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By Accord Real Estate Group

Brooklyn Real Estate Market Outlook for 2010 for Mixed Use and Commercial Property Sales

January 22nd 2010
Tags: Brooklyn Blog, Real Estate News, All about Brooklyn New York, Brooklyn Attractions, Brooklyn Real Estate, Selling your home, New York Info

The Brooklyn Real Estate market in 2009 was a year that most if not all brokers, agents and realtors are glad is behind us. As a broker for 22 years selling Brooklyn Real Estate in many Brooklyn neighborhoods, I've seen in the last year that few Brooklyn neighborhoods saw any price increases in property values. For most Brooklyn neighborhoods, since we have been in a downward trend price wise, for the last 3-4 years prices remain at the lowest level since last real estate boom. While the 2010 Brooklyn Real Estate Market is expected to bring an improvement in sales volume, meaning, there will be more people selling and buying properties, I do not foresee an increase in property values yet and commercial property sales will still be slowed. Most mixed use and commercial properties will be difficult to sell in this overly cautious lending environment and slow business forecasts. Sellers may have to take a different approach to get their properties sold. For example, one creative and profitable approach that one of my clients took was to become the primary mortgage holder, with the buyer putting down a sizable down payment on a large commercial property. This approach benefits both the seller and the buyer. It enables the seller to have an income stream and realize a much better price down the road, than he would have with a straight forward sale. It enables the buyer to buy the property with a much smaller down payment then the traditionally structured commercial loan using conventional lender would require.