Friday, October 10, 2008

Buying Real Estate in Brooklyn

These are trying times we live in now. There are over one million property owners in New York that are either in or in jeopardy of going into foreclosure. The 700 billion dollar bailout from the government will make things better, but it's going to take time for the market to regulate. A lot of people may not know this, but it is the best time to buy!

There is also a trend going on slowly among homeowners... They are buying down. Homeowners are re-evaluating their budgets. I'm starting to see people from Manhattan buying in parts of Brooklyn like Park Slope, Greenpoint and Williamsburg. The people from these areas are buying in Dyker Heights, Bensonhurst and Midwood. Everybody is trying to save money.

There are a lot of great deals on property now, more than ever before. I have literally seen some houses drop $135,000 below market value! Yes, this is on most of the high end properties here but I know one thing for sure:

"You will never find these prices ever again."

If you are an intelligent buyer and are looking to buy anywhere in Brooklyn, please, do your homework. There are sites out there which can help you with your search like:, and PropertyShark. They pretty much show you the demographics, schools and points of interest around the area you are looking in. One of the most important features of these sites is that they give you a general ball park figure of what the fair market value is for that specific area.

Get yourself a good Realtor also. Even though these sites may answer some of your questions, a good Realtor will be able to answer many more. A good Realtor will be able to help you make the best decision based on your needs and also should have a few inspectors, lawyers and mortgage people who can help your transaction run smoothly. I believe that experience counts now more than ever and I hope you will give me a call.

Luke Constantino
Commercial Residential
Direct: (212) 300-3919 Fax: (360) 368-0098

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