Housing Prices in Carroll Gardens Brooklyn for 2008 onwards
March 20th, 2008 Gennaro Brooks-ChurchI once was talking with a mentor of mine who made a lot of real estate money. I said something about a deal like, “I’m not sure it is a good time to buy in this kind of market.”
And his response was, “Bullshit! You can make money in any kind of market.”
I now see his point. If the market is slow and house prices might drop, most people would say don’t buy. And on average that is true. But for professionals that is a great time to pick up houses on the cheap from somebody who is desperate to sell in a market where nobody is interested in his house.
Or in a market that is booming and going up people might say don’t sell but that might be a good time to sell to somebody who is willing to pay a high price on the speculation that things are going up further.
I just bought a house in a down market because I know my specific neighborhood well and I doubt this small area will be hit like the rest of the US. Various factors like the quality of the houses, the limited availability, the closeness to Manhattan, the attractiveness of the area to a growing family demographic, and the overall economic stability of a Bloomberg run city makes me think that the Carroll Gardens area of Brooklyn will not suffer a downturn.
Prices will mellow out for sure. But not in any drastic way. So if you can carry the house for a couple years you will be sitting at the start of another upsurge over the next ten years. And my opinion is that now is a great time to buy because you have less competition and sellers are by far more flexible.
Of course there is the whole 911 possibility. If something like that happens again then prices in this area will definitely be hit. In that case, however, my house price is not really high on my list of worries anyway.
And again I think neighborhoods are very small and follow different patterns. If something major happens in Manhattan, then Carroll Gardens prices could actually GO UP because of everyone wanting to leave Manhattan and move to a more politically neutral place lite Brooklyn, all the while still close to their work in the city. And if Carroll Gardens prices don’t go up then at least they stay level because influx and outflux will balance each other to some degree.
I remember when 911 happened and prices south of Canal street were a real bargain. Two years later they had doubled and in some cases tripled. In brooklyn prices slowed but didn’t take such a large hit. It took a couple years for them to really rev up again, but it was never a drastic slump in Carroll Gardens.
Tags: 2008, 9/11, Brooklyn, Carroll Gardens, housing, prices
You get that way when working in real estate.
