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November 8, 2007
REBNY 3Q Market Report: Prices Still Rising
This summer the city continued to be immune to the rest of the country’s housing woes, according to a report released by the Real Estate Board of New York. REBNY’s third quarter stats show the average price of homes in the city up 20 percent from the same time last year, to $782,000; Brooklyn prices averaged $621,000, an 8 percent hike over 2006. The average condo price in Brooklyn, meanwhile, was $613,000, a slightly more modest 5 percent rise over last year. Good news, of course, but we have to wonder whether the fourth quarter's going to look this rosy. Predictions?
Report: City Sizzles Amid U.S. Housing Market's Big Chill [NY Post]
When Will the Real Estate Bubble Burst? [AM New York]
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Comments
thats great news! I can't wait until the day when no one can afford to live in NY except an elite class of the super rich. Of course we'll set aside some affordable housing for their servants.
Posted by: guest at November 8, 2007 9:09 AM
Interesting. I see several price cuts on properties so this is surprising. I will be interested to see Q4 and Q1 numbers though- wall street is getting crushed.
Posted by: guest at November 8, 2007 9:13 AM
I think this is being skewed by the insane prices being paid on the high end of the market....not even factoring in the $150M that was paid for a condo triplex in The Mark
Posted by: guest at November 8, 2007 9:22 AM
Come on REBNY, I wouldn't trust their figures. Its in their best interest to deny that there is a bubble.
Posted by: guest at November 8, 2007 9:23 AM
9:22 you are right
Posted by: guest at November 8, 2007 9:24 AM
There was a $150 million condo sold? For real?
Posted by: Brooklynnative at November 8, 2007 9:25 AM
9:09 You hit the nail right on the head. In addition, I am also surprised because I have seen tons of price cuts. Price cuts that range anywhere from 75k to 125k...so this very surprising!
A ClintonHill Lady
Posted by: guest at November 8, 2007 9:30 AM
RRRRRRIIIIIIIIIIIGGGGGHHHHHHHHHHTTTTTTTTTT
Stop posting this crap Mr. B. This BULLSHIT you know it!
The What
Someday this war is gonna end..
PS No bonuses for the asshats on Wall Street
Posted by: guest at November 8, 2007 9:30 AM
If it weren't for the "asshats" on Wall Street, none of you Brooklyn old-timers who are selling out for the big bucks would get your asking prices.
Posted by: guest at November 8, 2007 9:34 AM
4Q07 - YOY sales gain will be 0%.
1Q08 - YOY sales gain will slightly negative -1%.
4Q08 - YOU sales gain will be -10%.
Posted by: guest at November 8, 2007 9:37 AM
Hey 9:30, I'll take my asshat bonus and buy your seeester then toss her out when I'm done
Posted by: guest at November 8, 2007 9:39 AM
http://www.nypost.com/seven/11082007/news/regionalnews/the_150m_castle_384624.htm
of course he's getting 30K square feet for his $150M so it's only $5000/sq ft
Posted by: guest at November 8, 2007 9:43 AM
Wall St bonuses will be fine this year (wouldnt count on '08)
Goldman has already put aside 16 BILLION for bonuses;
Merrill Lynch has UP'D the % of revenue for bonuses from last year (and overall revenue is up).
Posted by: guest at November 8, 2007 9:59 AM
ihavenoideawhatimtalkingabout
ihavenoideawhatimtalkingabout
ihavenoideawhatimtalkingabout
The What
Someday this war is gonna end..
Posted by: guest at November 8, 2007 10:05 AM
First sensible thing you ever posted
Posted by: guest at November 8, 2007 10:18 AM
So long as the dollar stays this weak the Manhattan and Brooklyn markets will stay strong, apartments here are a giant bargain for overseas buyers right now. Who do you think it is buying all these new luxury condos? Factoring in the exchange rate apartments here are 1/2 the price of a comprable place in London right now and that makes and extremely tempting investment opportunity for a lot of people.
Posted by: guest at November 8, 2007 10:52 AM
wall street bonuses will be off by 10-15% this year.
when talking in millions of dollars in some cases, it really is not going to stop people from buying property.
it might mean that they'll buy a 1.5 million dollar pad instead of a 1.75 million or 2 million dollar pad.
not a big deal.
Posted by: guest at November 8, 2007 11:15 AM
If the average price is the mean, then the number means very little. Also, was the number of sales the same as last year, up, or down? If you're doing fewer sales at higher prices, that's a sign of a weaker market.
Posted by: guest at November 8, 2007 11:21 AM
This property seems quite underpriced at $389K. I wonder what the catch is?
http://www.mlsli.com/unidetails.cfm?mlnum=1981786&typeprop=1&phm=1
Posted by: guest at November 8, 2007 12:10 PM
ANYBODY GOT AN ANSWER FOR 11:21?
"...was the number of sales the same as last year, up, or down?"
Posted by: guest at November 8, 2007 12:22 PM
The Corcoran 'For Sale' sign in the picture above says it all. I never used to see these signs in 2005.
Posted by: guest at November 8, 2007 12:38 PM
"I think we are at a moment of economic crisis," Sen. Charles Schumer, D-N.Y., told Bernanke. "I am not surprised to hear experts such as your predecessor, Alan Greenspan, warn about the threat of a recession. I have begun to worry about it to."
It's just going to get worse...
http://news.yahoo.com/s/ap/20071108/ap_on_bi_ge/bernanke_economy
Posted by: guest at November 8, 2007 1:03 PM
Hey Mr. B Pull your head out of your ass and read this!
http://newsroom.wamu.com/phoenix.zhtml?c=189529&p=irol-newsArticle&ID=1074422&highlight=
This is WAMU doing a CYA. Plus, these banks are being ask to take back the loans. If fraud is found in the mortgage, the bank have to repurchase them.
The AG's of NY, Ohio, CA and PA are going to tear someone a new asshole. Fannie Mae and Freddie Mac is being investigated also.
At the end of the day credit will dry up. Bank will not loan money to asshole to buy overpriced shit. RIP Mutant Real State Bubble.
Some Day this war is gonna end......
Posted by: guest at November 8, 2007 1:38 PM
U.S. faces risks of downturn, inflation: Bernanke
http://www.marketwatch.com/news/story/economy-faces-risk-downturn-inflation/story.aspx?guid=%7BCC09337F%2D6C92%2D46D4%2D98F2%2DDEB4461EB05E%7D
Here you go. Straight for the Head Assmaster himself. Man if some bought 2 or 3 years ago thinking 'real estate always go up', their fucked.
Hey Mr. B take a walk down Fulton St. It's a shit hole homeboy. Sad thing that you and the assholes bought into a idea of Gentrification.
It's NOT happing plus, you will be stuck here in you overpriced Brownstone. Welcome to the HOOD, Stupid!!!!!!!
Posted by: guest at November 8, 2007 1:52 PM
correction: they are f*&cked. thanks
Posted by: guest at November 8, 2007 2:26 PM
The full REBNY report is at http://www.rebny.com/pdf_files/NYCResidential3q07.pdf but I don’ think it is very helpful. Unlike the Manhattan reports that Miller Samuel does, REBNY does not report sales volume or provide raw numbers. Without methodology revealed, I have little confidence that they have nay idea what is going on outside of Manhattan and within Manhattan their numbers don’t have the credibility of Miller Samuel.
11:21 asks a very good question, to which I don’t have an answer for Brooklyn. Bu tin Manhattan, the number of sales is WAY up in 2007 (literally a record year for transactions, through only 3 quarters). But the liquidity issues that started to hit in August (and the subsequent sub-prime ‘meltdown’) had only minimal impact on closings by Sept 30.
No real-time data is available (to my knowledge) so it is anyone’s guess what the Q4 numbers will look like. (I blogged about the Manhattan transaction data on Oct 3, with the quarterly numbers the last two years and annual numbers back to 1998; I don’t know of anyone who has good Brooklyn data.) That's what the bloggers are for....
Posted by: Sandy Mattingly at November 8, 2007 5:01 PM
1:52 huh, why are you fucked? you have to live somewhere, and with the interest deduction, you are usually way way ahead if you own.
rent keeps going up up and up.
no one knows what will happen, but i bought last year and have no plans to move at all forever really, so why am I fucked? can't see NYC real estate being a bad long term investment.
BTW, i live a gorgeous 2000 sq. ft. condo in a great brooklyn neighborhood. With my deduction, my monthly nut (includes ccharges and taxes) is under $3200 / month. renting would not be a better deal for me. I love it now! not waiting for any changes although i'm sure the hood will continue to explode.
also, please don't tell me that I'd do better in the stock market. I am not good at it, and I'm sure I'm not alone. I lost 100 grand in the stock market, whereas I've always made money in real estate.
Posted by: guest at November 8, 2007 5:10 PM
face facts you people living in mama's basement, the real estate market will not crash in New York as you so eagerly await. It will remain cool and level as we have been seeing. The reason? We are in the midst of a global boom. So even if the US economy is hiccuping, and even that is debatable, the rest of the world is doing quite well; Euro up, China GDP double digit growth, India growing, etc. etc. All the while you whiners are waiting for a real estate lollipop from dada. Work hard for a couple of years, save and invest in a property, even in an area that may not be that comfortable for you but affordable,it's the basis of the American dream.
Posted by: guest at November 8, 2007 7:52 PM
Hoo Boy Last lick! I get Last Lick!! Read this
Condo Fee Defaults Surge in Manhattan
http://www.nysun.com/article/66066?page_no=1
"the real estate market will not crash in New York as you so eagerly await. It will remain cool and level as we have been seeing. The reason? We are in the midst of a global boom"
The 'Globe Boom' is caused by Inflation you fucktard. The market is crashing right now. No more credit, no more crack! GAME OVER
The What
Someday this war is gonna end......
Posted by: guest at November 8, 2007 11:28 PM
Shouldn't the title to this post be "PRICES ROSE" and not "PRICES STILL RISING"? The report discusses 3Q prices, NOT current or future.
Posted by: guest at November 9, 2007 1:40 AM
Hey thewhatever,
Try working for a living and stop biting a line off of Apocalypse Now :"someday this war is gonna end..", lol, is that your attempt at existential depth? It's worn and tired, like your inability to comprehend the fact that there will be no real estate crash. But look on the bright side, stupid losers like you can always find consolation in the self-deluded idea that "the man" is keeping you down. Down in your mamma's basement, that is.
Posted by: guest at November 9, 2007 6:52 AM
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