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Market Conditions in Brooklyn : Real Estate Advice

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  • Local Info56
  • Home Buying117
  • Home Selling12
  • Market Conditions13

Activity 13
Mon Nov 3, 2008
Marie Vivolo asked:
We live on a street with only 7 houses left that years ago was changed from 'residential' to 'light industrial'. Recently ODOT has shown interest in aquireing our property for a fre...
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Wed Oct 8, 2008
John Wirsing answered:
If you find the type of home that you are looking for it makes sense to test the market & go for it down. I'm assuming that you are renting now & paying your landlord's bills. Interest rates now are relatively low. Who knows where they will be in a year.
What I am seeing as I observe the daily ongoings of the local market is that there is NOT the inventory of homes that existed a year ago. Sellers are only selling in this market if they are REALLY interested in selling. They are very realistic about their pricing. I am just amazed at the bargains that buyers are able to obtain now. All of the negative news is really scaring Sellers into resetting their target prices!
Have that negative energy that is on them-WORK for you.
I would love the opportunity to help you find your new home.
As a professional Realtor, my job is to help you find the home that best suits your needs at the Right price, in a timely fashion with the least amount of hassle.
Best of all, my services will cost you nothing! Though I work for you--The Seller pays my fees!
If I can be pof assistance, please call me at 440-487-2193 or e-mail me at jwirsing@kw.com
... more
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Thu Oct 16, 2008
P_slope answered:
I'd suggest looking at it two ways.
Firstly- most projections are that, nationwide, prices should retreat to the levels during 2003. New York has tended to be insulated from national trends, however, the fabric of our economy has just absorbed the biggest hit in our lifetimes. In NYC, we're going to see deterioration over the next 6-18 months. It's hard to say how much. The expectations are that appreciation will be very marginal in the following 2 years (2010+). Certain neighborhoods of Manhattan and Brooklyn will be insulated from deterioration. Hard to say if Clinton Hill is one of them.

Secondly, long-term, most economists believe that the "right" home price should be around 15 X annual rent (on a comparative property). Personally, as this is the historical average, I am using this as a guideline for a purchase of my own.

You didn't specifically ask this, but your investment decision should consider how much you're putting down, and the impact on price deterioration. I'd recommend trying a "Rent vs. Buy" calculator, and assume no price appreciation (to be conservative). If this comes up positive, and you love the place, pull the trigger.
Good luck!
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Mon Mar 25, 2013
Trulia New York answered:
Hey Robert-

Check out the local trends here: http://www.trulia.com/real_estate/Brooklyn-Ohio/market-trends/

Ali, Community Manager
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Sat Jun 14, 2008
Christina Cavins answered:
Hi Sarah!

This was posted in the Ohio section, so you want to switch it to NY. If you need an excellent Realtor, I know of a great one so please contact me today. Happy house hunting!

Christina Asad Edwards, REALTOR
2006 & 2007 Sales Masters Top Agent
Christina.AsadEdwards@RealLiving.com
www.teamedwards.info
mobile or text 937-205-4741
office 937-573-0082
fax 937-433-3561
Real Living Realty - #1 in OHIO!
Realty, Mortgage, Title, Relocation
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Mon Jun 30, 2008
Jenet Levy answered:
This is a fabulous new development. There are also a lot of other terrific new developments in Park Slope, Fort Greene and surrounding areas. Also bear in mind that when you are the first owner of a new development unit you pay the transfer tax. If you'd like to explore other new developments, or re-sales to avoid the transfer tax, I'd be happy to help you. You can click my photo and give me a call. ... more
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Sat Mar 8, 2008
answered:
Sat Jun 14, 2008
Jenet Levy answered:
Some of the new developments have had some price drops. That's because some of them were a little too high to begin with. Overall, our Brooklyn market is doing great. If a unit is priced to sellk, it will. If it is overpriced, it will sit around. Are you actively looking? I'd love to help you. Click my photo for contact info. ... more
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Thu Jan 31, 2008
Susan Chen answered:
If you can look at the comps in the Neptune area that would help you find out the range. If you need any other help let me know.
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