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]
Yeah, BHO, the rapid rise in home prices was all Bloomberg’s fault. It didn’t occur anywhere else in the country and he is fully to blame and it never would have happened with Thompson.
I’ve never seen anything posted here as ridiculous as that point of view.
>>I’ll be bringing my shotguns in from the country house. They’re both double barrell.
Dave, just messing with ya’. I am taking advantage of your weakened state to rile you up with some outrageous comments. LOL!
BHO, what do u do for a living? You sound very smart and educated. Are you an economist or something like that?
“YOU DON’T ACTUALL BELIEVE THAT DO YOU????????”
I do but no thanks to Thompson. It was the home price Ponzi Scheme.
***Bill Thompson for Mayor (TUESDAY!!!)***
“Mopar is right, anything under $500-600,000 comes with HUGE problems.”
I see it differently. Anything NOT considerably UNDER $500-600,000 in Bed Stuy comes with HUGE losses.
***Bill Thompson for Mayor (TUESDAY!!!)***
Similarly, those numbers would have improved had Thompson ran and won the past two terms.
Posted by: Brownstones Half Off at October 30, 2009 3:05 PM
ROTFLMMFAO. YOU DON’T ACTUALL BELIEVE THAT DO YOU????????
BWAHAHAHAHAHAHAHAHAHA
“One thing is for certain, those numbers will worsen if Thompson becomes mayor.”
Bloomy too. No mayor can stop what’s coming. Similarly, those numbers would have improved had Thompson ran and won the past two terms. It was said before, Bloomy rode the wave of Ponzi finance where RE only went up, up and away!
“BHO, what happened to our bitter renters’ gathering…”
Change the title. We’re not bitter anymore. The sellers and landlords are! Yeah my wife was on the fence too but I rescued her.
“If he wanted a third term, he should have put that to a vote by the people, but he didn’t.”
Welllllll, those same people better show up on Tuesday!
***Bill Thompson for Mayor (TUESDAY!!!)***
I’m not sure how bad it would get under Thompson. No, it won’t be 1970s-1980s but he’ll likely give in to everything and bust the budget.
He will not be as good as Bloomberg and I don’t think you can argue that.
The term limits issue was decided in the courts. yes, he pressured everyone to vote to overturn them but that’s politics. If you don’t think there will be despicable politics with Thompson then you’re living in a fantasy world.
Now…back to Bd Stuy real estate.
Mopar is right, anything under $500-600,000 comes with HUGE problems.
I’ll be bringing my shotguns in from the country house. They’re both double barrell.
Bloomie’s time is up. I can’t abide a person who treats this city like a banana republic. If he wanted a third term, he should have put that to a vote by the people, but he didn’t.
Please, do you really believe the city will return to the “bad old days” if Thompson is elected?