We believe that the Brooklyn market is stabilizing. This is indicated by the length of time it now takes to receive payoffs and the need to reduce prices in order to get a quicker result on sales.
The latest trend is to develop condos in order to maximize the price per square foot. Developers are tearing down 1-2 family properties to convert them into 6-8 family properties. They are taking the risk because of a lack of properties and demand.