Report: Investment Sales Mostly Hanging In There

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    Property Shark recently released its first-quarter investment sales report for 2008, and the numbers for Brooklyn show a market that’s certainly seen better days but isn’t completely tanking. The report tracked the sales of two-, three-, four-, and five-or-more family dwellings/mixed-use properties (so no condos, co-ops or other commercial/industrial buildings). Basically, the worst trend in Brooklyn—and this was true for all the boroughs—is shown in the graph above: There was a 37 percent drop in the number of sales as compared to the first three months of 2007. In fact, every borough did worse than Brooklyn on this score, with Manhattan posting a 49 percent year-over-year decline in sales volume. The median price per square foot and median sale price on investment properties in Brooklyn didn’t change much in recent months or over the past year. The median price per square in the first quarter this year was $237, down 3.6 percent from the same period in 2007, and the median sale price was $665,000, up 2.3 percent from the first quarter in ’07. The only big drops in median prices between 2008 and 2007 were seen in transactions involving large (4-family and bigger) properties. It’d be interesting to know the extent to which big-ticket brownstone sales are keeping us (barely) afloat.
    First-Quarter 2008 Investment Sales Report [Property Shark]

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