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How will Brooklyn real estate prices change?
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amother
Papaya


 

Post Sat, Mar 30 2019, 9:30 pm
We dont live in Brooklyn but are planning to move there in the next few years. We are wondering if we should look into buying now or wait a few years. Is the real estate only going to keep going up all over? (we'd be interested in areas like Kensington, Flatbush, Marine Park...)
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amother
Amethyst


 

Post Sat, Mar 30 2019, 9:44 pm
nobody can answer that for you - but everyone will tell you they will go up.
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amother
White


 

Post Sat, Mar 30 2019, 10:18 pm
amother wrote:
nobody can answer that for you - but everyone will tell you they will go up.


That’s not true. Prices have been dropping as many people have moved out and are going elsewhere because of high prices...
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amother
Oak


 

Post Sat, Mar 30 2019, 10:22 pm
amother wrote:
We dont live in Brooklyn but are planning to move there in the next few years. We are wondering if we should look into buying now or wait a few years. Is the real estate only going to keep going up all over? (we'd be interested in areas like Kensington, Flatbush, Marine Park...)



Can you tell why you want to move to Bklyn Please?
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amother
Amethyst


 

Post Sat, Mar 30 2019, 10:24 pm
amother wrote:
That’s not true. Prices have been dropping as many people have moved out and are going elsewhere because of high prices...


Cool
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amother
Wheat


 

Post Sat, Mar 30 2019, 10:27 pm
Real estate in Flatbush has actually dropped significantly in the last few months. I've been looking to buy since August and have really seen a drop. Houses that were asking over a million then (and seemed to be a realistic price) are holding in the low 900's negotiable now. And new to market houses are starting 50-100k lower than comparable house were in the summer. Combined with dropping interest rates, it's actually not a bad time to buy.

Obviously only time will tell if the trend will continue but the buyers market is pretty good now.
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Fabulous




 
 
    
 

Post Sat, Mar 30 2019, 10:27 pm
Prices have dropped recently, but they have in the past as well. And while many people are moving, many are still staying, especially certain Jewish groups. So while prices may still fall a bit further, I doubt they will go down so much more and may go back up again. People still have jobs, families, schools etc.. that keep them here
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amother
Violet


 

Post Sat, Mar 30 2019, 10:28 pm
amother wrote:
That’s not true. Prices have been dropping as many people have moved out and are going elsewhere because of high prices...


Depends where. Not in my area. My friend just paid $1.5 million for a house they haven't even seen the inside of yet. There are tenants they have to evict and then it will probably need an entire gut job. And this is considered a good deal.
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amother
Dodgerblue


 

Post Sat, Mar 30 2019, 10:35 pm
amother wrote:
Depends where. Not in my area. My friend just paid $1.5 million for a house they haven't even seen the inside of yet. There are tenants they have to evict and then it will probably need an entire gut job. And this is considered a good deal.

Which neighborhood? There are houses with rent stabilized tenants (yes, even if its two or three family house it can still be rent stabilized) so it will hard to evict. Why would your friend buy a house unseen and with tenants in it when there are houses you can buy for cheaper and without tenants? What was so special about this house?
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amother
Violet


 

Post Sat, Mar 30 2019, 10:50 pm
amother wrote:
Which neighborhood? There are houses with rent stabilized tenants (yes, even if its two or three family house it can still be rent stabilized) so it will hard to evict. Why would your friend buy a house unseen and with tenants in it when there are houses you can buy for cheaper and without tenants? What was so special about this house?


Probably location and being able to put down cash quickly (it was a foreclosure). Things get turned around REALLY quickly here. and that's pretty much the going rate.
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amother
Black


 

Post Sat, Mar 30 2019, 11:01 pm
amother wrote:
Probably location and being able to put down cash quickly (it was a foreclosure). Things get turned around REALLY quickly here. and that's pretty much the going rate.



I'm not in the market but pretty much all of the houses I see advertised in The Flatbush Jewish Journal have an asking price of less than 1.5 million


Some are less than a million
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amother
Emerald


 

Post Sat, Mar 30 2019, 11:12 pm
amother wrote:
Which neighborhood? There are houses with rent stabilized tenants (yes, even if its two or three family house it can still be rent stabilized) so it will hard to evict. Why would your friend buy a house unseen and with tenants in it when there are houses you can buy for cheaper and without tenants? What was so special about this house?


It can't be rent stabilized under four units in NYC, by law
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amother
Dodgerblue


 

Post Sat, Mar 30 2019, 11:22 pm
amother wrote:
It can't be rent stabilized under four units in NYC, by law

Except that landlords sometimes break the laws by creating 6 or more units illegally and/or renting out individual room instead of the entire apartment so these houses become de facto rent stabilized. So if the landlord goes to court then the court will officially make it rent stabilized and wont allow the landlord to evict the tenant. It wont matter if the house is sold or tenants leave as the house remains rent stabilized and those are the laws the landlords would have to follow if they rent it out in the future. There are several cases like this, ask a lawyer before you buy a house to do the research to ensure that the house you want to buy is not rent stabilized.

Here is more info-- https://www.rozenlawgroup.com/.....lized

https://vaughnweberlaw.com/201.....tion/
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amother
Salmon


 

Post Sun, Mar 31 2019, 12:08 am
amother wrote:
Which neighborhood? There are houses with rent stabilized tenants (yes, even if its two or three family house it can still be rent stabilized) so it will hard to evict. Why would your friend buy a house unseen and with tenants in it when there are houses you can buy for cheaper and without tenants? What was so special about this house?


I'm curious which neighborhood. Must be a wide lot, detached, and a big house in order for it to go for that amount quick.
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amother
Mauve


 

Post Sun, Mar 31 2019, 1:38 am
When there are real estate agents stop pushing the prices up!! If you are looking in Flatbush, forget it, unless you are a multi-millionarie. Houses are being listed for over a million and need major work anyway. Agents are telling people then can get those prices. Meanwhile, I have seen those houses staying in the market for a while, then they will advertise they have been reduced, (yeah,and still going for over a million!) Fully attached house, with no parking going for 980k but oh yeah thats a bargain as there are plans to make it a 2 fami(but of course you have to add that to your mortage as well). Meanwhile the house looks like it needs total gut job, porch looks like its caving. I understand people need to make money, but driving young families out of flatbush??!!
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amother
Gray


 

Post Sun, Mar 31 2019, 2:17 am
amother wrote:
We dont live in Brooklyn but are planning to move there in the next few years. We are wondering if we should look into buying now or wait a few years. Is the real estate only going to keep going up all over? (we'd be interested in areas like Kensington, Flatbush, Marine Park...)

For now prices are a bit less than a year or two ago. It may or may not fall more. Maybe ask a real estate broker if they can better predict was the next few years will be like..

My sister is looking to sell her duplex in Boro Park. it is 30ft wide, great move in condition, but It is not being grabbed:( two years ago everything that went onto the market was sold faster than it is today.
Many move out of Boro Park and the demand for houses dropped so prices drop along with it.. My sister also dropped the selling price by 300k..
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amother
Mistyrose


 

Post Sun, Mar 31 2019, 8:31 am
It doesn't seem that Boro Park and Kensington prices are going down. Flatbush went down some but don't expect it to go down that much more.
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amother
Violet


 

Post Sun, Mar 31 2019, 9:09 am
amother wrote:
I'm not in the market but pretty much all of the houses I see advertised in The Flatbush Jewish Journal have an asking price of less than 1.5 million


Some are less than a million


Not Flatbush.
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amother
Violet


 

Post Sun, Mar 31 2019, 9:10 am
amother wrote:
I'm curious which neighborhood. Must be a wide lot, detached, and a big house in order for it to go for that amount quick.


Lol. No. Attached but has a driveway and garage which adds about 200k.
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33055




 
 
    
 

Post Sun, Mar 31 2019, 9:22 am
amother wrote:
When there are real estate agents stop pushing the prices up!! If you are looking in Flatbush, forget it, unless you are a multi-millionarie. Houses are being listed for over a million and need major work anyway. Agents are telling people then can get those prices. Meanwhile, I have seen those houses staying in the market for a while, then they will advertise they have been reduced, (yeah,and still going for over a million!) Fully attached house, with no parking going for 980k but oh yeah thats a bargain as there are plans to make it a 2 fami(but of course you have to add that to your mortage as well). Meanwhile the house looks like it needs total gut job, porch looks like its caving. I understand people need to make money, but driving young families out of flatbush??!!


The agents tell people they can get those prices because they want to lock the seller into a listing contract.

Real estate in Brooklyn will continue to go up long term with market fluctuations in the shorter term. They ain't making more land as the saying goes.

Also congestion pricing should be factored into this. I don't know how this will effect the commute from Rockland and Orange effecting the attractiveness of moving to Monsey as an alternative. (Yeah)
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