Tuesday, September 7, 2010
News In Which the New York Observer Pinpoints the Exact Single Most Significant Thing About Renewed Real Estate Speculation in Bed-Stuy
Posted by Mark Asch on Tue, Sep 7, 2010 at 5:09 PM
"While prices in many neighborhoods have rebounded," from their recession-inflicted bottoming-outs, the Observer relates, "Bed-Stuy is still scraping the bottom, the Wall Street Journal writes today. The median sales price in east Brooklyn fell to $340,000 this spring, down 40 percent from the pre-boom peak price of $570,000," which makes sense given that the African-American brownstone neighborhood was only just on the cusp of gentrification when the housing bubble burst. Still, the Journal suggests, prices may begin to climb up again, especially since "sales activity is up 64 percent, meaning the days of lonely open houses with plates of uneaten cookies may be ending." Yes, yes, the cookies.
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