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]
DIBs, that place is in contract a few days ago
DIBS, has that place not sold yet? Why not see if they will entertain a lower offer?
BBB, i still want that freestanding 1830s frame on the corner of Adelphi & Lafayette. It’s just TOO big of a renovation to manage, like a second job.
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.
Well, then maybe you ARE right, a rate of 12.5% can be financial ruin. I’ve traded about 20 houses over my llife ( a lot were spec rehabs, mostly in Chicago) and I think I’ve only used a 3 year ARM twice. THEY ARE TOO RISKY.
Well, then maybe you ARE right, a rate of 12.5% can be financial ruin. I’ve traded about 20 houses over my llife ( a lot were spec rehabs, mostly in Chicago) and I think I’ve only used a 3 year ARM twice. THEY ARE TOO RISKY.
>>I have two places. The one I live in I am way up on and I purchased an investment property in Fort Greene in 2006. Given the current rental market I will be paying out of pocket to service the debt. I can afford to hold it but I am not sure I want to be paying the bank to manage there property for however long this downturn lasts.
would it be fair to say that fort greene’s real estate prices are below the level they reached in 2006, and possibly to 2005?
>>What rate were they offering on your loan. I think the ability to lock in low rates certainly has a big effect on everything.
They were going to offer a low introductory interest only rate of 6.25% for 2 years for my Alt-A loan. But the rate would have jumped up to 12.5% by the mid of this year.
I dont know where that place would sell today. It is in crown heights. My wild guess is at least 75k lower, or $575K
mopar..she’s getting 1700…not sure if that’s before or after the 18% cut….i get 1,200