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Market Conditions in 11217 : Real Estate Advice

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  • Home Buying21
  • Home Selling2
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Activity 106
Sun Sep 13, 2009
Joseph Runfola answered:
The median sales price for homes in Brooklyn NY for May 09 to Jul 09 was $518,000. This represents a decline of 3.2%, or $17,000, compared to the prior quarter and a decrease of 12.5% compared to the prior year. Sales prices have appreciated 34.5% over the last 5 years in Brooklyn.

The average listing price for Brooklyn homes for sale on Trulia was $630,765 for the week ending Aug 19, which represents a decline of 2.5%, or $16,234, compared to the prior week and a decline of 1.9%, or $11,898, compared to the week ending Jul 29. Average price per square foot for Brooklyn NY was $295, a decrease of 18.3% compared to the same period last year. Popular neighborhoods in Brooklyn include Bedford - Stuyvesant, Park Slope, Sheepshead Bay, East Flatbush, Greenpoint, and Gravesend.
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Wed Aug 5, 2009
Bill Eckler answered:
Constance,

Your best course of action is to contact a local real estate professional. They will be able to provide you with the necessary information and the guidance required to find your way through this process.

Good luck
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Fri Jul 24, 2009
Mitchell Feldman answered:
Dear Jonathan:

Going back to January of 2008 through January of 2009 I would say that about 95% of the homes on the market were overpriced. This was due to homeowners thinking unrealistically and not wanted to acknowledge that the market was going down in value. They were in denial. Many real estate agents also were in denial or just desperate, hence they would take overpriced listings and cross their fingers and pray something would happen which it wouldn't. The only homes that were selling during this time period were homes owned by motivated sellers who had professional real estate agents advising them realistically and correctly.

Even today at times you will have a homeowner who may have purchased during the height (which in my opinion was early to mid 2007), renovated the home and are trying to recoup their expenditure. However, most of these owners will not sell right now. Based on what is available on the market right now, this type homeowner is not the norm. Things have settled down and most of the sellers on the market at this time did not buy during the height and have accepted the reality that prices have gone down.

In addition to all of that, some of the properties you may be referring to may be short sales, foreclosures or pre-foreclosures. In those cases, the ultimate selling price may be far less than the asking price. I do not think anyone purchasing a house is a "sucker." Some buyers are more motivated than others and may see more value in a particular property. Beauty is in the eyes of the beholder. The important thing for any buyer is to educate yourself, look at lots of properties to become familiar with what is on the market and research comparable sale information on web sites like www.Zillow.com and www.PropertyShark.com. You can read a lot more into factual information on recent home sales as opposed to asking prices on homes currently for sale (who knows when or if they will ever sell or for how much).

As far as putting money into real estate right now... nobody can predict the future, it could get better or worse. But we can look at the past and make informed decisions. Basically when purchasing real estate you want to try to purchase on the down market. You can't time it 100% perfectly, but what we do know right now is that interest rates are low, inventory is relatively high and prices are down substantially as compared to a year or two ago. I my mind it is an opportunistic time for buyers based on those facts.

Especially if you are going to hold onto the properties for long term, in my opinion you cannot go wrong. Real estate is cyclical, for the past two years it has been on the down swing. It is my personal belief (not guarantee) that our economy will get back on it's feet even more so as we move forward. I think most economists and people in "the know" would also agree that 1 to 3 years from now things will be a lot better economically speaking than they are now. When things do get better, real estate values will be going up, up up. Historically, real estate recoups value very quickly in the good times, statistically it is one of the safest investments you can make.

In the end it is a personal decision so you have to go with your gut. I appreciate this question and wish you the best. If I can be of any assistance to you, please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, inc.
Office: (718) 645-1665
Email: MitchellSFeldman@aol.com
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Sun Oct 9, 2011
Barbara Ann Rogers answered:
What size apartment are you looking for? How much do you want to spend? I have 2 bedroom, 2 bath apartments available in a doorman buildng with parking on that stretch of Ocean Parkway for $499K - $624K and one bedrooms for $339K - $411K. Non doorman (but with elevator and live-in super), non-parking much less. ... more
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Mon Jun 22, 2009
Greg asked:
Thu Oct 22, 2009
Mitchell Feldman answered:
Dear David:

The easiest way would be to go on www.propertyshark.com or www.zillow.com. Or if you are looking to purchase a home, ask the real estate agent you are working with to provide you with current sale information.

If I can be of further assistance please let me know.

Sincerely,
Mitchell S. Feldman
Associate Broker/DIrector of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Email: MitchellSFeldman@aol.com
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Sun Dec 20, 2009
Chris Covalle MBA, CPA answered:
Hi Natasha, yes an FHA loan is acceptable if either the condominium project as a whole is FHA approved or if the specific unit you are purchasing can be approved via a FHA spot approval. There is a checklist of items to research on the condo to validate the ability to close with a FHA loan which your lender or agent should have available. Please advise if you need anything from me. Good luck! ... more
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Tue May 19, 2009
Mitchell Feldman answered:
Dear Christine:

I am not familiar with LIC, but Williamsburg is definitely a safe bet! I say this because Williamsburg has been on the path of rebirth and regentrification since 2000 and has so much more room to grow in desirability and value. The convenience to Manhattan will never change and the shopping, restaurants and nightlife are already established and will continue to grow (in my humble opinion).

I do think now is a great time to get a good deal because there is plenty of inventory out there to look at and both prices and interest rates on mortgages are down. The planets are aligned right now and who knows how long that will last!

With regard to what you should offer, there is no true way to tell. This is a very subjective question and beauty is in the eyes of the beholder. What you need to do is look at all the properties out there that fit within your price range. In doing so you will get a formal education as to what is out there and in short time you will be able to spot a good deal when you see it. Most properties are overpriced right now but the ones that are priced right go fast and usually sell for the full asking price or very close to it (and quickly). My advise is that if you see something that strikes you as a good deal, be prepared to act fast and maybe have to pay the full asking price. If you look at a property that you like but feel the price is too high, offer 15% less and see how they respond.

The most important first step for you is to meet with a mortgage banker to see how much you can spend and then look at all the properties in your price range.

I hope this helps you and if I can be of further assistance, please let me know.

Sincerely,
Mitchell Feldman
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Email: MitchellSFeldman@aol.com
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Sat Feb 21, 2009
Rhonda Holt answered:
Hello, to answer your question, the hot neighborhoods in Brooklyn like Clinton Hills, Prospect Heights, Fort Greene, Ditmas Park, etc. are still holding their value. Sure their has been a dip in price, but you may never see a huge decline because those areas are still in demand. So in essence, the person on an average income may never be able to get into those areas, but you never know.

But there are many shifts in the neighborhoods during a market like this. Many people that live in areas like East New York can now afford properties in East Flatbush, Old Mill Basin and Canarsie.

Stay tuned to see what happens next.
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Mon Feb 16, 2009
Voices Member answered:
Bob, You might want to check these sites for rental trends/rent comparables.........http://www.zilpy.com/
and http://www.rentometer.com/

Hope this helps, Dunes
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Wed Feb 18, 2009
Bill Eckler answered:
Cropsey,

You are on your way to obtaining the information you require. We suggest taking the contact information of those people that respond to this posting, then do some research on their companies and productivity before contacting them for an in depth conversation. ... more
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Mon Jan 5, 2009
Keith Sorem answered:
C
You should ask your lender. They will want to understand how it is that you qualified for the loan at one time and now you do not qualify. However, if you can make a good case (downsized, other external issues) and can prove that you are able to make lowered payments, you might have a shot at a loan modification.

Call the lender and ask them who you can speak with about your questions. Be prepared to document your current financial situation with bank statements, pay stubs, etc.
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Wed Feb 25, 2009
Alex-brooklyn answered:
2 words: Denial & Delusional.
Every condo buildings that don't adapt to demand and offer a huge price cut will follow the same path a the "Magic" Viridian:
http://www.crainsnewyork.com/article/20090218/FREE/902189969
Anyway, i asked the same question about RE prices in NY and realize after spending a few days on this forum that it's the wrong place to get unbiased answers about the current market.
Most answers you get from RE brokers hanging here are " Buy now or be priced out forever", " Now is the time to buy", "We're hitting the bottom"...
If you're a New Yorker and are a potential buyer, you may have realized that NY real estate prices are mostly driven by Wall street people & their bonuses. If you read the Talk section from http://www.streeteasy.com you'll get confirmation of what i'm saying. These same investors that have driven the prices up are now realizing that prices are coming down so fast that it may be time to unload to limit the damages. Not many of these people are gonna buy real estate this year, i tell you that.
Any broker telling you that the RE prices reached bottom is lying to you. For 2 properties selling they are 4 new coming on the market. Inventory is growing everyday and it's not being a genius guessing that prices still have a long way to drop until the market starts to become healthy again.
Personally, i'm on the side line and wait until i feel like seller give up resistance and accept my offer at 45% below peak price. You just have to be patient but this time will come.
http://www.businessinsider.com/shiller-house-prices-still-way-too-high-2009-2
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Tue Sep 15, 2009
Jenet Levy answered:
Wow, I just found this one full year later and no one answered you. If you haven't bought by now (I hope you have) I'd be happy to answer your questions about the (my) neighborhood.

Jenet Levy
jlevy@halstead.com
212 381-4268
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Fri Oct 25, 2013
Pascual Paul Tarrats answered:
Renting always comes with some risk and considerations. What if I get a 'bum' tenant. Can I carry two mortgages for a period of time. (Evictions take from 2-6 months or longer) What are my obligations to a tenant and what are the requirments and fee's of the board if I rent or if a violations occurs. Will the bank let me carry two mortgages and also am I prepared for the time required if something unseen happens. If you feel comfortable with some of this things, then proceed. As far as future rents and market conditions, anyone who can answer that is vainly speculating, as there is no way to time a market. Good luck, and use my website, Paulmvpteam.com to search for a Westchester property you would like. I have all MLS listing there and some that are not published. Call if if you would like to interview me. Paul e-mail: PaulMVP@aol.com ... more
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Tue Sep 2, 2008
Barbara Petroske asked:
1600 Beverley Road is a newly-constructed condo building
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Thu Jul 17, 2008
Susan Wesely answered:
I'm not sure how much history your local MLS keeps, but a local Realtor should be able to search it for historical data.
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Tue Aug 5, 2008
Bryan Sereny, Pa answered:
I would recomend speaking with several local Realtors and ask them what trends they forsee.

These guys might be a good start:
http://www.brooklynrealestateny.com/

-Bryan Sereny
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Mon Aug 25, 2008
Phillip Rosen answered:
Bump. Somethings have changed, but not much. There is still a massive divergence between the avg. price per square foot and all trulia listings. There is also a major discrepancy between the median sales price and all other numbers.

Can anyone explain these?
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