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.”
Wow, a (mostly) substantive discussion and no “bitter renter” name-calling. Now I remember why I started reading this thing in the first place. Not sure I care what Biff’s drinking though. Dont you guys have email or something?
Biff, Dave and Jeri .. please shut the f up and take your narsty flirting offline.
Brenda from Flatbush, 11:32am, please eat a large steamy pile of dog poo for your class warrior foolishness.
Have a nice day!
daveinbedstuy, thanks for clarifying. you’re a solid wing man after all!
jerri, what can I tell you? The Nutrasweet gives me an added buzz. you, the Brooklyn Flea, some JD (and let’s not forget the new Babeland)…what more could I possibly ask for?
12:31, the well laid out 3BR coops in question are in the large prewar buildings, those are the ones with separate formal DR, and a foyer, etc. They aren’t found in every area of Brooklyn. The ones in brownstone buildings are the narrow ones you speak of, and those are also the ones being made into condos/browndos.
jerri…it was I who said I don’t come to the Slope…i think Biff was willing to go
12:29…this is a no brainer that i’ve been harping on incessantly for ages…the number of people in manhattan that can sell a one bedroom or 2 bedroom condo and come to Brooklyn and buy really nice brownstones is astounding…as more people realize that the demand will exceed the supply,,,prices stabilize and then start going up again
A lot of the brooklynians have a hard time grasping the economics of this trade. However, the Manhattanites will only move to where the train is very convenient to their daily commute back.
When I sold my 3-bdrm P.S. coop last year, I was afraid that the condos starting to come on the market at similar prices would be a new form of fierce competition. Then I went and looked at a few. And was relieved. Lousy, ugly apartments. Sure, some would prefer all the newness of them – but that was a different buyer than the one looking for a charming brownstone apartment on a beautiful street. Apples and oranges. Selling was no problem. And, as far as I can tell, for nice stuff in nice neighborhoods, places may take longer to sell, but prices are up or level.
Ok, this is getting too weird now Biff.
MY drink of choice is a jack and coke too!!!
Hold the diet though. I’m pretty slim. I can handle the extra calories…
Just bought a bottle of J.D. last night in fact so I can have one at home every now and then too.
Too bad you don’t come to the Slope…
10:28- I’m looking to and I do not see a large disparity b/n 3brm Co-ops and condos- but to tell the truth- I rarely see true 3 bedroom co-ops (mostly floor through of a brownstone with the front turned into a room). The 3 bdrm Condos are more plentiful with new construction- but I the closing costs of condos- especially new ones should be taken into account- which I think is a factor for the disparity between co-op appreciate and condo depreciation. Also- lots of sponsors are slashing prices to get people in their buildings. I don’t think individual co-op owners are under ths same sort of pressure to sell- so they slash prices less often and by smaller amounts.
Interesting – Brooklyn declining with Manhattan still increasing.
Wonder if there is a potential arbitrage movement – selling in Manhattan and upgrading seriously in Brooklyn.
Manhattan dollars now go much farther in Brooklyn.
I am looking at selling my Manhattan co-op and buying 2 brownstones in cash.