This Is Not the First Bear Market in Brooklyn Real Estate
A reader sent along the link to this Times article about another down market in Brooklyn real estate–only, this one took place 131 years ago. Endlessly entertaining. A few excerpts from the piece titled “Lower Rents in Brooklyn: Last Year’s Prices Reduced”: A residence in Central Brooklyn, which comprises the two eligible neighborhoods known as…
A reader sent along the link to this Times article about another down market in Brooklyn real estate–only, this one took place 131 years ago. Endlessly entertaining. A few excerpts from the piece titled “Lower Rents in Brooklyn: Last Year’s Prices Reduced”:
A residence in Central Brooklyn, which comprises the two eligible neighborhoods known as the “Heights” and the “Hill,” and through which runs the principal thoroughfare, Fulton-avenue, is, of course, more desirable than one in the other districts. There is a great demand in this part of Brooklyn for small houses, and as there are not more than enough to supply the demand, there will be slight reductions in there rents this year. In the lower part of Brooklyn, houses which rented last year for sums ranging from $200 to $700 will generally be let for the same figures this year. But on all other houses there will be very considerable reductions, and owners of houses which have been rented for more than $1,000 will have to make reductions amounting to 25 per cent., or even more, if they want tenants.
There’s some other great bits about pricing in Clinton Hill and Brooklyn Heights: $2,000 a year for a house at the corner of Remsen and Joralemon while a house at Dekalb and Adelphi went for $1,000 and those on Prospect Place and Park Place went for between $700 to $1,000. In the last paragraph, they finally get around to the sales market:
Many new houses have been erected in Brooklyn during the last year, but mostly in the newer neighborhoods. These are now in the market for sale, and, as has already been said, many persons are looking about for houses to buy, but as yet very few sales have been made. All the Brooklyn real estate agents do not believe, with the one already mentioned, that bottom prices have been reached. One of them with whom a Times reporter talked emphatically said that he believed affairs would get worse rather than better. Prices now asked for houses and lots, he said were lower than last year’s prices, and he could see no prospect of improvement.
Lower Rents in Brooklyn [NYT Archives]
I don’t think they invaded England. But my hisotry is a bit spotty.
what are Romans? (Have you never heard of Egyptians? How about those Babylonians? And MY people- we gave you gefilte fish!)
supply is what it is. There’s a glut of market rate partments now because prices are too high and I don’t think that can realistically be blamed on rent stabilized or rent controlled tenants.
That said, I think people above a certain income level should not be allowed to have a rent controlled/stabilized apartment (Mr. Rangel are you listening?). And the new laws they are considering are grossly unfair to landlords. It’s in no ones best interests to do for one at the expense of the other.
and roads, the fresh-water system, and public health.
Apart from, that, what did they ever bloody give us eh?
and education, wine, public order, and irrigation
apart from the sanitation and the medicine
Afterall, what did they Romans ever give us eh?
mopar – yes it does – if your “high-priced” apartment is under market ( lets say your rent stabilized rent is $2200 but it would be $3000 if it were market rate) then you are going to stay as long as possible…..which reduces supply and keeps market rate apartments artificially high.
Hey, I come in peace! (Or pieces depending)