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.”
Brooklyn is kind of unappealing when viewed from above isn’t it? It could be silver roof paint land.
Here’s an article about the state of the Manhattan market:
http://www.nytimes.com/2008/04/02/nyregion/02prices.html?hp
Agreed, Brenda.
11:17, a friend of mine bought in 110 Livingston with the intention of living there (i.e., vs flipping), then decided to move to Oregon (go figure – she bought in the Clocktower years ago, so she must know what she’s doing!) and had no problem whatsoever selling it within days of it going on the market. Not sure how many unsold units are left, but my friend’s story seems there’s still some interest. The building is beautiful, but I personally don’t like the location (very busy, stark corner).
What a sad and funny world, in which people get upset because the average price of a Brooklyn town house is still well over a million bucks. It is truly awful to contemplate, isn’t it…a brownstone Brooklyn in which someone less rich than a hedge-fund manager could purchase a house? Rabble like teachers, firemen, and cops will start having ideas above their station! Scum like book editors, graphic designers, social workers and museum employees will begin to pant at the remote possibility that a few crumbs might fall their way! It is a full-fledged crisis, I tell you–a sickening crash into economic despondency!
Is anyone surprised?
Just asking – are you sure Corcoran only uses their sales in their reports? The last one I looked at was for year end 2007 and specifically cited data collected by a third party consultant hired by Corcoran and said nothing about data being confined to Corcoran sales. Just a disclaimer – I’m not cheering the market down – Just need info since these reports would be worse than useless if they were single-broker data only.
How are the sales in 110 Livingston Street doing ? Heard that they still had about 40 units unsold…have they dropped prices ? Just curios..
Corcoran’s numbers are skewed as they only go by the sales they are involved in. Sorry to bring this Corcoran’s attention but they are not the only brokers in town.