Our reader said he thought the firm’s tactics are deceptive and unfair.

“Unlike the solicitations I’ve seen in the past there are flat out lies in here designed to scare owners who don’t know any better,” he said. Perhaps some community groups could use a heads up to tell their members to beware if they receive letters like this, he added.

What do you think?

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