hey there! i want to know if the prices is going down for the homes in brooklyn?

Asked by Ibrahim, Brooklyn, OH Wed Jan 23, 2008

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Caesar Galin…, , Staten Island, NY
Fri Mar 7, 2008
Give me a call at (718) 698-2179 at Prosperity Real Estate Group, 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.
Web Reference:  http://www.ProsperityREG.com
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None, , New York, NY
Thu Mar 6, 2008
If you look at the Brooklyn condo prices from 2003 to 2006/7 you can see that prices almost doubled. Now I don't know about you but I don't think a lot of people had their salaries double in order to be able to afford these properties. The price increase, as in other parts of the country, was fueled by low interest loans that were given out to unqualified borrowers. It's not too hard to pay huge amounts for questionable real estate if the money you are using is borrowed.

In my view what we are having right now is a reset to the historically average rate of growth we saw before the 2003 boom, adjusted for inflation of course. As an example a 2 bedroom condo in south brooklyn which cost around 350K in 2003 should now be fairly priced around 400-450K, not 600-700K as it often is.

You may have to wait longer for prices to return to their mean levels. Due to psychological reasons, prices are sticky on the way down. This means that most people will hold on to losses rather then admitting that they made a bad investment and cut their losses. You may do better with new condo builders who have cashflow to think about and are therefore a lot less emotional. If their carrying costs rise too much, expect to see much steeper drops.
0 votes
Daniel, , Brooklyn, OH
Wed Mar 5, 2008
Prices continue to fall in Brooklyn. Real Estate salespeople want to tell you it is stable, but look around Brooklyn and you will see the same homes on the market for more than 4 months, real estate offices are closing and salespeople are hardly in the office because there are no customers. Open houses are poorly attended now in 2008. The market is dead and it will take two more months for the owners to start slashing prices. Hang in there Ibrahim!
0 votes
Gerry Vazquez, Agent, NY,
Thu Jan 24, 2008
Ibrahim, Judy makes some very good points. I would only add that Brooklyn benefits tremendously from what's happening w/Manhattan real estate. Along with it's powerful attraction of talented people from across the country, Manhattan--for many international investors--is now more than ever serving as a sort of hedge against political/economic disruptions across the globe. Of course, there are things that could set NYC real estate back, including a bad mayor, a global recession, a pandemic, an 9/11 type hit or even a natural disaster (think Katrina). But in most of these scenarios, NYC would ever be less negatively impacted than most other places, or--after a short buy market--NYC would likely bounce back stronger than ever.
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Judy Sloate, , 11201
Thu Jan 24, 2008
Ibrahim,
The New York metropolitan area historically has housing shortage. Price drops are not likely to happen. Buying a hard asset like a home increases in value. Historically the increase on real property has been 17% per year. For buyers, right now the real opportunity is in the current interest rates. Just yesterday I was told by a mortgage banker, that the 30-year conforming (under $417,000) mortgage rate is at 5.5%. A 30-year 5.5% interest rate is a strong indicator that now is the time to buy. And for a seller, now is the time to sell when the interest rate is at another all time low. Personally, I have always believed that opting for a 30-year fixed term is a buyers best opportunity.

If you would like further information about buying or selling in Brooklyn please contact me directly at 646.442.7409. I am an Associate Broker with Coldwell Banker Hunt Kennedy and have extensive knowledge about Brooklyn real estate.
0 votes
Ronpkr, , Brooklyn, Queens
Thu Jan 24, 2008
PRICES GOING DOWN DEPENDS ARE MANY FACTORS. ITS NOT GOING DOWN FOR GREAT PROPERTIES. HOWEVER THE QUALIFIED BUYER IS IN A GOOD POSITION TO NEGOTIATE A DEAL.
THIS IS THE BEST TIME TO BUY AND AT LOW INTEREST RATE.
THIS IS THE BEST TIME TO BUY IN THE LAST 5 YEARS OR SO.
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