Hello, during this downturn of the economy the banks stopped giving loans for new construction properties. Why? Simply because new construction buildings have to charge high prices in order to make up for all their expenses developing the building and getting a a great profit in the end. That's why many buildings are unfinished.

The developers that did finish and have sold some and not all have opted to rent out the remainder units. Once you begin to see the empty lots with permit signs to build again, and construction continuing on the unfinished properties then you will know the market is turning for the better. Investors know how to read the market and when they come back on the scene then its a good sign.

So be patient and eventually those abandoned buildings will get built and you'll get into one of those units in time.

Rhonda Holt
Full Time Top Sales Agent
Specializing in Co-ops and Home Sales
Weichert Realtors, H.P Greenfield
Brooklyn, NY 11203

Cell: 646-725-5941
Email: HelpMeRhonda1919@yahoo.com

http://www.trulia.com/profile/RhondaRealEstatePro/
Join Me On Twitter: http://www.Twitter.com/HelpMeRhonda09

Just to update you since we last communicated here are the most recent numbers;
The median sales price for homes in Bay Ridge & Fort Hamilton, Brooklyn for Aug 09 to Oct 09 was $732,500 based on 50 sales. Compared to the same period one year ago, the median sales price increased 0.3%, or $2,500, and the number of sales decreased 3.8%. Average price per square foot for Bay Ridge & Fort Hamilton was $359, a decrease of 8.9% compared to the same period last year.

There are currently 334 resale and new homes in Brooklyn on Trulia, including 45 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Bay Ridge & Fort Hamilton was $530,899 for the week ending Nov 18, which represents a decrease of 3.4%, or $18,853, compared to the prior week.

If you are looking to buy while interest rates are good and if you qualify the tax credit has been extended and expanded--why not interview a few Relators, choose the one you like best, look at some properties and make offers--then take it from there.

The median sales price for homes in Bay Ridge & Fort Hamilton for Jun 09 to Aug 09 was $667,500. This represents an increase of 12.7%, or $75,000, compared to the prior quarter and a decrease of 8% compared to the prior year. Sales prices have appreciated 15.1% over the last 5 years in Bay Ridge & Fort Hamilton, Brooklyn.

The median sales price of $667,500 for Bay Ridge & Fort Hamilton is 28.99% higher than the median sales price for Brooklyn NY. Average listing price for homes on Trulia in Bay Ridge & Fort Hamilton was $452,467 for the week ending Sep 09, which represents an increase of 1.1%, or $5,069 compared to the prior week and a decline of 0.1%, or $656, compared to the week ending Aug 19. Average price per square foot for homes in Bay Ridge & Fort Hamilton was $341 in the most recent quarter, which is 14.81% higher than the average price per square foot for homes in Brooklyn.