Posts Tagged ‘ brooklyn real estate ’

December Market Update: Brooklyn, NY

In the month of October 2008 there were about 750 real estate deals transacted in Brooklyn, New York. This is down about 50% from a year ago. Half of the neighborhoods in Brooklyn have also lost about 10% of their home values during the same timeframe.

I am not stating these facts to be negative, quite the contrary; I view this as a positive!

Remember, in adversity lies opportunity.

You see, what had actually taken place was a correction in the market. From 2000 to 2005 real estate prices in Brooklyn tripled and quadrupled or more in some places. It basically was becoming impossible for your average buyer to afford a home. Buyer’s pretty much had no choice but to boycott the market.

However, given that prices are down and interest rates are at an all time low, Continue reading this post

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Posted by: Mitchell Feldman on December 3rd, 2008 under Market Trends, Regional

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Market Update: Brooklyn, NY

Now that the election is over and we know who our next president is going to be, we no longer have to listen to all the “hype” and focus on more important issues like what’s really happening with the real estate market here in Brooklyn, NY.

The fact is that even amongst all the economic turmoil as of late, the Brooklyn market is regaining its legs!

The primary driving force behind the real estate market in Brooklyn right now are first-time homebuyers who are taking advantage of the low prices along with near record low mortgage rates available. Many of these buyers could not afford to purchase a home in Brooklyn a couple of years ago, but can now fulfill their dream of homeownership. If you are a buyer with decent credit and a good job, it is still easy to get a mortgage! Buyers who have job security should be very motivated to purchase right now because they can use their strong qualifications to negotiate a better deal for themselves.

On a side note, inventory has gone down as of late due to sellers taking their homes off the market realizing that they cannot get the numbers they need. Other homeowners are taking a wait and see approach. This past weekend the buyers were out in droves, viewing open houses, and many have been leaving bids on the spot! Several of the open houses conducted by my office even experienced multiple bids during the open houses! This leads me to believe that Continue reading this post

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Posted by: Mitchell Feldman on November 11th, 2008 under Regional

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