2011 Real Estate Trends For Brooklyn
Brooklyn, New York is considered a working class neighborhood with over 2.5 million people. The cost of a 3-bedroom home can run between 0,000 and 0,000 depending on the area. With unemployment still hovering around 9% and the uncertainty of new business start-ups, the housing market has no choice but to follow suit.
Figures for Brooklyn’s sold real estate that ran from November 10, 2010 to January 11, 2011 were a little disappointing. Based on 1.269 total home sales, the price decreased 3.8% from the same period a year earlier. This makes the median average home located in Brooklyn on today’s market around 0,000. The amount of home sales also fell by 18% compared to a year earlier. Homes in foreclosure still remain high with 3,911 homes presently in auction or a pre-foreclosure status.
Over the past decade, Brooklyn’s employment sector has been changing from mainly manufacturing to service with 44% of the population staying within Brooklyn for employment. The high-tech and entertainment industry in nearby Manhattan provides an influx of jobs. Pfizer, a large pharmaceutical manufacturing plant, offers 900 employment jobs for many that live in Brooklyn. In 2005, the average household income was ,188 with levels expected to be slightly higher today. But this still makes it difficult to come up with a substantial down payment of 10% or more that is required for purchasing a home in Brooklyn.
Immigrants have long found Brooklyn to be a popular home for planting roots and starting families. The varieties of neighborhoods that host different nationalities make it easy for newcomers to blend in. Bedford Stuyvesant is an area where African-Americans like to form and is known for cultural starts in the arts and hip-hop. Russians can be found in Brighton Beach and Sheepshead Bay while Bushwick attract the Hispanic-American population. Italian-Americans can be found in the neighborhoods of Bensonhurst, Dyker Heights and Bay Ridge where many family restaurants have been present for generations.
Investors that may buy foreclosures are not as apt to purchase homes in the Brooklyn area as other places in New York because of the slow turn around rate. With the forecast for further uncertainty in 2011 to continue for at least the first half of the year, the market is expecting prices to fall even more. This places investors in a sit back and wait’ mode to wait for pricing to bottom out.
Homeowners in all neighborhoods of Brooklyn are encouraged to hold on to real estate throughout the next year to wait for a more positive equity position to emerge. It is a great time for refinancing but many find it difficult when they are upside down in a home’s worth. If you have been renting for years and have a substantial down payment saved, now would be a perfect time for home shopping in the Brooklyn neighborhoods. Prices are bound to go up within a few years and you could find yourself with much more equity than you bargained for.

Would Chrysler and GM Like to Sell Anyone the Brooklyn Bridge?

Well ladies and gentlemen right from the horses mouth they state that cutting such a large amount of dealerships is their key to survival but you know I look at that as a bunch of malarkey. In my eyes this is nothing more than a ploy to force the American government to anti-up additional funds for the CEO’s to deposit in their retirement funds.
 
If I make a product and I have stores and shops which sell my product for me I stand a good chance of making money. Let’s suppose that I have 10 stores such as these. My profits appear good at this point. Now if I happen to increase my associate stores to 20 across the country then I will logically make twice as much money as I had before.
 
A dealer, as I understand, makes a payment monthly on each of the automobiles that they have in their inventory. If they sell one car they pay the car off with GM or Chrysler.

If not they continue to make their monthly payments for the cars.
 
If you ask me it appears that this is a win-win situation for the auto maker as they will be out nothing. However, in their efforts to extort additional billions from my government they use the excuse that they are cutting back.
 
All these heads of the major car making companies have recently informed the nation’s lawmakers that they have too many dealers to support the products they are making. Oh Gee, Mr. Make Billions in Bonuses, why do we fail to see this? These same CEO’s of the companies know perfectly well what they are doing and they readily admit that they are aware of the pain that their actions are causing in various communities around the country. They should known since they planned this complete charade to seduce the government out of more funds.
 
It was humorous when GM’s president Fritz Henderson mentioned that this was their last chance to get it right. My god boy, how many years have you been trying now and the only thing you seemed to accomplish was creating a vast bank account for yourself and your cronies?
 
Jay Rockefeller said it well when he remarked that these companies should not be permitted to take the taxpayers bail out money and then abandon the dealers to fend for themselves. As Mr. Rockefeller mentioned the car manufacturers are indicating that their woes are a result of the dealers. We of course realize their problems center around their greed and the lack of misunderstanding of the auto market place and what people want.
 
Although the big two auto makers have claimed that the tax payers investments is best protected by them cutting back on their productions as they are doing, I personally feel and I certainly hope Mr. Obama does too, that the best protection is to cut off this gangrene infected section of our economy and waste no more of the taxpayers funds on it.
 
It is very interesting to note that Ford Motor Corporation as of this date has not filed for any sort of bankruptcy protection nor have they accepted any federal bailout money. There is currently no word received from Ford on it closing any of their dealerships as well. Is this telling us something? I certainly know which auto manufacturer I will purchase a vehicle from in the future and it doesn’t begin with a Chrysler or General Motors.
 
Copyright @ 2009 Joseph Parish