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]
“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.”
Back when estate agents told the truth…
corner of Remsen/Joralemon? that wasn’t how the article read..just what was written here. Articles said houses on Remsen and Joralemon and also discussed a house on a corner of Henry.
What constitutes “a score of rooms”?
That was a great read. Good to know even in 1878 all real estate articles had to include this quote from a realtor:
“in my opinion, this is the time to buy”
lol
This section sounds depressingly familiar:
“This part of the city was built up precipitately by speculators. New-York insurance companies were beguiled into lending large sums of money for building purposes; churches were erected and row after row of brown-stone-fronts built. Finally, the insurance companies were obliged to foreclose the mortgages and take the property, which, after a little while, they were glad to rent for whatever they could get. The handsome stone houses were hired for $20, and even $15, a month, and all rents within the radius of a mile fell accordingly.”
As DIBS pointed out, the quoted rents are for the year. Not the month.
$2,000 a year.
Rob, to a point yes, the brownstone and limestone “mansions” were exactly that, mansions built by/for the wealthy.
There is a great picture in one of those coffee table books about Brooklyn that shows the Columbia Heights mansions with the stepped backyards that ran almost down to the water. Before the city annexed the land for the BQE (and Promenade) those mansions were for the uber wealthy with sprawling grounds.
when was proper electricity invented? i think that makes a huuuuuge difference. and lol’ing at ostrich hats ditto. as long as they aren’t peacock hats, im good to go.
*r*
quote:
rob….you know those are rent prices for the WHOLE year, not a month!!!
d’oh. nevermind then hahahah
*r*
If I’m not mistaken this was caused by the great Ostrich hat-feather bubble collapse.
Interesting…did remsen and joralemon cross at some point? otherwise they run parrallel!
am i reading this article correctly?
“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:”
Is this recent or is this also from the archives? cause $2000 a month NOW us very low for a house and $2000 a month 100 years ago is bizarre