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January 7, 2009
2008 house prices
Now that the city has posted the final update to 2008 sales prices, it looks like at least one part of Brownstone Brooklyn did quite nicely. I found 14 house sales in Brooklyn Heights in both 2007 and 2008. (1, 2 and 3 family. Ignored a few sales of rental walk-ups where it's impossible to know whether the buyer will convert back to 1, 2 family or turn into condos.)
Median price increased by 1.8% (to $3.5 mil), average price increased by 4% (to $3.85 mil) and the average per-square-foot price increased by 7.1% (to $987).
Interestingly, average discount to initial ask was 12.1%, whereas in 2007, there was an average 1.9% premium to ask.
Comments
Interesting, thanks.
Posted by: mopar at January 7, 2009 10:58 PM
Thanks for the Info.
How did you do this analysis? Did you use the list on nyc.gov? Where did you get this info?
Posted by: theandrewlee at January 8, 2009 7:40 AM
Yes, the nyc.gov info. I looked at the listing history of the houses on streeteasy for the ask premium/discount info.
Posted by: NorthHeights at January 8, 2009 10:26 AM
I guess it means that property taxes will go up...
Posted by: bobjohn at January 8, 2009 12:41 PM
It also jibes with the post-Oct meltdown high prices for closings Brownstoner posted today. And bolsters the "Brooklyn is special" theory as well as the idea that prices may be 50 percent off peak comps in subprime Brooklyn but will hold up pretty well in "prime" Brooklyn. If this trend continues, Miss Muffet and HobokenRocks could be SOOL. But as Miss Muffet said today, we still don't know what will happen through 2009 and 2010.
Posted by: mopar at January 8, 2009 1:08 PM
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