Queens Down another 12%, Brooklyn Down Another 2%

http://www.crainsnewyork.com/article/20100415/REAL_ESTATE/100419923/1059

i think this got lost in the void... outer boroughs still taking it on the chin...

Okay, I'll bite. The fact that median prices in Brooklyn are down 1.8% year over year, and up 4.3% since Q4, is "taking it on the chin"?

http://www.millersamuel.com/reports/pdf-reports/BMO1Q10.pdf

The medians for some housing types, like coops and brownstones, are *up* year over year.

Though I should add since it's easy to miss that Northwest Brooklyn, which includes a lot of the most expensive/desirable neighborhoods (Bklyn Heights, Cobble Hill, Park Slope, etc.) shows a Manhattan-style 15% year over year decline then 8% rise since last quarter.

Haven't looked at the Queens report.

“Brooklyn appears to be ahead of Queens in terms of stabilizing,”

In many neighborhoods, especially if you exclude new devs, I think Brooklyn hasn't really started dropping yet. I don't believe Brooklyn RE bubble popped yet. Anyone has a different impression?

I think that in many Brooklyn neighborhoods homes never got unduly expensive -- thus there is less of a bubble to pop. The expensive neighborhoods have already seen a price drop like the one we've seen in Manhattan. I think Brooklyn actually peaked earlier than Manhattan. If you look at the multiyear chart on the front page of the Brooklyn report it looks like the peak was in Q2 2007. Manhattan I think peaked in 2008.

You might be right about peak being around Q2 2007, but Q3 2008 numbers are not that far from the peak. A 7-15% drop after 150%+ increase isn't much. I believe it's reasonable to expect another 15%-20% drop within the next couple of years.

I think Brooklyn did get quite expensive, relative to income, even if you count all the undocumented cash income.

I think you guys may be talking about park slope/cobble hill etc... Recently I've been looking at brick row houses in bed stuy and crown heights. A lot of these properties have been hit hard, but are starting to look attractive from an income point of view. That and being situated in nice tree lined blocks and having some restorable architectural detail may limit downside methinks.

http://streeteasy.com/nyc/sale/487979-multi-149-patchen-ave-bedford-stuyvesant-brooklyn

Looks in good condition. This could easily generate 3000K/month in rent and factoring in a 5% vacancy and 25% operating costs, it's close to a 9% cap rate.

I'm starting to think this may be a better investment than a condo in Williamsburg at 6 times the price