What Lies Beneath?
Now that everyone’s had the weekend to digest last week’s insanity, how you feelin’ about ye olde real estate market here in Brooklyn? It’s been clear for a while that the some fringe areas are in for tough times, but how about the most blue chip ones like Brooklyn Heights and the choicest parts of…
Now that everyone’s had the weekend to digest last week’s insanity, how you feelin’ about ye olde real estate market here in Brooklyn? It’s been clear for a while that the some fringe areas are in for tough times, but how about the most blue chip ones like Brooklyn Heights and the choicest parts of Park Slope? How about some of those right in the middle like Clinton Hill? How far do you think they’ll end up falling from their peaks when all’s said and done?
Brooklyn Heights
Clinton Hill
Bed Stuy
Wall Street Reorg: Impact on Real Estate? [Brownstoner]
Photo by Gregory Taylor
Anyone who lacks direction on NYC housing prices has merely to study past bear markets, which have been reflected in RE prices. And this ain’t your standard bear market. Oh, this time is different? Yes, exactly what causes every boom/bust in history. I agree we might have seen a 10% correction. I hope there’s only another 20% to go.
I have no insight to add here on the markets or direction of prices. I’m just a homeowner who hopes people will still be able to buy into my neck of the woods and fix up some of the remaining old, neglected houses nearby. That said, I am struck by the juxtaposition of this thread against the ads for the Clocktower, whose graphic reminds me of the opening and closing screens of the old Looney Tunes cartoons. I half expect to see Porky Pig’s face bust through the middle bleating “th-th-th-that’s all folks” (sans lipstick, of course). Seems strangely appropriate for the world we’re in this week.
Nothing is being sensationalized or flamed here leroy.
sebb, your views on economics mystify me. NYC has just suffered a massive loss of wealth and is in the process of suffering huge job losses. NYC still hasn’t purged its real estate market and is about to do so.
I appreciate that you are probably a homeowner, but writing these sorts of things on this board isn’t going to make it happen.
This blog used to be such a informative and enlightening site when it first started. And now it is littered with blatant sensationalist posts like this one with the sole purpose to inflame. it’s sad to see the original creators lose their way.
Definitely feels like things in Clinton Hill are already off by 10-20% off peak. FWIW–I voted 10-20% percent for Slope, 20-30% for Clinton Hill, 30-40% for Bed Stuy.
After the Treasury injects 1 trillion into the US mortgage market I would looke for a rebound in the next 8 months. With NYC Leading the way of stabalization.
Generally the evidence points to things everywhere already off 10-12%, at least, from original asking prices. I think 10-20% everywhere is a safe bet. A typical nice $800k house in Bed Stuy is going to sell before it reaches $640k which would be -20%. With risk free Treasury rates having dropped so much, the yields are coming in to support prices on REALISTICALLY priced buildings.
It’s hard to measure in real time, I know, but don’t you think prices in the Heights are basically already down 10%?