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.”
3:07…times change but apparently you don’t..still calling people names and a bigoted racist yourself i see
got anything at all to add to the real estate discussion???
I never used to much care for Brooklyn Heights…
Until you came into my life, Biff.
Will you be the Cher to my Nicolas Cage?
Sorry, view will not be blocked on the Pierrepont apt.
We went to the Pierrepont one too. Floorplan issues AND the bedrooms and dining room face Love Lane, and the building backs on to the garage. The broker was quick to point out the view would be blocked, but the whole place is going to be a construction site. No thanks!
3:08, thanks for the story…seems there still is interest in BH for the few available places.
Fawn, I know (and like) both buildings you mentioned pretty well. I think the agents are more the ones setting the prices, but then again, people have been paying close or above ask for awhile now. Sure that might be changing, but the stories here show there are still lots of interested buyers out there. Best of luck to you and your husband on your search. It’s frustrating if you’re set on BH (and CH). It took me a year to find something (I was also looking in PS but had not luck). If I can help at all, let me know.
Sam, We made the rounds too, but didn’t see anything compelling. Some things are overpriced (and I’m a realist about BH prices) and others had big issues. Did you see either of the 111 Hicks St apartments? I was tempted out of curosity– one was basically a bowling alley (with a recording studio in the bedroom) and the other looked like my office.
Sam, go on Streeteasy. Maybe it doesn’t capture everything, but a search I just did shows 6 listings for between $800,000 and $1,750,000 with at least 2 bedrooms with at least 2 bathrooms. Four of the six are actually in Cobble Hill! One of the six is the one Fawn mentioned above and the last is indeed a 3 bed 2 bath on Pineapple for $1.375MM. These are the kinds of places I was talking about; not mansions on Columbia Heights…
I went to an open house on Pierrepont this weekend. Lowered to 995k. It was a nice place, but needed some floorplan help. I was surprised by a) how many people were there and b) how many seemed to really be considering how they would pay 1mm for a 2 bed, 1 bath place and THEN rearrange all the rooms!
It was nice and big and sunny, but… too much work for me.
“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”
Gayinbedstuy,what does ethnic backround have to do with anything. do you wanna toss some racist slurs around?
Did you know 20 years ago you would be called a graveinbedstuy?