Home Buying in Williamsburg>Question Details

Inagitation, Home Buyer in Williamsburg, Brooklyn...

What is the outlook for williamsburg this year (2010)? what would you think is a good price per square foot? And might mortgage prices might increase?

Asked by Inagitation, Williamsburg, Brooklyn, NY Mon Jan 4, 2010

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The housing predictor combines the boroughs of Brooklyn, Queens, Bronx, and Staten Island together and then predicts a combined average.Painting a detailed area with a broad brush does not work. I do not believe this is an accurate indicator as each borough is very different, and each distinct neighborhood within each borough has its own separate and distinct real estate personality.
Web Reference: http://www.clovelake.com
0 votes Thank Flag Link Wed Jan 6, 2010
Below is a house price prediction website. Look at it. It says some areas are likely to go up, but brooklyn ny is expected to DROP by 11.2% next year.
http://www.housingpredictor.com/newyork.html

Interest rates are going to go up in the next year. Prices will drop in response.
0 votes Thank Flag Link Tue Jan 5, 2010
The median sales price for homes in Williamsburg, Brooklyn for Sep 09 to Nov 09 was $525,000 based on 27 sales. Compared to the same period one year ago, the median sales price increased 7.9%, or $38,500, and the number of sales decreased 28.9%. Average price per square foot for Williamsburg was $339, a decrease of 10.3% compared to the same period last year.

There are currently 241 resale and new homes in Brooklyn on Trulia, including 96 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Williamsburg was $762,251 for the week ending Dec 30, which represents an increase of 0.3%, or $2,237, compared to the prior week.
Web Reference: http://www.clovelake.com
0 votes Thank Flag Link Tue Jan 5, 2010
Unfortunately, none of us knows with certainty what tomorrow will bring and any answer would only be speculation--however, what we do know today, is that interest rates are good and prices have declined, therefore, if you're looking to buy and have found a "must have" go for it.

Anna
0 votes Thank Flag Link Mon Jan 4, 2010
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