[Image courtesy of The Real Estate]
One of the most interesting tidbits in yesterday’s Brooklyn Market Report wasn’t that prices are still holding steady, but that sales in Brooklyn fell by nearly 44 percent over the previous years. There were declines in all areas. In Williamsburg and Greenpoint, for instance, the annual drop was close to 30 percent. The graphic above is from this morning’s Real Estate, which shows the numbers on a chart in all areas of the borough. (Click here for the full version.) The fascinating thing about the static image above is that there were 122 home sales in North Brooklyn in the second quarter. This portends some very interesting things in a part of the city where thousands of new condo units will be coming online in the next 12-24 months. One senses the dawn of a renter’s market in North Brooklyn.
1 response so far ↓
1 no // Jul 11, 2008 at 10:42 am
The issue is not with lack of interest in buying condos, but in the increasingly more difficult ability to get credit in the wake of the subprime mortgage mess. The days of handing out credit to every Tom, Dick or Harry are over, and people are going to need to shore up their finances if they expect to own something some day. Tis true this will fuel a renters market for awhile, but the rents will remain very high, especially in the hotter areas of Williamsburg. It will not thwart the continuing development boom overall.