search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aDavid Werner strikes $115M deal to snap up 100 Wall Street at big discountDavid Werner strikes $115M deal to snap up 100 Wall Street at big discountSterling Bay, JPMorgan at odds with Wells Fargo on $230M Fulton Market debtSterling Bay, JPMorgan at odds with Wells Fargo on $230M Fulton Market debtVornado, Rudin reveal plan for larger 350 Park Avenue projectVornado, Rudin reveal plan for larger 350 Park Avenue project
New York

What’s next for Brooklyn prices?

Sign Up for the undefined Newsletter

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.