Brownstones, Co-ops Outperformed Condos in Q4
The median sales price in Brooklyn has been in decline for five consecutive quarters, according to Douglas Elliman’s Fourth Quarter Market Overview. The median figure dipped below $500,000 in the fourth quarter of 2008 for the first time since the first quarter of 2006. Average prices were down 5.2 percent from a year earlier and…
The median sales price in Brooklyn has been in decline for five consecutive quarters, according to Douglas Elliman’s Fourth Quarter Market Overview. The median figure dipped below $500,000 in the fourth quarter of 2008 for the first time since the first quarter of 2006. Average prices were down 5.2 percent from a year earlier and 2.8 percent from the prior three months. Perhaps more noteworthy, the number of transactions plummeted from 3,222 in the fourth quarter of 2007 to 1,846 last quarter; the rate of decline has been increasing for the past year. The only good news: The median sales price of brownstones in Northwest Brooklyn rose 12 percent; co-op prices were also up slightly. Update: This flu must really be going to our heads—as one commenter points out, these reports have been out for several weeks. The Manhattan 10-Year report is the new one. Oh well.
Dibs etc, thanks for point out my mistake reading those columns and the brownstone definition.
I still think it’s ridiculous to discuss these numbers given the sample size. I mean, if you look at the breakdown, 2-family brownstones still -9% from the previous year quarter. But 1-families were up 55%? Not really believing that, casting all of the subsets into doubt.
No real estate agents are honest hard working people and they would never lie. They are always on the side of the buyer and never the seller and it breaks their hearts when real estate prices bubble.
Team Reasonable = Sneaky Transition to Team Bear
LOL trop drole!
Oh and just to clarify, Team Reasonable means being a decent person regardless of your take on the market. You are disqualified BHO.
“By the time they get to Team Bear (all fearful and shit) I’ll be on Team Bull, cleaning up in Bed Stuy for half off or less.”
This is a fairly shocking statement. If you are What, it puts the lie to everything you have ever said about hating Asshats and makes you one yourself. If you are not What and are just the wannabe, BHO, you are pegging yourself as the hypocrite that you are. Either way you lose in the game of KARMA.
“Team Reasonable = Sneaky Transition to Team Bear”
Not true. I have never had a market based take on this stuff. I have aligned myself with anyone who loves Brooklyn and wants to make their neighborhoods better. Being on Team Bull or Team Bear implies having some understanding of market forces and a prediction about the future. I guess I have sided with bears in that I completely agree that prices are in for a whacking but I abhor the cackling and glee that comes with your POV. Lechacal is a good example of someone who seems to know what they are talking about, someone who can be bearish about the market without being a douchebag.
“The transition progresses with the red data. By the time they get to Team Bear (all fearful and shiit) I’ll be on Team Bull, cleaning up in Bed Stuy for half off or less.”
SSSHHHHHHH please don’t give away trade secrets BHO….
I love Brownstoner! This is a place where the delusional can have their moment in the sun.
Team Bear I would like for you look at this chart…
http://dshort.com/charts/bears/four-bears-large.gif
Today this S&P broke the 1996 trend line and is at 696.33 and guess where the next level of support is??? It’s called Hell…. It’s so over…..
The What
Someday this war is gonna end…
Team Bear…We Go Hard We Go Hard…
I’ve been renting a 3BR apt. on 3rd St. for close to three years now. Nice place and location, but I have always felt that I was paying too much and have gotten a rent increase every year. This year I am planning on negotiating the rent down at least 15%, maybe more. If not, I will be walking down the street until I can get a comparable place for a better price (taking in considering moving expense + fee).
I think if you look at the note above the Median Sales Price graphic on page 4 of the report you’ll see that Elliman is defining “brownstone” as “1-3 family sales that occur in ‘Northwest Brooklyn'”. “Northwest Brooklyn” is in turn defined by Elliman to include most of the areas that you would probably expect, but excludes Bed Stuy and Crown Heights.