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Brooklyn, NY - Home Prices Fall 18 Percent Boroughwide |
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The average home price in Brooklyn during the second quarter of 2009 was $548,560, 18 percent less than $670,419 in the same period last year, the HMS report showed.
There were a total of 545 sales during the second quarter of 2009, an 8 percent increase in activity over the first quarter of 2009.
“Prices continued to decline, which is no surprise, but there was a slight pickup in the sales activity from the first quarter to second quarter of this year so far,” said Sam Heskel, executive vice president of HMS. “Because sellers have been more realistic and prices have come down, we are seeing more activity as buyers feel more comfortable making offers.
This could indicate that the market is bottoming out and that the downward trend is approaching its end, according to Heskel.
Volume is still dramatically down from last year, HMS reports. The 545 sales in the second quarter of 2009 is 52 percent less than the same period last year, when there were 1,145 sales.
The price drop was consistent in virtually every neighborhood in Brooklyn, marking a difference from just a few months ago when the borough’s average price fell but some neighborhoods were still seeing modest price increases, according to Heskel.
“If you are able to come up with the financing, there is a lot of inventory out there and lower prices in neighborhoods that are still very strong, so it can be a good time to buy,” Heskel said.
The steepest price declines were in the combined neighborhood of DUMBO, Downtown Brooklyn and Boerum Hill, where prices fell 22 percent to $754,000, and in Sheepshead Bay, where prices also fell 22 percent to $263,200, according to the report.
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Read Comments (33) — Post Yours »
1
Jul 07, 2009 at 08:54 PM Anonymous Says:
If you are feeling poorer, you can go out and buy a shabbos sushi platter and sing zmirot like "Gevalt, My Second Mortgage on the Old Borough Park Homestead is Underwater".
2
Jul 07, 2009 at 08:58 PM Anonymous Says:
I don't know, I'm looking to buy a house in b.p and I haven't seen this great price drop.
3
Jul 07, 2009 at 09:46 PM Anonymous Says:
“ I don't know, I'm looking to buy a house in b.p and I haven't seen this great price drop. ”
Yes it dropped. The 1.2's are now 900 and on avrage there are 2 buyes that fall through for each house before it sold
4
Jul 07, 2009 at 09:39 PM any body Says:
Please let me know where I can fin a good deal in boro park nothing good for cheap
5
Jul 07, 2009 at 09:36 PM Anonymous Says:
#2, me too. It's down but not enough to qualify for financing and the down payment.
6
Jul 07, 2009 at 09:23 PM Anonymous Says:
WHAT ON EARTH IS GOING ON WITH THE RENT PRICES?
WHY IS THERE NO RENT CONTROL?
DO MORE PEOPLE NEED TO HAVE HEART ATTACKS FOR SOMETHING TO BE DONE ABOUT T HIS OUTRAGEOUS SITUATION!!!!
7
Jul 07, 2009 at 09:58 PM yehudalah Says:
Funny the way it is when you think about it somebody's going hungry n somebody's eating out funny how it is when you think about it somebody's homeless n somebody's worth less then a million.
8
Jul 07, 2009 at 10:21 PM Anonymous Says:
“ If you are feeling poorer, you can go out and buy a shabbos sushi platter and sing zmirot like "Gevalt, My Second Mortgage on the Old Borough Park Homestead is Underwater". ”
You are unaware that you are eligeble foor a goverment program that can wipe out your second morgage almost completly.
9
Jul 07, 2009 at 10:19 PM meir Says:
Try Queens Detached houses in frum neighborhoods for half the price and plenty of parking
10
Jul 07, 2009 at 10:19 PM Anonymous Says:
Let's get out of bklyn
11
Jul 07, 2009 at 09:20 PM Anonymous Says:
There is no house or condo selling in Sheepshead bay for 263,200. Most 2 bedroom Coops sell for more then that so this makes no sense at all.
12
Jul 07, 2009 at 10:25 PM checkbook Says:
900 is lots of money to me...i barely cover rent, school, food and mine varbels expenditures..........gevaldig
13
Jul 07, 2009 at 11:01 PM Anonymous Says:
“ You are unaware that you are eligeble foor a goverment program that can wipe out your second morgage almost completly. ”
Please tell us more about it. Where can I get more info. Yeyasher Koach!
14
Jul 07, 2009 at 10:58 PM Anonymous Says:
Well the expensive houses dropped and are suffering but the average houses in the 500-600 are still hot nd are being sold... The problem is we stick to brooklyn willy and bp its time to leave not monsey because that area is going up as well
15
Jul 07, 2009 at 10:52 PM Anonymous Says:
Why anyone would want to buy one of those way over priced sardine can size houses in the getto called boro park with zero quality of live is beyond me.
16
Jul 07, 2009 at 11:09 PM Anonymous Says:
“ You are unaware that you are eligeble foor a goverment program that can wipe out your second morgage almost completly. ”
What are you talking about? Let me in.
17
Jul 07, 2009 at 11:14 PM Go for it Says:
If your house is underwater, time to renegotiate with the bank.
18
Jul 07, 2009 at 10:29 PM Anonymous Says:
“ WHAT ON EARTH IS GOING ON WITH THE RENT PRICES?
WHY IS THERE NO RENT CONTROL?
DO MORE PEOPLE NEED TO HAVE HEART ATTACKS FOR SOMETHING TO BE DONE ABOUT T HIS OUTRAGEOUS SITUATION!!!! ”
And please explain to me why the government should tell me at what price I have to rent my apartments...they don't tell the butcher how much to charge for a steak or the sushi bar how much to charge for a "shabbos platter". I worked for many years to earn enough to buy a few rental properties and I should be able to charge what I want. If you think mine are too expensive, move to Monsey.
19
Jul 08, 2009 at 05:39 AM Anonymous Says:
I left Boro Park bought a house in Bayswater. There is a huge frum population. Yeshivish ,Chasidish , Sefardic, etc. I bought a single family detached on a large piece of property for cheaper than a BP basement. I dont have to circle the block 20 times for a parking spot . There is no alternate side parking .
20
Jul 08, 2009 at 07:22 AM Anonymous Says:
“ I left Boro Park bought a house in Bayswater. There is a huge frum population. Yeshivish ,Chasidish , Sefardic, etc. I bought a single family detached on a large piece of property for cheaper than a BP basement. I dont have to circle the block 20 times for a parking spot . There is no alternate side parking . ”
Well if in bp the the mortgage in "underwater" in bayswater , you can find your house underwater
21
Jul 08, 2009 at 12:59 AM zahav18 Says:
Why hasn't the frum community never moved in force to Brighton Beach or Sheepshead Bay? Cheaper there, near BP and Flatbush/Midwood,and all the amenities needed would soon be built up, benfitting those who get there "early".
22
Jul 08, 2009 at 12:37 AM friend Says:
HMS Firm has been known for years in the Boro Park Neighbor hood. His numbers are accurate.
If he says go buy, then listen go buy.
23
Jul 08, 2009 at 12:32 AM Anonymous Says:
“ WHAT ON EARTH IS GOING ON WITH THE RENT PRICES?
WHY IS THERE NO RENT CONTROL?
DO MORE PEOPLE NEED TO HAVE HEART ATTACKS FOR SOMETHING TO BE DONE ABOUT T HIS OUTRAGEOUS SITUATION!!!! ”
Move away from BP and stop whining. BP is becoming a place for rich people who can afford to buy or rent for the price that the market dictates. We don't need goverment to intervene on our behalf.you wont solve the problem with RC. Start living within your means like our father's and granfather's did.
24
Jul 07, 2009 at 11:38 PM Brokers Says Says:
When in willi and BP should houses and Apt. Being sold with brokerage firm the neighborhood will look much different
25
Jul 07, 2009 at 11:31 PM PMO Says:
“ You are unaware that you are eligeble foor a goverment program that can wipe out your second morgage almost completly. ”
Yes... please... the fact that you have a 2nd mortgage that you CHOSE to take is obviously the fault of the rest of us in America. We are obviously obligated to foot the bill (with our tax money) for your stupidity.
You miserable socialists in NYC really crack me up. Take some personal responsibility for your OWN actions. Stop expecting the rest of us who are financially responsible to clean up YOUR mess.
I am tired of stories of people taking 2nd mortgages so they can have elaborate weddings... or spend the summer in the mountains. If you live beyond your means and make stupid choices, it is your own fault. If you are taking 2nd mortgages on your home (for anything other than maybe medical expenses), you live beyond your means. You deserve to lose your home... stop expecting everyone else to suffer for your idiocy.
26
Jul 07, 2009 at 11:26 PM PMO Says:
“ WHAT ON EARTH IS GOING ON WITH THE RENT PRICES?
WHY IS THERE NO RENT CONTROL?
DO MORE PEOPLE NEED TO HAVE HEART ATTACKS FOR SOMETHING TO BE DONE ABOUT T HIS OUTRAGEOUS SITUATION!!!! ”
What do you expect landlords to do when they have to give half their money to the government to cover all the socialist programs in NYC. Where do you think all the welfare checks, WIC, foodstamps and "child care" money comes from? It comes from those actually MAKING MONEY. If you are middle class and can't afford the rents, blame your freeloading, good-for-nothing neighbors who refuse to do what they need to in order to get a good paying job... They are happy to just sit around and collect YOUR money... living off your back like parasites.
This kind of thing will never stop until someone starts turning all the liars and frauds who collect government money. You all only have yourselves to blame. In FL we don't have these problems.
27
Jul 08, 2009 at 07:46 AM Anonymous Says:
Move to Baltimore. A semi detached house which in Brooklyn would be $600,000 is only about $189,000. And a fullt detached that would be $900,000 in Bklyn is ony about $300,000 in Balt....
28
Jul 07, 2009 at 11:24 PM PMO Says:
“ WHAT ON EARTH IS GOING ON WITH THE RENT PRICES?
WHY IS THERE NO RENT CONTROL?
DO MORE PEOPLE NEED TO HAVE HEART ATTACKS FOR SOMETHING TO BE DONE ABOUT T HIS OUTRAGEOUS SITUATION!!!! ”
What do you expect landlords to do when they have to give half their money to the government to cover all the socialist programs in NYC. Where do you think all the welfare checks, WIC, foodstamps and "child care" money comes from? It comes from those actually MAKING MONEY. If you are middle class and can't afford the rents, blame your freeloading, good-for-nothing neighbors who refuse to do what they need to in order to get a good paying job... They are happy to just sit around and collect YOUR money... living off your back like parasites.
This kind of thing will never stop until someone starts turning all the liars and frauds who collect government money. You all only have yourselves to blame. In FL we don't have these problems.
29
Jul 08, 2009 at 09:32 AM dr real estate Says:
“ I don't know, I'm looking to buy a house in b.p and I haven't seen this great price drop. ”
in boro park it will only get much higher, people were waiting too long for bargains, the waiting time is over its over, wait and see what will happen after summer......
30
Jul 08, 2009 at 01:13 PM Jay Says:
“ WHAT ON EARTH IS GOING ON WITH THE RENT PRICES?
WHY IS THERE NO RENT CONTROL?
DO MORE PEOPLE NEED TO HAVE HEART ATTACKS FOR SOMETHING TO BE DONE ABOUT T HIS OUTRAGEOUS SITUATION!!!! ”
The answer is simple - just ask your landlord to show you the HUGE increase in his expenses 1. Gas 2. Water 3. Taxes 4. Insurance - in the past few years my expenses have DOUBLED!!!
31
Jul 08, 2009 at 01:31 PM Anonymous Says:
“ Move to Baltimore. A semi detached house which in Brooklyn would be $600,000 is only about $189,000. And a fullt detached that would be $900,000 in Bklyn is ony about $300,000 in Balt.... ”
He's totally lying. Baltimore is even more expensive than BP (note to 27: what are you doing!?!?!? You want these types of ppl moving here?? Let em stick together 'in town')
32
Jul 08, 2009 at 12:11 PM Certified Appraiser in NY Says:
This article is misleading and baseless.
Brooklyn has the most diversified neighborhoods you may find in any other county. While a 4 story brownstone in Brooklyn Heights and Park Slope would fetch 2-3 million++ in less than 90 days on the market, the same 4 story home in Cypress Hills or East New York would not sell for over 350,000.
Brooklyn Heights and Park Slope have no foreclosures, while Cypress Hills and East New York only have foreclosure sales.
The rate of decline depends on the neighborhood and property type and should be categorized in such way.
Thanks
33
Jul 08, 2009 at 03:12 PM Hate em Tatem Says:
“ If you are feeling poorer, you can go out and buy a shabbos sushi platter and sing zmirot like "Gevalt, My Second Mortgage on the Old Borough Park Homestead is Underwater". ”
Why did you take a second mortgage? Why did you think the price of your house would go up forever?
You could use stalling tactics like show em the note under the FDCPA, which they would probably take them 1 year to find and they cannot foreclose. Or you can call the day trader-turned construction worker-turned mortgage broker-turned debt relied agent to help you with your problems.
Or you can steal the money, pay off your mortgage, go to jail, and take a 3rd mortgage for your son's lavish bar mitzvah and your daughter's lavish vort, which will be hosted by your jail's imam.