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April 3, 2007

Tuesday Links

steeple_8807705d9e.jpg
Steeple Reno, Park Slope. Photo by Atomische.
Apartment Market Strong in Manhattan [NY Times]
New York City's Vanishing Middle Class [NY Post]
Enrique Norten To Design Red Hook Buildings? [Curbed]
First Move-Ins at 110 Livingston [110Livingston.net]
Forest City's Timeline Contradictions Continue [AY Report]
Are These Reno Costs Reasonable? [Forum]
Iron Work at Armory Plaza [IMBY]




Posted by Brownstoner at 8:32 AM | Comments (9)
Categories: Daily Links

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a different spin?:

http://www.bloomberg.com/apps/news?pid=20601093&sid=a0HE4HmuW060&refer=home

Posted by: Anonymous at April 3, 2007 8:49 AM

22% rise in Brooklyn. What crackpipe are they smoking? This is just another pathetic attempt by the real estate industry to drive up interest for their precious spring selling season.

Posted by: Anonymous at April 3, 2007 8:59 AM

"...according to data released yesterday by several of New York City’s largest real estate brokerages."

As usual. How 'bout data from a different source?

Posted by: Anonymous at April 3, 2007 9:11 AM

Here's another take on the subprime issue.

http://www.newyorker.com/talk/2007/04/09/070409ta_talk_surowiecki

Posted by: Hal at April 3, 2007 9:16 AM

I think the 1st quarter numbers do indicate that housing market is not falling in NYC. Especially seeing the number of transactions increase. For pricing to really fall, I would think you need a real, sustained slowdown in sales. One where quarterly # of transactions is below some 5 year average.
But don't get all worked up anon 8:59.
It would be an error to interpret the article/stats to mean the value of a Brooklyn or Manhattan apt. is up such and such percent.
The stats only say that the average prices of the apts. that sold in last quarter were higher than previous quarter. Unless the same apts. were selling each quarter, it isn't possible to conclude that values are up that % amt.

Posted by: Anonymous at April 3, 2007 9:23 AM

the sub-prime issues completely parallel the "tech" stock bubble in the late 90's - bad guys got involved, people were manipulated and people lost money. it didn't mean owning stocks, in general, was a bad thing and this doesn't, by any means, mean owning real estate is a bad thing. all of this sub-prime fallout will just create opportunities to those in a more fortunate financial position to take advantage - as always, the rich get richer...the reason people are buying real estate at this stage of the cycle has gotten completely out of whack.

Posted by: Brownstone Dreamin at April 3, 2007 9:48 AM

The thing about the Corcoran numbers quoted is that, anecdotally speaking, they aren't reflected in their sales of brownstones/houses in Brooklyn. I check on the Corcoran site weekly because I am tracking a house that has been on the market for 9 or 10 months with no movement. I love the house but the price doesn't seem to match up with what you'd be getting for the money and obviously the market agrees because it hasn't moved. I thought it was just the sellers of that particular house that are stuck on a number in their head, but, at this point all the listings are super stale -- nothing seems to be moving. What's the story, does Corcoran just not have a feel for the brownstone/house market?

Posted by: Anonymous at April 3, 2007 10:21 AM

There recently were several record-breaking sales of Brooklyn Heights townhouses on Cocoran's and BHS's websites. The ones on Corcoran had been on the mkt for about a year and they sold about 10% below ask. Nevertheless, they set new records on price for the neighborhood.

Posted by: JR at April 3, 2007 11:17 AM

I dunno. Most of the houses I see on Corcoran sight seem to move pretty quickly. (Carroll Gardens, Cobble Hill, Boerum Hill).
Although the $2.25 modern on Butler (that was thread on this blog couple of times) seems to have been removed from sight, but a $2.25 on Douglass just off Smith seemed to go into contract in about a week. Maybe just so little for sale in this area.

Posted by: Anonymous at April 3, 2007 12:17 PM

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