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]
>>One thing is for certain, those numbers will worsen if Thompson becomes mayor.
YAY! let NYC burn!! this way, i can pick up a brownstone in bedstuy for 100k!
ALL BITTER RENTERS SHOULD VOTE FOR BILL THOMPSON!!!
The lower class shall rise again!
DS, you cannot tell me that you believe Thompson will do a better job than Bloomberg.
Get out of your brass framed shower stall and smell the coffee.
> One thing is for certain, those numbers will worsen if Thompson becomes mayor.
Whatevs. You just don’t want to see Bloomie the Wall Street Fluffer voted out of office.
Have your wife call me.
BHO, what happened to our bitter renters’ gathering (read: the lower class get-together)? Can you round up Miss Muffett and antidope?
By the way, I am voting for our boy Bill thompson next tuesday and am working on my wife to vote our way as well.
**keeping my fingers crossed!!**
What about the PRE-foreclosure numbers? I’ve been asking this for a while but no one seems to have a handle on it.
***Bill Thompson for Mayor (TUESDAY!!!)***
Posted by: Brownstones Half Off at October 30, 2009 2:24 PM
One thing is for certain, those numbers will worsen if Thompson becomes mayor.
“Discounted Brooklyn brownstones coming to market, but not in prime neighborhoods.”
Wrong. Prime too.
What about the PRE-foreclosure numbers? I’ve been asking this for a while but no one seems to have a handle on it.
***Bill Thompson for Mayor (TUESDAY!!!)***
It’s too much work for me now, chicken
m4l, good to hear that. I hope they make it a real nice spectacular place. It deserves it.
>>DIBs, that place is in contract a few days ago
what price, does anyone know?