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]
In that case I think they’ll have to move up North behind Hadrian’s wall, just to be safe.
I can understand. I’ve always been afraid to go to England because of saxons.
As well they should be. My dubious indian ancestors never wanted any of you here in the first place.
I would but mom’s worried about injuns
you could move them here, dittoburg and they can help with the recolonization of the States- are they Pilgrims?
Let’s see here…according the Minneapolis Fed Inflation Calculator $700 in 1913 (the earliest date available for calculation) equals…$15,442 in today’s currency
very true. I’m worried about the romans re-invading England and enslaving my mum and dad.
If you don’t learn your history you are doomed to repeat it.
***Bid half off peak comps***
$2000 a year 131 years ago is about $8000/month in today’s dollars if you assume 3% annual inflation. Would that be about right to rent a house in the Heights?