Furman: Prices Down 32% From Peak in Q4
NYU’s Furman Center for Real Estate and Urban Policy released its fourth-quarter housing update for the city, and these are some of the stats about Brooklyn in the last three months of 2010 that jump out: -The report counts 1,707 sales in Brooklyn during that period, down 9.3 percent from the third quarter and 24.8…
NYU’s Furman Center for Real Estate and Urban Policy released its fourth-quarter housing update for the city, and these are some of the stats about Brooklyn in the last three months of 2010 that jump out:
-The report counts 1,707 sales in Brooklyn during that period, down 9.3 percent from the third quarter and 24.8 percent year-over-year. However, while all the boroughs posted sales declines, Brooklyn’s trailed the other boroughs: Queens, for example, was down nearly 40 percent year-over-year.
-Furman’s index of housing price appreciation shows prices weren’t down much from the previous quarter but have plummeted 31.5 percent from peak, which is defined as the third quarter of 2007 for Brooklyn.
-On slightly brighter notes, notices of foreclosure were down almost 40 percent year-over-year in Brooklyn and there were new-building permits for 54 units, which is a big increase from the same time in ’09.
New York City Quarterly Housing Update 2010: 4th Quarter [PDF; Furman Center]
“while all the boroughs posted sales declines, Brooklyn’s trailed the other boroughs: Queens, for example, was down nearly 40 percent year-over-year”
Aw, just put it all in perspective. GTFOOH! Brownstone Brooklyln prices are going to get murdah’d!
“shows prices weren’t down much from the previous quarter but have plummeted 31.5 percent from peak”
Duh-bble dip!
“notices of foreclosure were down almost 40 percent year-over-year in Brooklyn”
That’s what fraudclosuregate does. Builds up the shadow inventory behind the cracking dam.
***Bid half off peak comps***
“Where the hell in Brooklyn can you find any 2-4 family for under $500,000????”
From what I have seen, quite a large chunk of Bed Stuy. I’ve been shocked at the amount of inventory, even. Most of it has issues of some kind, and not perfect locations, but you could do a lot worse.
Dave, shhhhh…! The Furman Center has got the president of NYU fooled, as well the law school and Wagner School, both of which it works with. The center and its fellows are widely quoted and recently was awarded a MacArthur Grant. But they’ve got everybody fooled! Everybody but you!
“The inane treatment of the data made me unhinged.
I don’t think we’ve ever seen a HOTD under $500k. No not in “brownstone Brooklyn.” ”
Uh, DIBS, I don’t think the NYU Furman Center claimed that it was only studying “brownstone Brooklyn.”
And LM calls it — stable prices in affluent Brooklyn combined with falling prices everywhere else (which, I’m afraid, includes Bed-Stuy — sorry DIBS!) mirrors the larger economic story in the USA — the very rich continue to pile up the wealth while the rest of us are getting poorer.
Looks like BHO’s second prediction is happening, just a bit slower than the first.
quote:
affordable home ownership
does that even exist here?
*rob*
So inexpensive houses are getting cheaper and expensive houses are a different story. No surprise there. The rich get richer and the poor get poorer – this is America. At least it is a boost for affordable home ownership in a time when foreclosures are hurting so many families.
The inane treatment of the data made me unhinged.
I don’t think we’ve ever seen a HOTD under $500k. No not in “brownstone Brooklyn.”
DIBS, there are lots of houses in the 300ks but of course they aint in lovely brownstone BK hoods.