Report: Foreclosures Hurting Prices in Bed-Stuy
Small multi-family buildings in lower-income neighborhoods of Brooklyn have been particularly hard hit by the housing crisis, according to a new report from TerraCrg Commercial Realty Group. As reported in The Real Deal, 80 percent of foreclosure filings in Brooklyn over the past year were for mortgages under $1 million and 51 percent of non-residential…
Small multi-family buildings in lower-income neighborhoods of Brooklyn have been particularly hard hit by the housing crisis, according to a new report from TerraCrg Commercial Realty Group. As reported in The Real Deal, 80 percent of foreclosure filings in Brooklyn over the past year were for mortgages under $1 million and 51 percent of non-residential mortgages were for three- to four-unit residential buildings; the article also notes that “the majority of the foreclosures took place in lower-priced neighborhoods like Bed-Stuy and East New York.” The result? “A bevy of three- to four-unit residential buildings in Bedford-Stuyvesant can be had for under $300,000.” No big surprises here, though the headline tries to put a positive spin on the news: “Discounted Brooklyn brownstones coming to market, but not in prime neighborhoods.”
Discounted Brooklyn Brownstones Coming to Market [TRD]
But agree you could find a two-family in MOVE-IN condition for $500,000 in a good area of Bed Stuy such as Halsey near Lewis or Throop. I know someone who did. And you can get a 30-year fixed with 3.5 percent down. Fantastic for first-time buyers.
Of that I have no doubt, dear DIBS, heh heh.
And mostly I’m just messing with you because it’s Friday and I’m in a poking mood.
Posted by: DitmasSnark at October 30, 2009 4:35 PM
This is far from the first poking I’ve had this wee, here on Brownstoner or elsewhere.
> Yeah, and a Thompson administration certainly wold be “crony free.”
I’m not saying that.
I’m saying that Bloomberg is far from “not being beholden.”
And mostly I’m just messing with you because it’s Friday and I’m in a poking mood.
> But there’s no evidence that he’s done something for the
> benefit of all people with a net worth or income of XXX.
Of course not. Crony capitalism is for cronies.
Posted by: DitmasSnark at October 30, 2009 4:00 PM
Yeah, and a Thompson administration certainly wold be “crony free.”
COME ON DITMAS, YOU’RE SMARTER THAN THAT.
yeah, i was not thinking that i would have ever needed to pay 12.5% because the prevailing thinking back then was that the price of the house would have appreciated sufficiently in 2 years to allow me to re-finance at a lower rate.
Posted by: stevieb at October 30, 2009 1:55 PM
Yeah, that thinking (that nothing ever goes down) is the SINGLE biggest reason for the mess we are in now. And even Greenspan said it.
> you can only tax people so much until there’s nothing left to tax.
I don’t think we’re in imminent danger of that. Taxes on the wealthiest in this country at the lowest they’ve been in decades.
“I’ve always thought that if I wanted to invest in multi-unit properties these would be a good investment, assuming right building, and deep enough pockets to carry through vacancies, repairs, whatever.”
MM, 8 unit buildings are stabilized, no? Hard to make a case for a stabilized property as a good investment unless there are special circumstances.
Whoa, Dave, don’t get carried away. I said $400,000 to $600,000. Our place was in the 400s.
Luckily, it turns out to have fewer issues than we feared. We upgraded the electrical, put in a new boiler, and are refinishing the floors and painting.