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July 2, 2008
Manhattan 'Still a Party'; Hangover for Williamsburg?
All is more or less well in Manhattan real estate, according to the second-quarter market reports. Big-ticket developments like the Plaza kept the average sales price on the island at $1.67 million, only a 1- to 3-percent dip from the record prices last quarter. There are some signs of softness, however: Inventory is up, and studios and one-bedrooms are getting harder to sell. Nevertheless, Corcoran Group President Pam Liebman says “It is still a party, we are just not serving Cristal.” Corcoran, the only major brokerage that features sales data for Brooklyn in its quarterly reports, found that co-op and condo prices in our borough rose 5 percent in the first half of 2008 compared with a year earlier, to an average of $621,000. In Williamsburg, however, the average price fell by 26 percent. And Corcoran's numbers showed the average price of a single-family townhouse in Brooklyn was down 17 percent, to $1.2 million.
Apartment Sales Remain Vigorous in Manhattan [NY Times]
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Thats a precipitous drop in the 'burg. But oversupply and L-train headaches had to take their effect at some point.
Posted by: guest at July 2, 2008 8:54 AM
and the band played on...
Posted by: guest at July 2, 2008 8:54 AM
Astonishing. The Plaza's buyers are not looking for either homes or investments and perhaps overpricing simply makes the bauble more attractive.
But for the rest of this -- why pay so much when you know it's going to be on sale soon?
Do buyers think that Adam Smith has gone the way of the Soviet Communists?
Posted by: guest at July 2, 2008 9:12 AM
I think prices start to go higher because of Inflation. Inflation has no choice but to push thing higher. If they were ready to decline 3 or 4% they will basically stay even.
Posted by: guest at July 2, 2008 9:14 AM
9:14 -- Dead wrong. Inflation means higher mortgage interest rates, which means lower prices unless wage inflation exceeds interest rate increases (unlikely IMHO). Try paying for one of the crappy $1 million 2-bedrooms in the Slope with a 17% mortgage (a la early 1980s).
Posted by: guest at July 2, 2008 9:24 AM
yes, you should factor in inflation, but count it as a further reduction of the property price --> the b-burg condo now selling at a discount of 26% is actually 30% less than it cost the sucker who bought it last year...
Posted by: guest at July 2, 2008 9:30 AM
WEEEeeeeeeee!!!
Here we go down the coaster.
Posted by: guest at July 2, 2008 9:30 AM
would love to see the neighbohood break down
Posted by: guest at July 2, 2008 9:30 AM
Eh Asshats.. Before you blow the all clear signal, I thnk you should look at this.
Manhattan Second-Quarter Apartment Sales Drop Most Since 1998
http://www.bloomberg.com/apps/news?pid=20601087&sid=a05lmF8fkldM&refer=home
July 2 (Bloomberg) -- Manhattan apartment sales dropped the most for a second quarter since 1998 and unsold inventory approached an eight-year record, two signs prices may be poised to drop in the nation's most expensive urban housing market.
Yeah yeah, everyone is moving to Brooklyn! This suppose to be the "Nu Manhattan", yeah right.
BTW The housing bulls are losing some steam! Lookie here!
Deepening Cycle of Job Loss Seen Lasting Into ’09
http://www.nytimes.com/2008/07/02/business/02jobs.html?_r=1&hp&oref=slogin
Plummeting home prices have in recent months eliminated jobs for hundreds of thousands of people, from bankers and real estate agents to construction workers and furniture manufacturers. Tighter lending standards imposed by banks in the wake of huge mortgage losses have made it hard for many Americans to secure credit — the lifeblood of expansion in recent years — crimping the appetite of consumers, whose spending amounts to 70 percent of the economy.
Ok Asshats! Mission Control is losing touch with the Space Station! You will see it crash down to earth, Game over.....
The What
Someday this war is gonna end..
Posted by: guest at July 2, 2008 9:35 AM
How many single family townhouses are there in Brooklyn? It's either condo/co-op or multi-family dwellings.
Posted by: guest at July 2, 2008 9:38 AM
Eh Asshats.. Before you blow the all clear signal, I thnk you should look at this.
Manhattan Second-Quarter Apartment Sales Drop Most Since 1998
http://www.bloomberg.com/apps/news?pid=20601087&sid=a05lmF8fkldM&refer=home
July 2 (Bloomberg) -- Manhattan apartment sales dropped the most for a second quarter since 1998 and unsold inventory approached an eight-year record, two signs prices may be poised to drop in the nation's most expensive urban housing market.
Yeah yeah, everyone is moving to Brooklyn! This suppose to be the "Nu Manhattan", yeah right.
BTW The housing bulls are losing some steam! Lookie here!
Deepening Cycle of Job Loss Seen Lasting Into ’09
http://www.nytimes.com/2008/07/02/business/02jobs.html?_r=1&hp&oref=slogin
Plummeting home prices have in recent months eliminated jobs for hundreds of thousands of people, from bankers and real estate agents to construction workers and furniture manufacturers. Tighter lending standards imposed by banks in the wake of huge mortgage losses have made it hard for many Americans to secure credit — the lifeblood of expansion in recent years — crimping the appetite of consumers, whose spending amounts to 70 percent of the economy.
Ok Asshats! Mission Control is losing touch with the Space Station! You will see it crash down to earth, Game over.....
The What
Someday this war is gonna end..
Posted by: what at July 2, 2008 9:39 AM
Why do you have to post twice What?? Credibility issues???
Posted by: daveinbedstuy at July 2, 2008 9:47 AM
Most of Brooklyn is single family houses, although Corcoran's franchise (and therefore its data) isn't very representative.
Posted by: guest at July 2, 2008 9:52 AM
9:35 another spectacular article you are a genius...Fringe neighborhoods maybe in trouble but prime brooklyn with one or 2 stops to downtown will hold values...
There has been some good discounts out there right now... This is a good time to test the market and throw some offers out there...
You keep sitting in your little bodega apt in FRINGE NEIGHBORHOOD of CLinton Hill and enjoy...
Posted by: guest at July 2, 2008 10:03 AM
Really 9:52. Name one street that's all single family houses!!!!
Posted by: daveinbedstuy at July 2, 2008 10:06 AM
It's true that most Brooklyn houses started out as single family dwellings, but these day most are multifamily (2-4). In the past, Corcoran has posted townhouse prices by single-family and 2-4 family. It will be interesting to see what the pricing changes are for multifamily houses.
Posted by: tinarina at July 2, 2008 10:12 AM
"Mission Control is losing touch with the Space Station!"
HAR! He's got some great lines.
Posted by: guest at July 2, 2008 10:13 AM
"Really 9:52. Name one street that's all single family houses!!!!"
Canarsie, Bensonhurst, Seagate, Bayridge, Georgetown, Millbasin, Gravesend,Brighton beach, Midwood, Flatbush and East Flatbush.
Any more neighborhoods you Mutant Asshat!
"Why do you have to post twice What?? Credibility issues???"
Nope Asshat! BTW Where is your Boy Boy Biff at Dave? Still recovering from the Anal Surgery. LMMFAO!
The What
Someday this war is gonna end...
Posted by: what at July 2, 2008 10:20 AM
I (heart) Clinton Hill!
Posted by: qis4quincy at July 2, 2008 10:24 AM
the reign (strangle-hold?) of douchebags in this city is nearly over. give us our motherf*cking city back.. 10 long years of cultural stagnation, economic pressure, dominance of the corporation permeating our lives. good riddance!!
Posted by: guest at July 2, 2008 10:30 AM
still a jackass What
Brooklyn is not predominantly single family houses.
Speaking of anal surgery, pull your head out of your ass.
Posted by: daveinbedstuy at July 2, 2008 10:35 AM
"Canarsie, Bensonhurst, Seagate, Bayridge, Georgetown, Millbasin, Gravesend,Brighton beach, Midwood, Flatbush and East Flatbush."
He's got you there. There are rows and rows of single-family homes in these neighborhoods.
Posted by: guest at July 2, 2008 10:36 AM
Who, besides the Cocoran Group, provides reliable figures for real estate trends in individual Brooklyn neighborhoods? And how does Brooklyn compare, on whole, to a place like San Francisco?
Posted by: calibrook at July 2, 2008 10:45 AM
Maybe but are those the neighborhoods that we're all talking about here in "brownstone" brooklyn? I think not.
I remember a thread about the Russky Brighton Beach waterfront condo but when's the last time any of these other places were relevant to a discussion here on "brownstoner"
Posted by: daveinbedstuy at July 2, 2008 10:53 AM
10:30am SHUT YOUR TRAP...
WHat makes this city s ogreat is the different cultures and different incomes as well...
SO I guess you want the city to go back to the day where hookers and crime plagued the streets...You dumb ass just becasue you dont want to get a job you want everything to be dirt cheap
Posted by: guest at July 2, 2008 10:55 AM
These figures are all completely wrong. We listed our brownstone last week (in prime PS, the greatest place on Earth) and have already received multiple bids up to 200% higher than asking price.
Posted by: guest at July 2, 2008 10:56 AM
10:36, no he is an wrong. None of those neighborhoods are mostly single family homes.
I live in Bay Ridge. The vast majority of people live in apartment buildings or 2-4 family rowhouses. There are relatively few single family homes.
Brooklyn is overwhelmingly apartment buildings and 2-4 family homes. The only neighborhood I can think of that may be majority single family homes is Mill Basin, and even there, I wouldn't bet on it.
Posted by: guest at July 2, 2008 10:57 AM
Dave, You Asshat! You don't come out in your own neighborhood, so would know about the ones I mention! Brooklyn has TONS of single family houses, Dumbass. Plus most Brownstoner at one time was Single Family!
You just got PWONED!!!! Head slammed into the mat!
The What (And still champion...)
Someday this war is gonna end...
Posted by: what at July 2, 2008 11:02 AM
Do the stats reflect the original construction- for instance would they simply call row houses one family homes (as they were originally built)- or do they take into account what those homes are now- 2 or 3 family apartments, mother/daughter homes. etc? Sorry for asking such a basic question, I just didn't know.
Posted by: bxgrl at July 2, 2008 11:09 AM
Nor do I care Asshat...
You've missed the point...again, as usual.
The perspective from Lodi is straining your eyesight and your brain.
Ask your boss if you can take off early for the long weekend.
Posted by: daveinbedstuy at July 2, 2008 11:09 AM
hey 10:55 learn to read and then try coming for me again. i said "reign" meaning "dominance", and if you don't think corporations, their employees and peripheral support structure have had a hegemony over this city in the past 10+ years you've really got the blinders on.
hookers and crime, get the f*ck outta here. just because i call for diversity and an ease in economic pressure does not mean i desire blight. if you want to see polarity that's your problem.
and PS, the years most of you douchebags consider rough in this city produced some of the greatest cultural offerings, which is why the foreigners STILL want to come here today.
we are STILL living high off a legacy that we're slowly strangling, and if you're too blind to see that, i don't know what to tell ya.
NOBODY is going to celebrate a building like the gansevoort hotel or a club like Marquee in 20 years time, i'll tell you that.
Posted by: guest at July 2, 2008 11:17 AM
11.17 - remember that diversity is provided by those coming here, not those born and raised here whatever their color.
Posted by: guest at July 2, 2008 11:33 AM
11:33- Actually, it's from both. Do you think Americans born and raised here are a monolithic group?
Posted by: bxgrl at July 2, 2008 11:39 AM
"10:36, no he is an wrong. None of those neighborhoods are mostly single family homes."
Well, I didn't say those neighborhods were "mostly single family homes." I said there are rows and rows of single family homes in those areas, which is true. However based on your spelling, I'm conviced that you are indeed from Bay Ridge.
Posted by: guest at July 2, 2008 11:55 AM
Corco stats are based on Corco sales. Hard to imagine that they sell very many single family houses in BK regardless of what Bensonhurst looks like.
Posted by: guest at July 2, 2008 12:44 PM
Based on my spelling, you are "conviced"? Thanks for the spelling tutorial. English is my second language and this is a blog you moron.
You implied those neighborhoods are mostly single family homes by supporting the original posting, which made this ridiculous claim.
Posted by: guest at July 2, 2008 12:44 PM
11.39 - no, rarely. The diversity you are talking about is pc-diversity. Its lip-service to diversity. Everyone is different of course, goes without saying. Real diversity comes from immigrants.
Posted by: guest at July 2, 2008 1:05 PM
Dave in bed stuy
Stay in your hood cause if I see you anywhere else in Bklyn you are minced meat.
Posted by: guest at July 2, 2008 1:18 PM
11.39 - you might be sensitive to the nuances of those born and raised here, but you aren't really getting it. I'm guessing you were raised here yourself. "Diversity" as used in American discourse does not mean diversity on any meaningful scale.
I'll forgive you though, living in brooklyn. You probably think it means black and white kids together or hispanics and asians.
Posted by: guest at July 2, 2008 1:20 PM
As long as we are on English lessons, 9:52 didn't say that most people in Brooklyn live in single family houses. That wouldn't be true even in Scarsdale.
The question and the answer were about houses, not people. I have no idea if the "most" is correct, but there sure are long stretches of one-family houses out there.
Posted by: guest at July 2, 2008 2:49 PM
The data is in the annual Census American Community Survey.
The VAST majority of Brooklyn housing stock is multifamily. Not many single family homes in Brooklyn.
Posted by: guest at July 2, 2008 2:56 PM
The data is in the annual Census American Community Survey.
The VAST majority of Brooklyn housing stock is multifamily. Not many single family homes in Brooklyn.
Posted by: guest at July 2, 2008 2:58 PM
If I had to guess, I'd say that 10% of Brooklyn homes are single family.
There are maybe 5 total on my entire Park Slope block. One of the really nice blocks near the park, no less.
Not sure how many brownstones are typically in a block, but 5 is certainly not the majority.
Posted by: guest at July 2, 2008 3:06 PM
1:20 and 1:05 and you people came here last week? Because my guess is both of you know very little about the United States and its people. Neither one of you has a clue as to what diversity means, in discourse, or in reality. Why don't you go back to whatever place you came from and go to the library- or better yet, why don't you travel around the country and learn something.
You think I don't get? Well, but you two are so clueless.
Posted by: bxgrl at July 2, 2008 3:57 PM
poor old bxgrl, stuck with her social studies 101 understanding.
Posted by: guest at July 2, 2008 6:05 PM
3.57 - still stuck in the box. You need to travel the WORLD, then you'll learn something. Or maybe you won't, perhaps theory trumps reality for you.
Posted by: guest at July 2, 2008 6:08 PM
Don't think so, boys. I doubt either of you (or you, singly) know much about anything other than how to be trolls. If you did, your commentary would be a little more diversified. And interesting. Then again, your inability to grasp what diversity means just indicates you are one troll posting twice- simple minded with simple concepts endlessly repeated.
And 6:08- I doubt you've ever stepped off American soil in your life.
Posted by: bxgrl at July 2, 2008 7:01 PM
Not at all
Posted by: bxgrl at July 2, 2008 11:27 PM
Ooops, it happened again! This never happens with my MySpace page. Biffy, can you help me. I am not smart enough to fix this. Maybe a mind meld will get this to work.
- bxgrl
Posted by: guest at July 3, 2008 2:03 AM
Well. 2:03 "bxgrl"- why does an emasculated, immature, mentally deficient person such as yourself really need to do this? Did some person in your life leave you bitter and sad and without any ability to have a real relationship so you feel the need to try to establish one with me? Not going to happen. :-)
Posted by: bxgrl at July 3, 2008 8:47 AM
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