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In Tight Housing Market, a Fistful of Dollars Beats a Mortgage

Thursday, April 11, 2013

According to the latest figures from the real estate firm Douglas Elliman, there are fewer homes for sale and prices are rising in Queens, Brooklyn and Westchester. But there’s another trend not shown in these numbers: the increasing dominance of all-cash buyers.

Deborah Rieders, a broker at Corcoran who focuses on Brooklyn, says in normal times, 15 to 20 percent of deals are all cash. Today, it's more like 70 percent.

“Everywhere from people working in the finance industry to people working in the creative industries, to people coming from overseas that wanna purchase properties for their kids,” Rieders said.

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Comments [1]

brklynbleu from Brooklyn

This trend is preventing young families from moving into gentrifying neighborhoods like Bed Stuy and Crown Heights. They are being left in the dust as developers buy in cash and rip brownstones into multi-family apartments or they flip them after a simple clean and paint. This is a serious problem facing Brooklyn.

Apr. 17 2013 09:54 AM

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