Brooklyn Heights

check back in 3 months.

What size apartment? Walk-up vs. elevator?

I've been looking at 1-bedrooms in the $500K range and noticed up to 10% drops in pre-war elevator buildings. They're not dropping much, definitely need to hold out for a while here.

What about 2 bedrooms/Elevator?

Those appear to be holding up pretty well so far. I was watching a lot of those in hopes of a deal, but they keep going into contract. I've noticed a few chops, but mostly in places with awkward layouts or on the fringes of prime areas.

Hey BH, I'd agree with others. Prices of 2 BRs appear to be holding up better than 1 BRs. There are deals on 'fringe' apartments and buildings, but anything nice is still holding steady.

Three factors are probably at work: 1) As I'm sure you know, BH is small = not much inventory, period; and 2) available 2 BRs are even more scarce; and 3) BH demand is maybe a little fiercer than even some other 'prime' Brooklyn neighborhoods, particularly from transplanting Manhattanites who like its proximity to the Promised Land. BH really can't be beat for convenience.

I think brownstone Brooklyn is seeing price cuts on 2 BRs in Carroll Gardens, Boerum Hill, Prospect Heights, even prime Park Slope. But BH/north Cobble Hill may be the last place that happens. There may be enough money interested in BH to keep asks propped up for a while.

That said, rents appear to be dropping, even in da Heights!

Thanks JKB. However, there have been very few closings in the last couple of months and very few contracts entered into. So to me that seems to suggest that asking prices are too high and that there is a disconnect between buyers and sellers (no different than the rest of the market).

you are assuming that the only reason to not buy is because the price is too high. why would anyone make a purchase now in the midst of historic uncertainty? ironically, large wide spread price drops would most likely lead to even more nervousness. i can understand being desperate to sell but desperation (or any interest) to buy evaporated when everything around us started crashing.

BH, I agree. Stuff is sitting on the market here, just like everywhere else. The nabe is not immune to the meltdown. My mistake If I implied anything else. As I said on fishermb's "See you in a year" thread, we live in BH and are happy to wait until sellers close the disconnect you mention.

But one factor that may hasten that process is that nice 2 BRs in other brownstone brooklyn neighborhoods are ALREADY closing for 2005-2006 prices.

And CC, what you say is absolutely true. But things are still selling, albeit very, very slowly (and usually at prices that show downside risk priced in). We'd buy if we thought we were getting a good deal (accounting for all the risk factors everyone has detailed ad nauseum). But there's no way we'll stretch, even a tiny bit. Too dangerous.

Happy hunting everyone!

Used to be that people moved to BH or just Brooklyn b/c you could do better space-wise for your money than Manhattan which was so expensive. Now Manhattan is still expensive, but are people moving to BH because perhaps if you pay less you have less to lose with price drops, but you still have the opportunity for ownership? Are more people moving to the suburbs even though they might still "lose" for an interim time period but because they do want to be owners and they'll have less drop to contend with outside of Manhattan and NYC?... so are the better NYC suburbs more likely to hold up?

BH: Have you looked into this unit at 173 Hicks Street?

http://www.streeteasy.com/nyc/sale/359864-coop-173-hicks-street-brooklyn-heights-brooklyn

I checked it out a few weeks ago and really liked it a lot, the dealbreaker being that pets were not allowed. If you need a proper 2 bedroom it might not work as the upstairs is more like an open loft bedroom, but I looked at it thinking it would be great to have an upstairs bed and bath for guests, also can't beat a nice private roof deck. Maintenance is very reasonable and laundry in building. There's an OH today, might be worth getting an idea of what's out there.

Also there's always 2 bedrooms at 150 Joralemon for under $600K. Their maintenance fees are higher than average as they did some structural improvements recently, but if you can afford to pay all cash and the monthlies are lower enough than what you pay to rent, may be an option.

Good luck.

173 hicks really needs another window in the bedroom.