Elliman Q3 Report: Better Than Q2
The Douglas Elliman 3rd Quarter Market Report for Brooklyn came out this morning and the numbers show broad improvement quarter-over-quarter but still weakness compared to a year ago. Median sales prices fell 6.7% to $476,000 from $510,000 in the prior year quarter but rose 7.9% from $441,090 in the prior quarter; average sales price fell…
The Douglas Elliman 3rd Quarter Market Report for Brooklyn came out this morning and the numbers show broad improvement quarter-over-quarter but still weakness compared to a year ago. Median sales prices fell 6.7% to $476,000 from $510,000 in the prior year quarter but rose 7.9% from $441,090 in the prior quarter; average sales price fell 5.3% to $544,676 from $575,287 in the prior year quarter but jumped 10% from $495,120 in the prior quarter; and the total number of sales declined 19.6% to 1,847 from 2,298 sales from the prior year quarter but increased 29.3% from 1,428 units in prior quarter. The numbers in North Brooklyn looked the ugliest, with average price per square foot down 35% from the year earlier and the number of sales off by more than 40%. Two-family houses across the borough also proved surprisingly resilient, with median sales price holding flat from a year ago and rising 27% over the quarter. For more detail, check out the full report here.
Higher interest rates automatically depress prices, mopar. They should be a non-factor for buyers.
***Bill Thompson for Mayor***
Eh, prices are already climbing. But they may drop again for a brief period — possibly because of more foreclosures, unemployment, or higher interest rates. After that, I think they will be flat for a few years.
This from someone who just bought, partly for the reason Joe decries above — to avoid a higher interest rate.
like [in the year] 1980. Clarification on that was a must.
***Bill Thompson for Mayor***
Re Elliman Report:
This report will fool a lot of people. So will DIBS. The bottom will be way beyond New Years. Way beyond!
***Bill Thompson for Mayor***
Post Lehman DOW closed no lower than 7609, dandel @ 2:55. S&P no lower than 798. Intraday lows don’t count. 5% and 0.2% errors, respectively, aint bad.
Did Jim Rogers get a lot more wrong than he got right? Why’s he so rich?
I’m with him on one thing – GOLD 2,000 BABY!!! (and beyond but will crash again like 1980)
***Bill Thompson for Mayor***
DOW8000SP800 was wrong, should have been DOW6600SP660 because that is how low we got to.
Jim “way wrong” rogers is a sack of shit; he was telling people not to sell oil last year when it got to $147.
When you see the money supply being dramatically increased due to fiscal expansion then yes, you’d say that this could lead to inflation. However, this down turn has seen a significant widening on the supply side which would take years to correct. Just look at the unemployment numbers – we’re at 10% now and much of europe is well in excess of that.(spain at a staggering 18% !) That said, inflation is not likely to be a big driver of house prices in the near term(no $10 bread either).
What we can say is that supply and demand will continue to be the dominant factors for house pricing and this report is one fact that suggests demand is increasing albeit marginally. Increased confidence and low mortgage rates are naturally positive in helping demand. The call is which direction are these going down the road. For my money it may be a stagnant market for a few years but long term investing in a tax efficient investment will typically beat other forms and hence prices will continue to tick up in the years to come.
is erotica off peaks or climbing to new highs?
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