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February 7, 2008
Market Report: Decent Price Gains in ’07, Fewer Done Deals
Another day, another ’07 market report. The latest entry comes from appraisal firm HMS Associates via Crain’s, and it finds that Brooklyn prices were up but the actual number of home that were sold shrank markedly compared to ‘06. HMS says average sales prices rose 4 percent last year, to $634,915; the firm’s stats show average condo prices increasing 7.5 percent, to $587,000 and single-family home prices jumping 10.2 percent, to $669,000. (Those increases are basically in line with the ones published in Corcoran’s year-end report.) HMS’s most intriguing finding had to do with sales volume, or the lack thereof in ’07: The number of sales the report tracked decreased 23 percent, to 3,374. The lower number of sales probably has a lot to do with owners not being willing to drop prices and deals falling through for lack of financing.
Brooklyn Home Prices Up, Sales Down in '07 [Crain's]
Corcoran ’07 Market Report: Brooklyn’s Still Up [Brownstoner]
REBNY: Brooklyn Apt. Appreciation Tops Boros in ’07 [Brownstoner]
Photo by *green*garden*girl*
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Comments
Duh Brownstoner. You need a blog like this for followers don't you?
Posted by: guest at February 7, 2008 9:07 AM
It's just the beginning.
Posted by: guest at February 7, 2008 9:46 AM
This is stupid every week there is a new report. Whatever.
Posted by: guest at February 7, 2008 9:47 AM
I'm going to be moving to New York for my job in May. My wife and I are thinking about Brooklyn, as we've heard good things. Any recommendations as to neighborhood? Which one is "the best?"
Posted by: guest at February 7, 2008 9:52 AM
east ny is the best 9:52
lovely cafes and wonderful people
it is an up and coming area with many great deals on real estate and close to the city
call me i will show you around
1-800-i-am-desperate
Posted by: guest at February 7, 2008 9:55 AM
Every day this blog is full of jerks and assholes. Makes me not even want to look at it anymore.
Posted by: guest at February 7, 2008 10:12 AM
One less asshole, 10:12.
Posted by: guest at February 7, 2008 10:15 AM
Agree with 10:12. Does Brownstoner ever even read the comments? Does he just not care?
Posted by: guest at February 7, 2008 10:19 AM
"The lower number of sales probably has a lot to do with owners not being willing to drop prices and deals falling through for lack of financing. "
No Mother Fucking Shit Sherlock!!! Ya Think??!!
You need to read this statement over and over and over again. The Mutant Real Estate Bubble has been pricked. Mortgage are Very hard to come by. There are not loaning money to assholes to buy overprices shit. Greed is slowing turning into fear. For those of you who brought in marginal neighborhoods, you are going to get ASSRAPED on your investment.
Note: No one is paying their mortgage. The homeowner (asshole) has decided 'this shit is not worth it' Here read this story.
Troubled homeowners: Can't pay? Just walk away
http://money.cnn.com/2008/02/06/real_estate/walking_away/index.htm?source=yahoo_quote
1.4 Million for a Brownstone in Shiting Hill or 2.5 Million for one in Fort Greene Turd. Yep, this will turn out ok.
The What (Watching the implosion for his bunker)
Someday this war is gonna end....
Posted by: guest at February 7, 2008 10:21 AM
How much did you pay for that bunker, Archie?
Posted by: guest at February 7, 2008 10:24 AM
Hi Guest @ 9:52--
Glad you are considering Brooklyn, aka "the planet" (paraphrasing Mos Def). It's a fantastic and diverse place. That in mind, it's hard to say which neighborhood is "the best." I would suggest you take the time to read up on the various 'hoods to see what appeals to you. A good resource for neighborhood profiles is the "If you're thinking of living in.." series from the NYTimes, or the NYMag.com Neighborhood listings. (Both are online) Beyond that, nothing can replace an actual visit to our borough to decide which is "best" for you. Good luck!
Posted by: fortgreenest at February 7, 2008 10:24 AM
Fortgreenist:
I don't think that 9:52 was a genuine post.
--sg.
Posted by: guest at February 7, 2008 10:36 AM
Brownstoner wants hits. Hits means $$$.
Posted by: guest at February 7, 2008 10:45 AM
Price declines follow sales declines. Brooklyn and Manhattan were on the bottom of the line-up compared to the national market at large but we are now up at bat. Problem is, we are facing a "Mariano Rivera" of economic conditions and the count is 0-2.
Posted by: guest at February 7, 2008 11:57 AM
"For those of you who brought in marginal neighborhoods, you are going to get ASSRAPED on your investment."
The What - You must be suffering from side-effects from your shock "therapy" (didn't see anything wrong with you 'til you posted this). All nabes will get hit. Doesn't matter where you bought. We'll never see 2008 prices again in real terms.
http://tinyurl.com/2yqbrh
Buy high, sell low, no vaseline.
Posted by: guest at February 7, 2008 12:12 PM
I assumed that 9:52 was attempting to begin another of the tedious 'my nabe is better than your nabe" firefights.
Posted by: guest at February 7, 2008 12:25 PM
"The What - You must be suffering from side-effects from your shock "therapy" (didn't see anything wrong with you 'til you posted this). All nabes will get hit. Doesn't matter where you bought. We'll never see 2008 prices again in real terms."
Yeah but, the marginal hoods will get the "Super Asspounding" Plus we will never see 2001 prices again. Understand! The is the worse asset bubble in the history of man and when it's over, you wont be able to give a house away.
The What (Waiting for the Oh Shit moment)
Someday this war is gonna end.....
Posted by: guest at February 7, 2008 12:34 PM
Ok, I hear you The What, but what if you are looking for a house for the long term? You know, hearth and home and all that, like 15-20 years? Is it still a mistake to buy right now?
What say you?
Posted by: guest at February 7, 2008 12:42 PM
The What assumes I don't want to be assraped.
As for the current value of my house in a "marginal" neighborhood, it is still worth more then what I paid for it. Yes, even after the softening that has already occured. I bought a few years back and in several years will be worth even more.
Now, about that assraping .....
Posted by: guest at February 7, 2008 12:56 PM
"Ok, I hear you The What, but what if you are looking for a house for the long term? You know, hearth and home and all that, like 15-20 years? Is it still a mistake to buy right now?"
Why buy a asset that is falling in price?? Just save your money (in different banks under 100k). The market is correcting itself right now and you will be rewarded for you patience. I say 5 years from now. BTW In Japan Housing have been falling for 17 years. That was a nasty pop in their asset market. The same thing will happen here, housing don't always go up. I have to go, I'm having a 50 cal. fitted in my bunker.
The What (DUCK!!!!!!!!)
Someday this war is gonna end...
Posted by: guest at February 7, 2008 1:02 PM
"As for the current value of my house in a "marginal" neighborhood, it is still worth more then what I paid for it. Yes, even after the softening that has already occured. I bought a few years back and in several years will be worth even more."
Is it? Post you address and I will post your comp (as per Brooklyn MLS).
Put down the pipe, all asset classes will fall. It's called Deflation.
The What
Someday this war is gonna end...
Posted by: guest at February 7, 2008 1:04 PM
12:42,
Excuse me for budding in but did you see that graph linked at 12:12? You lose as soon as you close. We'll never see these prices again in our lifetime. Yes, nominally, but a dollar in fifteen to twenty years won't be what it is today.
It's a mistake if you need appreciation and/or positive cash flow to afford it. But if you view a home like you do an expensive vacation or an exotic sports car and can afford to buy a depreciating asset, by all means go ahead and buy. Ownership at prevailing prices right now is pure luxury. Not wise for the modest.
Posted by: guest at February 7, 2008 1:13 PM
Of course we won't see 2001 prices again. That's about as astute as saying we won't see 1956 prices again.
If prices go down, they will go down everywhere. If they go down in "marginal" neighborhoods, then maybe it will be affordable for a child to buy in his/her parent's neighborhood, or for a couple to buy their first home. Those are good things, and instead of the "super asspounding", a rational, slow improvement of these neighborhoods will take place, leading to more people buying, and so on.
If you are a flipper, then you are in for a pounding. If you are buying for the long haul, then I would think buying sometime this year is a good thing.
Posted by: guest at February 7, 2008 1:23 PM
"As for the current value of my house in a "marginal" neighborhood, it is still worth more then what I paid for it. Yes, even after the softening that has already occured. I bought a few years back and in several years will be worth even more."
DEEE-FENSE...DEEE-FENSE...
Did you adjust for inflation? Did you deduct carrying costs and likely commmission. If you're still ahead you'd be a fool not to cash out and take profits now unless you're treating your house like a car and don't care about ROI. Even if you're not ahead, you can still minimize your losses. Several years??? You'll be saying "coulda woulda shoulda...".
Posted by: guest at February 7, 2008 1:25 PM
"That's about as astute as saying we won't see 1956 prices again."
No. Look at the graph. 1956 is exactly where we're headed. In a few years everybody will be a flipper as they head for the exits. Buying this year (at prevailing prices) is good only if you don't expect an ROI, ever.
Posted by: guest at February 7, 2008 1:29 PM
Hi, 9:52 here. Not sure which neighborhoods we'll check out, but I can say with some certainty I hope not to live next door to this "The What" fellow.
Posted by: guest at February 7, 2008 6:19 PM
"Hi, 9:52 here. Not sure which neighborhoods we'll check out, but I can say with some certainty I hope not to live next door to this "The What" fellow."
Yep I would be skullfucking your wife when you go to work. You will be asking her "Honey, Where did you get that walking stick from?" LMMFAO!!!! Fuck all of you all, Good night!!!
The What
Someday this war is gonna end...
Posted by: guest at February 7, 2008 9:25 PM
Hey tWhat, I would never give you my address you ShitTwit.
The What is a bitter renter.
Posted by: guest at February 8, 2008 6:55 PM
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