Home Buying in Brooklyn>Question Details

Daniel, Other/Just Looking in Brooklyn, NY

Are BROOKLYN Home prices going down?

Asked by Daniel, Brooklyn, NY Fri Feb 15, 2008

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PRISES ARE FAIRLY STABLE. YOU CAN GET THE BEST BARGAIN NOW.
GREAT INTEREST RATE AND WITH THE RIGHT REALTOR YOU CAN BUY AN AFFORDABLE HOME NOW.
THIS IS THE BEST TIME FOR THE LAST 5 YEAR TO BUY.
0 votes Thank Flag Link Sat Feb 16, 2008
please post some interesting answer above not some desperate sales schtick
1 vote Thank Flag Link Sat Feb 16, 2008
Give me a call at (718) 698-2179 at Prosperity Real Estate Group or you can email me at CGALINDO@PROSPERITYREG.com, We are on Richmond ave as well, I can help you answer any questions you may have, this is not commitment to come with us. YOu can call and inquire about this even if you are already working with someone. Buying a properity is a constitutional right, and we are here to make sure you are not provided with erroneous information. We welcome this questions because it allows us to do research for you and ourselves which we can share with others.

My Name is Caesar Galindo Office manager, and Law Student at CUNY Law School.
0 votes Thank Flag Link Fri Mar 7, 2008
Prices are coming down even though some popular pocket are less affected due to high demand. With the market being stagnant sellers are reducing prices and offering incentives. I saw an apartment recently with a reduced price and one year of free maintainance. We closed on co-op less than a month ago and paid 83% of the original asking price. With the market being slow now, most sellers are motivated or they would wait to sell. Find a nice apt with a motivated seller and you'll be in good shape in a few years when the market corrects.
0 votes Thank Flag Link Mon Feb 18, 2008
Prices aren't just going down, they are falling off a cliff....You should read this article:
http://www.nymag.com/news/features/43574/index.html

Here's an excerpt from the article:
"Across town at Tudor City, owner Time Equities couldn't cover the complex's underlying mortgage and taxes (not to mention utility bills and staff costs), and ended up giving it away, unit by occupied unit, in a jaw-dropping fire sale: In 1992, if the new owner were willing to assume the accrued debts, a Tudor City one-bedroom could be had for $3,500. In the East Village, Lower East Side, Upper West Side, and Harlem, people abandoned buildings outright"
~~~~~~~~~~~~~
I know you are in LA, so you can't be responsible for knowing this, but none of those areas you mention are in BROOKLYN. :)
0 votes Thank Flag Link Sun Feb 17, 2008
Prices are definately going down in Brooklyn! Realtors will claim Brooklyn was not affected, but only Downtown Brooklyn is rising still because of it's close proximity to Manhattan. Other places such Park Slope, Dyker Heights, Bay Ridge and Marine Park are on the fast decline. Real Estate offices in these areas are closing in these areas because many agents have taken other jobs and are just doing open houses on the weekend. Sit tight Brooklyn because we are heading for another price drop in the next two months!
0 votes Thank Flag Link Sun Feb 17, 2008
If you look at Trulia's data, it certainly shows that Brooklyn home prices are going down.

Note to brokers: Proper spelling and grammar helps lend credibility to what you are saying.
0 votes Thank Flag Link Sun Feb 17, 2008
While I can appreciate John's opinion, it's misleading. He's quoted a section that's focuses on the early 90's. The article actually (guess)timates that the worst case scenario will be 5% correction for 2008 and 18% for 2009. Neither does the article focus on Brooklyn, which was the subject of the question.
0 votes Thank Flag Link Sat Feb 16, 2008
Prices aren't just going down, they are falling off a cliff....You should read this article:
http://www.nymag.com/news/features/43574/index.html

Here's an excerpt from the article:
"Across town at Tudor City, owner Time Equities couldn't cover the complex's underlying mortgage and taxes (not to mention utility bills and staff costs), and ended up giving it away, unit by occupied unit, in a jaw-dropping fire sale: In 1992, if the new owner were willing to assume the accrued debts, a Tudor City one-bedroom could be had for $3,500. In the East Village, Lower East Side, Upper West Side, and Harlem, people abandoned buildings outright"
0 votes Thank Flag Link Sat Feb 16, 2008
Home prices are adjusting. They are not going down. Brooklyn will remain one of best and strongest and best market to buy or invest in real estate.
0 votes Thank Flag Link Sat Feb 16, 2008
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