http://ny.therealdeal.com/articles/whats-next-for-brooklyn-prices-2 On the Brooklyn Community Access Television show "Reporter Roundtable" yesterday, host Toni Williams talked to Real Deal reporter Sarah Ryley, David Kramer, a principal at Hudson Properties, and Dan Brady, a Corcoran Group broker, about the Brooklyn real estate market and how the recession is affecting it. Brady said it's a good... [more]
http://ny.therealdeal.com/articles/whats-next-for-brooklyn-prices-2
On the Brooklyn Community Access Television show "Reporter Roundtable" yesterday, host Toni Williams talked to Real Deal reporter Sarah Ryley, David Kramer, a principal at Hudson Properties, and Dan Brady, a Corcoran Group broker, about the Brooklyn real estate market and how the recession is affecting it. Brady said it's a good time to buy in the borough because prices are down to 2005 levels. Kramer, however, said that when you look at quarter-to-quarter data, prices have not declined that much over the past year, but sales volume has fallen. Ryley said residential prices have fallen five quarters in a row, and that prices in the borough are now at 2006 levels. She added that appraisers have said that over the next two years, areas with a saturation of units, like Williamsburg and Downtown Brooklyn, and neighborhoods with a high number of foreclosures, like Bushwick and East New York, will see prices drop 30 to 40 percent before prices bottom out.
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Response by junkman_r_u_serious
almost 17 years ago
Posts: 230
Member since: May 2008
"She added that appraisers have said that over the next two years, areas with a saturation of units, like Williamsburg and Downtown Brooklyn,....will see prices drop 30 to 40 percent before prices bottom out."
This is a pretty safe prediction. Try walking by Forte, Oro, Be@Schermerhorn, etc at night a few times. You will see that almost nobody is living in those buildings. Major glut = crashing prices.
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Response by nyc10022
almost 17 years ago
Posts: 9868
Member since: Aug 2008
or how about all of 4th avenue? they built a freaking city out there!
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"She added that appraisers have said that over the next two years, areas with a saturation of units, like Williamsburg and Downtown Brooklyn,....will see prices drop 30 to 40 percent before prices bottom out."
This is a pretty safe prediction. Try walking by Forte, Oro, Be@Schermerhorn, etc at night a few times. You will see that almost nobody is living in those buildings. Major glut = crashing prices.
or how about all of 4th avenue? they built a freaking city out there!