Here's an excerpt from Erin Durkin's piece:
"The median price of a Kings County house, condo or co-op dropped 5.6% for the third quarter of 2008 compared with the same period a year ago, to $510,000 from $540,000." [Daily News]
Not entirely shocking is the fact that these price declines were sharper in Bed Stuy and East New York. Since when did paying over a half a million dollars for a home in a scary, crime infested hood become a bargain? Sometimes I feel like I have my 80-year-old grandma's view on the world because reports like this continue to shock me.
For that kind of money you could get a castle with a moat surrounding it up here in the BoogieDown. But unfortunately your toddler will have nowhere to get her mani/pedi done, so you high-maintenance types may want to continue paying top dollar for everything from real estate to frozen yogurt down there in Manhattan, ahem, Brooklyn.