Kings Highway & Ave P Brooklyn

my family and i lived there through the years. some are still there.

there are 2 parts to the neighborhood, the east teens and the west streets.

east teens are great. lots of shopping and restaurants. convenient to the express stop for the B/Q trains. there are quite a few newer condos there.

west streets are just OK. there's really nothing special about the local. the shopping is ok, there are a few places to eat, but not very good. it was always considered the cheaper side. being on the slow poke N line does not help either. this area was WAY over developed in the past 5 years. the prices asked are significantly more then they should be. if the place does not have outdoor space, it's almost worthless. most of the people who buy condos there are eastern europeans and they NEED balconies.

Thanks for the info ab.

I agree that the east teens are definitely better. I'm actually interested in a 1-2 family house in the neighborhood, and is surprised that the supply of the new condos have not caused a greater decline. I'm only seeing about a 10% drop so far.

my friend is looking in sheepshead and just saw a wreck for $659K. 2 yrs ago, on the same block, somewhat renovated house with a bigger backyard sold for $535K after sitting on the market for 18 months. just was another closing for $618K where a similar house one block away, in worse condition, closed in october for $470K. for $148K i could have lined it with gold and still have a few bucks left over.

the 10% drop is in the asking, the closings are much lower, maybe another 10-15%.

just about 2 months ago $890K condos came on the market with 1700 sq ft, lots of outdoor space and great location. they're built very well, my friend past by them every day during construction. these units current asking prices are $788K and will drop a lot more if they don't sell out during the summer.

unfortunately, in that area, people have no concept of what the property taxes will be and are looking at what it is today. they're also naive and want to make sure they get their $8K from the gov't not realizing that they're paying $20-50K more then they should be.

New dev inventory is still increasing in the area. Still seeing large complexes being built. While I prefer a 1-2 family house, I would consider one of those larger condos with the big terrace if the price is right. What do you think about the chances of an additional 15%+ drop from current closing prices in the area? I think the chances are pretty good for new devs, but not sure about the 1-2 family houses.

if you're willing to do work, you can look at the 1-2 family houses that have been on the market for 4-5 months. look on bnymls.com, not the easiest site to use, and go from there. my friend from above, just made an offer 10% off ask on a house today that is on the market for 3-4 months. they accepted it.
it needs lots of work. the good thing is that there will be a backyard and a basement that can be rented. the reno will not require a licensed contractor that will rip you off for $10K just for the "insurance" that they will get for the job.

on the west streets the same thing can happen as in bensonhurst. many of the $575K apartments were sold at $425K. if something is built well with lots of outdoor space and priced correctly, there will be buyers. if you want to look at something amazing, take a look at Ave P and E 3 rd (i think). these apartments will cost a fortune, but they are meant for Syrian Jews. super highend construction(was not inside, basing it on the exterior).

ab, if you're referring to the "The Venetian", it does look amazing, though somewhat out of place relative to the surrounding area.