What’s next for Brooklyn prices?
On the Brooklyn Community Access Television show “Reporter Roundtable” yesterday, host Toni Williams talked to Real Deal reporter Sarah Ryley, David Kramer, a principal at Hudson Properties, and Dan Brady, a Corcoran Group broker, about the Brooklyn real estate market and how the recession is affecting it. Brady said it’s a good time to buy in the borough because prices are down to 2005 levels. Kramer, however, said that when you look at quarter-to-quarter data, prices have not declined that much over the past year, but sales volume has fallen. Ryley said residential prices have fallen five quarters in a row, and that prices in the borough are now at 2006 levels. She added that appraisers have said that over the next two years, areas with a saturation of units, like Williamsburg and Downtown Brooklyn, and neighborhoods with a high number of foreclosures, like Bushwick and East New York, will see prices drop 30 to 40 percent before prices bottom out.