Red Nabes Lose: Condo Price Cuts all the Rage
All the neighborhoods in red above saw more price decreases than increases on condo units between mid-February and mid-May, according to StreetEasy numbers the Real Deal crunched. The data shows that there are more price cuts these days than price increases in both Brooklyn in Manhattan. In Brooklyn, there were cuts at 183 units, with…
All the neighborhoods in red above saw more price decreases than increases on condo units between mid-February and mid-May, according to StreetEasy numbers the Real Deal crunched. The data shows that there are more price cuts these days than price increases in both Brooklyn in Manhattan. In Brooklyn, there were cuts at 183 units, with the average price decrease totaling $42,195. At the same time, there were 103 listing increases averaging $34,660. The stats for Williamsburg are probably the most interesting: The neighborhood had the greatest number of price changes, 104, but it ends up green on the map because there were a bunch of price bumps at Northside Piers. Take Northside Piers out of the picture and there would have notched 40 decreases and 11 increases. Clinton Hill and Park Slope fared poorly in the tally, with the former lodging reductions on 24 units and increases on only 3, and the Slope seeing a total of 18 decreases and zero increases. Brokers say the numbers for the two neighborhoods may have reflected listings where brokers/developers had loose definitions of the two neighborhoods’ boundaries (Bed-Stuy and South Slope, maybe?). Overall, not the prettiest picture.
Condos on the Chopping Block [The Real Deal]
Graphics from The Real Deal.
nobody in IT is affordin’ a brownstone in prime brooklyn. unless by IT, you mean senior management of software/internet companies. i work in front office at a hedge fund (for 1 year, 3 years sell-side) and i am nowhere near affordin’ one. even if i was, i wouldn’t in this environment. once you brokers all lose your jobs and your internet connections, the traffic on this site is going to fall off a cliff.
You can name 1000 cities and not one would compare to New York City. aka The center of the universe!
Brooklyn native you should know this. Unless your family was forced out 400 hundred years ago and you’re commenting from a Teepee in Arizona.
Brooklynnative, this is what you said:
“That said, I agree there is a migration to certain cities but at the same time, I think the internet will eventually reverse that trend.”
You mentioned traders at hedge funds as an example but you were making a statement about telecommuting and saying you think it will reverse the trend to move into cities.
You know when I first heard that theory about telecommuting meaning people could live anywhere so they’d leave the cities? In 1995. 13 years ago. Since 1995 there has only been stronger and stronger interest in living in cities. Telecommuting never resulted in people leaving cities.
Buying in a Park Slope right now is like throwing money out the window.
Buying in a Park Slope right now is like throwing money out the window.
In Wisconsin I would instead point out Madison, WI which has made headlines as one of the college towns (it’s also the capital) to have held its values during this downturn. Brooklynnative. Milwaukee hasn’t done well for many years because it has lost industry. Kind of a very specific factor that has nothing to do with the mortgage crisis.
College towns and cities that are cultural centers all over the country are totally holding their values better than the suburbs.
I am SO not backing down from that statement. Deal with it.
Blah blah. Just admit that you WANT all this to be true, Brooklynnative, for your own personal political reasons. People should know that as they read all your little references you managed to cherry-pick and twist here and there. The mortgage crisis happens to be very convenient for you. You forget there have been chicken littles on this blog for years, well before this mortgage crisis.
You and The What are trying to force a change in a very long established trend of migration back into urban cities, by creating some kind of panic. Doesn’t that sound pathetic to you? It does to us.
Especially because density is good for the environment. So you’re basically anti-environment by trying to encourage suburban sprawl. Wow, you guys really are winners in every way.
Who the hell argued that because people need a home office…they will move to Greenwich CT.” Jeez, it’s real easy to refute someone when you put words in their mouth. I don’t even know why I would bother debating such a retard. I’m outta here.
Just one data point:
In our condo in PS (30apts 1 and 2br) about 25% of th owners one way or another depends on Wall Street – IT at banks, quants, IB, hedge fund people. lawyer and so on. No high-level traders though except the one that is moving to CT now.