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.”
Biff, we’re working with a broker who said the same thing… I’ll keep my eye on it. There are a few two bedrooms on the market for around the same price (66 Orange and 61 Pierrepont we saw)– and Montague was so much nicer. Makes me wonder if it’s the agents who are encouraging the prices or sellers pushing them?
I saw a bunch of open houses this past sunday in BH. There is stuff for sale.
If you want a mansion on Columbia Heights, then you will need to wait, but there are a good number of apartments available at the moment. More all the time since nothing is selling.
BH and Cobble Hill. (I’ve read the great neighborhood debates, so don’t want to stir the pot and list reasons!) My husband and I have been hitting up open houses for a few months now but anything that has really peaked our interest has gone in a flash. Funny enough, I was reading the NY Mag website this week and decided to see how their RE listings are. Searching under BH and CH, all the Corcoran listings are from April 2007. Clearly not useful in practical terms, but it was interesting to see how many more options there were one year back!
Yes Dave – saying “nothing is comparable” is retarded – and no matter what type of person I am – it doesnt change the fallacy of your point.
Fawn, I don’t go to the open houses but I did see it on Corcoran. It looks very nice and I love the location. Central BH, easy walk to DUMBO, CH, subways, etc. Price per sf seems slightly high, but you avoid the mansion tax as it’s under $1MM. I would think it could be negotiated down, but we’ll see. Also the maint is a bit high for the area too (unless you’re in one of the few high rises).
dave, it’s funny. So many trash BH here yet it’s near impossible to find an available place to buy!! let me know during your search if you have questions on the locations/prices, etc. and I’ll try to help.
dave, don’t waste your time with that one, you’re above him/her.
fawn, so true, right? out of interest, I check Natefind and Streeteasy daily just to see what’s around and there is NOTHING. I don’t know how Corcoran, BHS et. al. survive with big offices on Montague. I guess they do lots of rentals and the surrounding areas. Are you just looking in the BH?
Biff, Sam & Fawn…I’ve been searching in BH for a colleague as well and its been very frustrating
I t reminds me of Old Town in Chicago…..things just don’t turn over very often…upper east side limestones….the values may be different but the scenario is still the same
Did see an apartment at 105 Montague this weekend, though, that was beautiful. A little rich for my blood by gave me hope of good things to come.
Agreed, Biff & Sam. I’ve looking for a decent size 2 bedroom in BH since New Year and it’s been frusterating. Things are coming on in such slow drips.