The entire New York City Housing market, as well as suburban markets, have seen prices decline in the last year. Sales volume also 'fell off a cliff' after the Lehman Brothers collapse in 2008.
But the slowdown had already hit the outlying counties, probably as early as 2006 in some places. Next to see slowdowns were outer sections of the boroughs, around the 3rd quarter of '07, and finally Manhattan, brownstone Brooklyn, and the newly gentrifying parts of Queens (meaning Long Island City).
Different locations, apartment types, specific buildings, etc have been hurt to different degrees.
When the credit crunch ensued in 2007, the lower income areas which had high percentages of sub-prime borrowers (think East New York) began to run into trouble.
The better but not exactly urban housing markets (mainly 1 &2-family homes) like Bay Ridge, Bensonhurst et al were probably the next to see declines.
The new condo development nexus -- from Park Slope up through Downtown Brooklyn and Fort Greene, Clinton Hill, then on to Williamsburg and Greenpoint-- these areas lined up more with Manhttan and were the last to see measurable declines. However, the softness was already evident throughout 2008 -eight months before Lehman blew up-as sales slowed at most condo developments.
In Brooklyn, the top of the market has suffered more than the mid-market.
For example, in 2009, one-bedrooms are moving faster than two-bedrooms, presumably because more people can afford them. (1-BR's are actually selling well in a few projects).
In particular, the very top of the Brooklyn condo market (penthouses in the best new developments throughout the borough) has been hit hardest in the last nine months. For a $2 million condo in Brooklyn (as opposed to Manhattan), the pool of potential purchasers has grown very thin.
For readers tired with the general overview, i have more specifics coming.
But the slowdown had already hit the outlying counties, probably as early as 2006 in some places. Next to see slowdowns were outer sections of the boroughs, around the 3rd quarter of '07, and finally Manhattan, brownstone Brooklyn, and the newly gentrifying parts of Queens (meaning Long Island City).
Different locations, apartment types, specific buildings, etc have been hurt to different degrees.
When the credit crunch ensued in 2007, the lower income areas which had high percentages of sub-prime borrowers (think East New York) began to run into trouble.
The better but not exactly urban housing markets (mainly 1 &2-family homes) like Bay Ridge, Bensonhurst et al were probably the next to see declines.
The new condo development nexus -- from Park Slope up through Downtown Brooklyn and Fort Greene, Clinton Hill, then on to Williamsburg and Greenpoint-- these areas lined up more with Manhttan and were the last to see measurable declines. However, the softness was already evident throughout 2008 -eight months before Lehman blew up-as sales slowed at most condo developments.
In Brooklyn, the top of the market has suffered more than the mid-market.
For example, in 2009, one-bedrooms are moving faster than two-bedrooms, presumably because more people can afford them. (1-BR's are actually selling well in a few projects).
In particular, the very top of the Brooklyn condo market (penthouses in the best new developments throughout the borough) has been hit hardest in the last nine months. For a $2 million condo in Brooklyn (as opposed to Manhattan), the pool of potential purchasers has grown very thin.
For readers tired with the general overview, i have more specifics coming.
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