Residential Rents in Brownstone Brooklyn Receding
After ramping up in the spring and summer, residential rents in Brownstone Brooklyn began to ease in October and continued to decline through the end of the year. That’s the big take-away from Ideal Properties’ year-end report. Not surprisingly, supply was up by more than 50 percent over 2007 for one-, two- and three-bedrooms; the…
After ramping up in the spring and summer, residential rents in Brownstone Brooklyn began to ease in October and continued to decline through the end of the year. That’s the big take-away from Ideal Properties‘ year-end report. Not surprisingly, supply was up by more than 50 percent over 2007 for one-, two- and three-bedrooms; the number of available studios rose only 17 percent. With greater competition for tenants, the percentage of No Fee apartments also rose from about 2 percent to over 20 percent. Landlords aren’t getting too desperate yet though. According to the report, “unlike their Manhattan counterparts, Brooklyn’s prime neighborhoods’ landlords have not started offering ‘first month free [rent].'”
Bitter bitter bitter. I guess the what is a Renter. No wonder why you have no money.
Any PLG landlords have any input? I’m 2 blocks from the park and the Q, and have two 2br floor-through rentals, both of which rent for well less than the above chart but more than DIBS is saying prime Bed Stuy gets. Any observations from the PLG market?
MM…don’t bother arguing facts with BHO….he can’t even read the chart above that he quotes from.
Everything “just fine” here What….even had new money come in at the end of the year.
You got a clue what the market has been doing??? I think not.
Looks like your predictions are already reversing. You got one last desperate act!!!!!!??????
Highfalutin Borgoise Townhouse Landlords
vs.
Low Class Bitter Renters
Hey Dave here is some “Exit Strategy” that you and your Hedge Fund buds can work on!
‘Broken’ Billionaire Merckle Killed Self, Family Says (Update1)
http://www.bloomberg.com/apps/news?pid=20601087&sid=avBKayx4dJe4&refer=home
Jan. 6 (Bloomberg) — German billionaire Adolf Merckle killed himself, “broken†as his business empire crumbled under a growing burden of debt, his family said.
Merckle, 74, was hit by a train near his hometown of Blaubeuren, southeast of Stuttgart, yesterday evening, Die Welt newspaper reported. Merckle, whose holding company owes banks about 5 billion euros ($6.7 billion), owned stakes in HeidelbergCement AG and drug wholesaler Phoenix Pharmahandel AG.
Gee look how it went sideways so fast..
Merckle, whose estimated $9.2 billion fortune put him 94th on Forbes’ list of the world’s richest people, had been hurt by bets on Volkswagen AG, a drop in the value of HeidelbergCement stock and increasing debt. He had been seeking emergency financing for more than two months from a group of more than 30 banks led by Commerzbank AG, Deutsche Bank AG, Royal Bank of Scotland Group Plc and Landesbank Baden-Wuerttemberg.
“His empire was falling apart,†said Stefan Mueller, managing partner at Proprietary Partners AG in Frankfurt. “This was his last desperate act.â€
So you Asshats mean to tell me that we are going to be “just fine”???? Everything in Asshat hill is going to be “Neato”? Keep smoking that crap…
The What (But.. But.. they told me I can’t lose..)
Someday this war is gonna end…
Montrose implied no such thing. it was a statement of fact. I live in Crown Heights- Montrose gave an accurate description of rent levels.
As a renter, I, of course want to pay the least for the most.Landlords want to get the most out of their investment. It’s not a game of chicken, it’s a matter of survival for both sides. when landlords pay too much, even in less wealthy neighborhoods like CHN, that gets passed onto tenants. and makes those neighborhoods less affordable to long time residents. I don’t imagine that too many on-site landlords owning an old brownstone are making a huge profit off their tenants. (Note to sebb: I nominate you for most useless QOTD).
On the other hand, tenants aren’t rich for the most part, and these days, more likely to be unemployed.A no-win for both sides. the only thing that seems to have really changed- to my renter’s eyes anyway- is that now so many buildings are going rental and renters are a valuable commodity. Having endured seeing renters called “losers,” or “bitter renter” or “too stupid to own,” I find that an interesting twist. Hope that didn’t qualify me for the bitter renter label, DIBS 🙂
Funny story – I had listed my apt with famous agency and one of their brokers wanted to rent it himself. Guess what – after I have checked all his paperwork he did not qualify in my book. So it goes without saying that their idea of who qualifies is based on different principles.
“Montrose implied “underpriced” rents in Bed Stuy and Crown Heights. The reality is that those rents were top dollar and you know it.” – BHO
I did not imply, or otherwise state, that rents in Bed Stuy/Crown Heights are underpriced – show me where you got that one from. They are priced fairly for the neighborhood, the homes themselves, and for 2009. To think that they will go back down to $850 a month is like believing you can bend spoons with your mind. A faint possibility exists, but not too likely.
For prime apartments in these areas, there will be a ready pool of applicants, if for no other reason that people are discovering these neighborhoods are, as we’ve always said, good places to live.
I rented my garden apt out on Craigslist in Nov. 1700 for a one bedroom floorthrough in Clinton Hill. Had way too many applicants and now have super psyched tenants who think they got a good deal. I think the secret is not trying to get absolutely top dollar but going for a fair price.