Magilla, Other/Just Looking in Brooklyn, NY

When are prices in Bay Ridge going to become more realistic? The same listings have been here and elsewhere for 2 years and not moving.

Asked by Magilla, Brooklyn, NY Mon Sep 14, 2009

There are condos that have been half built in Bay Ridge and seemingly abandoned. There are others that sit empty for over 2 years with prices still out of the range of most regular working people.

I have been keeping an eye on the market and looking at Trulia, Craigslist, and the NY Times and easily, 80 percent of the listings that were there 18 months ago are still listed. Will prices ever drop to realistic levels?

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Answers

5
Joseph Runfola’s answer
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.
Web Reference: http://www.clovelake.com
1 vote Thank Flag Link Tue Nov 24, 2009
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.
Web Reference: http://www.clovelake.com
1 vote Thank Flag Link Tue Sep 15, 2009
Hi Magilla, prices are definitely trending down as sellers realize 2006 has long ended, but as Bay Ridge attracts more and more Manhattanites and Park Slopers I don't believe prices will ever completely drop off again barring a massive market depression! As for seeing the same listings, keep in mind that a lot of sold listings stay on these web pages long after they are no longer available. I have the same struggle with this when researching sales for buyers. Some brokers put in contract or sold on their listings, but many brokers don't keep up with that. For an accurate listing, unfortunately you have to call each broker as many of the listings on Trulia, CL and NYT were sold as long as a year ago. You can't trust that a listing means an actual availability.
0 votes Thank Flag Link Mon Feb 8, 2010
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
0 votes Thank Flag Link Wed Nov 25, 2009
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.
0 votes Thank Flag Link Tue Nov 24, 2009
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