Brooklyn Prices Drop It Like It's Not Hot
OK, we’re gonna try this post again…The average sales price of nearly every type of property in Brooklyn has dropped over the past three months, some in the double digits, according to The Corcoran Group’s most recent report, which tracks deals made by the firm; overall, both average and median prices fell 2% year-over-year. “There’s…
OK, we’re gonna try this post again...The average sales price of nearly every type of property in Brooklyn has dropped over the past three months, some in the double digits, according to The Corcoran Group’s most recent report, which tracks deals made by the firm; overall, both average and median prices fell 2% year-over-year. “There’s been a definite pullback in the marketplace,” said Brooklyn Regional VP Frank Percesepe. Single-family townhouses fared the worst, dropping between the first quarter last year and the first quarter of this year from an average sales price of $1,798,000 to $1,390,000, a 23 percent decrease. (By comparison, multifamilies fell 10%.) The average price of a two-bedroom fell 3 percent, from $611,000 to $591,000. The one bright spot? Studios rose from an average price of $272,000 to $350,00. On the larger end of the market, three-bedroom co-ops fared much better than their condo brethren, rising 12% versus a decline of 5%. Percesepe said sales closed during the first quarter reflect economic difficulties that started to set in last November, and the Bear Stearns collapse could affect next quarter. But he said attendance at open houses was up last week, only the buyers are different than during Brooklyn’s peak boom era. “There’s fewer investors, more people buying for their own homes.”
and yet you still call it a retarded conclusion despite admitting you were wrong but with no apology
Given that, I have no problem launching into a vitriolic response that should not be on this post…You are one low-life person…a dick head if male, a “B” if female
We knew what you meant, Biff.
Everyone is entitled to a mistake every ONCE in a while…
Ok Dave then I misinterpreted your 1:47 comment – it sure sounded sarcastic to me – and if it wasnt then – I am sorry for calling your tactics retarded and let me restate that you have taken the point I made (at 1:42) and concurred with it to the point of a retarded conclusion.
of course different housing units can be compared, of course price per sq ft has some meaning and use, of course units on the same street tell you something about the relative value of other housing.
My point is that the condo v. coop price debate (and statistics) on a macro scale is useless.
It’s that people AREN’T selling in BH…oops.
and you know how to spell them too, dave, unlike 2:25.
2:25…what’s your ethnic background??? If you’re going to start calling people names like a third grader you’ll lose because I know more words than you do
Brooklynnative, don’t let the door hit you in the @ss on your way out.
sam, I agree it seems sales have slowed in BH, but the flipside is virtually nothing is going up for sale. Check for places with 3+ bedrooms and 2+ baths and there’s almost nothing (for the past couple of years). Family apts are in high demand there. It’s not that people aren’t buying, it’s that people are selling but holding steady for now.
1:42 and 2:22…i don’t know what your mental block is… I told you above that I was agreeing with you and supporting your argument
Everyone is teasing the little tiny drops in prices so far. This is just a snapshot. Keep the camera rolling. The same teasing probably took place at the beginning of the run-up circa 1995, “Hee hee…you’re bragging that your property value went up only 5%?”.
The question is not where we are but where we are going. At the current rate, Brooklyn brownstone, condo and coop prices are in for some serious hemorrhaging.