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]
um…12.36pm comment…
Dow down to 2000? if anything, i think you mean nasdaq…
Sylvia: You’re really going out on a limb here (and this is what I find most annoying about the naysayers). You’re predicting that the market might go down at some point during the term of my 30-year mortgage? Wow…you’ve certainly given yourself plenty of time to be right.
Here’s a prediction from me: If you rent, you’ll lose all your money.
nyc housing market is definitely poised to tank. i’m also waiting for the dow to get back below 2000 before i buy back into equities.
Sylvia: As I once read on a Salada tea bag – “Even a broken clock is right twice a day”.
Sylvia: you don’t have a clue. I agree wholeheartedly with the rational people who were more patient than myself to take the time to respond to you.
Didn’t notice that any of the articles mentioned Park Slope specifically. Any thoughts?
Sylvia, I can honestly say taking on a 30-year fixed-rate mortgage three years ago was a good idea.
I’m a bit confused by Sylvia’s comments. Could you define “tank?” And what does a 30 year committment have to do with that aspect? If I have took out a 30 year mortgage on my property and, let’s say for arguement sake, the market doesn’t continue to appreciate with leaps and bounds? How does that affect me with my 30 year mortgage? People are still going to want and need to live somewhere. I will still want to live in my Brooklyn Brownstone.
I’m just not getting your point.
This is so tiring. Listen: people buy homes and take on mortgages for reasons more than just tripling their investment in two years. A lot of people want the security of knowing they can’t be kicked out of their house (yes, you could default, but then a renter can “default,” too) based on the whim of a landlord. Often, they want to invest in a place they know they will call home for a good long while.
Guess what? The paper value of my house (or your chicken coop) may go up and down over the years, and I am prepared for that. But in the end if you can afford the monthly, then you are well on your way to having some peace of mind that you are in control of your home and investing in your own future/equity. Stop with the bitterness!!!