Bklink: Bloody Azure PriceChopper!

Want to see what a PriceChop looks like? Go no further than the Azure on Classon Avenue. "Let's look at Unit 2a. It started life last June at $735,000. In November, it went to $649,000. In December, it hit $599,000. In February? $549,000. And, yesterday, there was more axe action with the price hitting $499,000. That's what one calls a succession of PriceChops amounting to $236,000."--Curbed

Bklink: Bridgeview Throws in Towel

Another new condo development that hasn't sold many units is going rental. Bridgeview Tower, which is in an odd location between the Manhattan Bridge approach and the BQE has been on the market for two years and only has four units in contract. Hence, rental listing are showing up: $3,900 for a 2BR. Given the location, will anyone bite?--Brownstoner

Brooklyn Prices Start to Drop

The first quarter real estate reports that are starting to come out, show the beginning of some weakening in the Brooklyn real estate market. Data from Corcoran's first quarter report shows that the average price of an apartment fell 10 percent from $686,000 in the fourth quarter of last year to $615,000, according to figures quoted in Metro. Meanwhile, today's Times notes that "Contrary to the trend in Manhattan, in Brooklyn, overall prices have started to drop." It says that median prices in Brooklyn dipped to $549,000 from $560,000, according to Corcoran's data. Per the Times:

Pamela Liebman, president of the Corcoran Group, said this pattern was typical of any slowdown. “When buyers become more cautious, the first markets to feel it are those that have been considered to be emerging neighborhoods,” Ms. Liebman said.

More declines to come as the year goes on?