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.”
I think prices may be leveling off, BUT I suspect this has a lot to do with corcoran getting into the bed-stuy and other lower, priced markets. I mean if they’re looking at their sales vs their sales, they’re going to take a hit when they start throwing some 600k crown heights shells in there.
sigh, give me MEDIAN data, or give me death.
With the dataset comprised of only Corco sales, one big-ass sale is going to skew the average.
Not saying it ain’t true, just give us better facts.
I disagree about condos vs co-ops only bcs I’m looking. 3 bedroom co-ops tend to have a separate dining room, maids rooms, hallways, weird half baths. Condos are more open plan living/dining/kitchen with 3 bed and 2 bath. Prices vary a LOT by neighborhood, but the co-ops we’re seeing (and preferring) are way more than the condos — isn’t that always the way. I suspect bcs there are so few 3 bedroom co-ops and so many condos.
Calling all Corco brokers: Please, please send me links to one-family townhouses for $1.39MM in nice ‘hoods.
I’m not believing this… maybe for South Slope, Clinton Hill, or Bed-Stuy, etc.
Show me some nice Fort Greene or PSlope action for that price please.
I suspect on the 3 bedroom condo/coop falls that 3 bedroom condos are still more expensive than a 3 bedroom coop…this compares apples to oranges.
I agree with Jimmy Legs, most Brooklyn properties are not single-family townhouses and the fact that multifamilies fell only 10% (insignificant in and of itself as that would represent a typical offer discount) is because of the renatl unit income being so attractive to the homebuyer.
Yes, lets see the link
@10:17 must be the south bend bureau reporting on this one….standards are more lax out there.
Used to be that errors on Brownstoner (in this case the confusion of absolute $k prices now shown versus the same numbers expressed as $/SF shown initially) were admitted to and corrected via strike-throughs and revised text, without deleting any comments. The new policy strikes me a a bit “1984”.
23% down is a big drop
Tighter lending standards + layoffs in the financial services industry + higher inventory = lower prices. Manhattan condos may hold up because foreign investors are taking advantage of the weak dollar. But Brooklyn is not on their radar.