Short Sales, New York City and Your New Home in Brooklyn

Just as we were going to publish the first installment of our 7 part series on Short Sales in Brooklyn Real Estate, our editor wanted to make sure our readers were not only receiving great information about short sales, but also knew where these opportunities were.

I thought the suggestion made a lot of sense (and couldn’t understand why I didn’t think of it first).  After all, was there a  better way to kick this series off?

Knowing what neighborhoods in Brooklyn have these opportunities in abundance would guide prospective home buyers in their search.

So, without further delay, here are the

Top Ten neighborhoods in Brooklyn for Short Sales

1. Bedford Stuyvesant
2. Bushwick
3. Cypress Hill
4. East New York
5. Ocean Hill
6. Brownsville
7. Canarsie
8. East Flatbush
9. Crown Heights
10. Prospect Park South / Flatbush

The neighborhoods above are not ordered to reflect the best from the worst, or the ones possessing the most or least opportunities for home buyers.

However, each neighborhood does have sweet spots to purchase in should an opportunity present itself.  And in the weeks to come, we’ll be publishing regular installments on each neighborhood’s sales trends, home values and undervalued opportunities to guide your home search.

Plus, we’ll be sharing details about a new service for home shoppers to make their home buying experience a profitable one the first time out.

New York City and Foreclosures

There’s little evidence of an economic recovery reflected in real estate.  While reports of record property sales reflect an increase in volume of purchases compared to 2008 & 2009, it hasn’t produced an increase in property value.

And as New York City foreclosures continue to climb, home values will continue their down trend for the next 12 to 18 months in search of a bottom.

Investors are seeing opportunity all around them, with the intent of flipping properties they’ll purchase from distressed sellers and Bank REO brokers to home buyers like you.  How will you know if you’re buying RIGHT?

Beginning Wednesday, June 26th 2010, and for the next 6 Wednesdays to follow, we’ll be publishing an installment of our 7 part series on short sales.

By the end our series, you’ll not only know how to purchase a property offered as a short sale, but you’ll be buying a house below market value in most cases.

And buying RIGHT the first time.

Michael A. Corley is a licensed Real Estate Broker and Executive Vice President at Corley Realty Group.  Born and raised in Brooklyn, he resides in Crown Heights with his wife and children.