REBNY Numbers Confirm Strong '06 for Brooklyn
On the heels of last week’s announcement by HMS Associates that Brooklyn prices rose 8 percent last year comes the news from REBNY that the market performed significantly better in certain segments of the market. Median prices for one-, two- and three-family houses surged 16 percent while median co-op and condo prices rose 9 percent…
On the heels of last week’s announcement by HMS Associates that Brooklyn prices rose 8 percent last year comes the news from REBNY that the market performed significantly better in certain segments of the market. Median prices for one-, two- and three-family houses surged 16 percent while median co-op and condo prices rose 9 percent and 12 percent, respectively. “This report clearly shows that the strength of New York’s residential real estate market is not limited to Manhattan,” said Steven Spinola, president of REBNY. He added that the board sees “no signs that the current upward trend is slowing.” Miller Samuel’s Jonathan Miller went one step further when he said, “It’s probably as hot as or hotter than Manhattan.” Greenpoint had the highest increase in median sales price for apartments at 65 percent while the price per square foot average in Carroll Gardens was up a whopping 32 percent. Dumbo had the highest average condo sales price at $1,030,000.
Brooklyn Housing Market Surges in 2006 [Crain’s]
Entire REBNY Press Release [The Real Estate]
Brooklyn Boulevard of Brokers’ Dreams [NY Post]
Brooklyn Home Prices Jump 16 Percent [Bloomberg]
Brooklyn Prices Up 8% in ’06, Appraiser Says [Brownstoner]
People, people. I mean, I know it’s hard to enter a fake name and stick to it for one single conversation, but honestly, for the sake of clarity, could some of you just call yourselves Dick or Harry or David Lereah and stick with it? I don’t even know who to answer, so I guess I’ll just ignore all the anons…
NewStoner: I personally think that the nationwide housing bubble was driving the national economy over the last several years, and now that it has burst, we’re going to start seeing some nationwide fallout. Subprime mortgage lenders imploding are just the beginning.
I would venture say that the real estate market takes longer than other markets to reflect downward trends, and that the NYC market in particular has not caught up with the national realities. But I think it will. I don’t really see any way around a national recession, and while some people might feel comfortable taking out a 30-year mortgage with a recession right around the bend, I don’t.
And if you think a national recession just isn’t going to happen, ok, fine. But even Mr. Greenspan agrees with me that it’s not just possible, but probable.
hey 12.37:
how is paying for housing losing money? Is paying for food losing money? Is any time you pay for anything losing money? What on earth are you talking about? Theres a difference between spending and losing, get a dictionary.
Is there a breakdown of REBNY’s numbers by neighborhood?
I can only speak for myself (anon 11:58). I actually said prices/values MAY GO DOWN. I also pointed out that there are more reasons than paper value alone to buy a house. Then people keep asking, “Do you people really think values will only keep going up and up?” Um, no, in fact I said the opposite, and so did several other people. “I can’t believe you’re so delusional to think prices will just keep going up and up.” Um, noooooooooooo.
I pretty much agree with 1:51 although I do think there will be a significant correction at some point.
That aside its always interesting to see how worked up posters get at anyone who thinks the market will go anywhere but up. I own. I’m happy with it. Why do people get so angry when someone suggests the market may go down? If you are not comfortable with what you paid and/or the prospects for future appreciation getting pissed off on a blog isn’t going to change your situation.
i think the talk lately of the stock market is a great one to make an example of to the naysayers of late.
a crash or a horrible day in the stock market these days was a 400 point drop that we saw last week. let’s even say for arguement sake that it dropped a thousand points (which is HIGHLY unlikely). the point is that the market has done very well over the last 4 years and people have made some money…in some cases a lot of money.
the way people come on here and talk about real estate prices are that at some point in the near future, we are gonna see rock bottom prices on homes. that is not going to happen. we may have our equivalent of a 400 point drop or heaven for bid a 1000 point drop, but home prices are not going back to the way they were 10, 20 years ago.
so to say such, is just plain stupidity. people who wait it out, just like those who wait out the stockmarket will in all probablity be just fine.
the only people that will be affected are those who try to get in and get out with a huge chunk of change and let’s be realistic. those are not really the people that are buying up real estate in brooklyn these days.
so to talk about crashes and such i think it’s like talking about the stock market going down to 10,000 again next month.
it isn’t going to happen.
market looks cheap…i’m a buyer…stock mkt that is.
when GS stock hits $300, block party on me!
Looks like Sylvia is the proverbial cat amongst the pigeons. She only offered an opinion. Why all of the negativity? I sold last year and probably won’t be in the USA for long enough to warrant the purchase of a new residence, but does anyone really believe that prices always go up or that Brooklyn will buck the national trend, or that the stock market going down will push people into the real estate market?
I like to hear the bull and bear case on any market, but by people who’s attachment to the subject is intellectual, rather than the emotional attachment that seems to dominate this forum.
that was a sarcastic remark, i’m guessing.
the poster was alluding to the fact that people continously come on here and talk about a crash and it ain’t gonna happen. just like the stock market aint never gonna be 2000 again.
prices may go up and down, but they are never again going to be affordable like you sissies keep whining about.
either save up and buy a place or don’t. please save us the tired speak about the impending crash in new york. we’ve been hearing it for 2 years now. aren’t you sick of saying it and being wrong?