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.
Deriving comfort from 4Q 08 statistics is like experiencing a tremor before a massive earthquake, and saying “hey, these earthquakes are actually not THAT bad!”
Well, it appears that some combinations of characters just won’t post. Interesting. Maybe I was inadvertently creating some kind of code. In any event, my past two posts should be ignored.
BHO: Brownstone prices are decelerating, but for the time being the rate of appreciation is still positive (thus my general point that prime brownstones will hold up better than other housing stock). For comparison, bear in mind that the rate of appreciation for condos and coops is negative.
THe only poster here making any sense is Dave. The other posts here are just noise.
This is the hard data we have all been waiting for. It explains that there is a grain of truth to most of the varied opinions expressed here. Prices in Brooklyn are going down, but prices of townhouses in the “prime” areas increased 12 percent while condos fell.
So there.
Brooklyn is special after all. Nya nya nya.
Odd, my post lost some important stuff when I posted it. Let’s try again.
BHO: Yes, it appears that p”(t) 0 (thus reinforcing my general point that prime brownstones will hold up better than other housing stock). Bear in mind that p'(condos) is significantly < 0 and p'(coops) is also < 0.
BHO: Yes, it appears that p”(t) 0 for the time being (thus reinforcing my general point that prime brownstones will hold up better than other housing stock). Bear in mind that p'(condos) is significantly < 0 and p'(coops) is also < 0.
lechacal – I agree comparing prices of coops and condos is very meaningful…..but comparing median prices of all such units is a total waste. Such a macro analysis tells you ZERO.
Such stats do not factor in maintenance (which is generally higher in a COOP b/c the Corp. generally has its own mortagage) – tells you nothing about the relative size of the average unit (one can assume that the median price of the COOPS is double Condos b/c the Coops that sold are much bigger) and they factor next to nothing for location (the biggest pricing factor of all) – surely the distribution of condos and coops are not equal with prime established hoods like the Heights, Cobble Hill Upper Slope, etc.. having far more Coops then new condos.
“The only good news: The median sales price of brownstones in Northwest Brooklyn rose 12 percent; co-op prices were also up slightly.”
p”(t) < 0.
***Bid half off peak comps***
Old News?
uhhh, correct me if i’m wrong mr brownstoner – Today is March 3. This report was released on Jonathan Miller’s site ******january 13****.
If you want to talk about something relevant with these old stats how about how many of these were entered into contract before the most recent Oct meltdown.
pay no attention that the stock market is almost half what it was before that (affect downpayments?) not to mention that 20% down on most mortgages gave way to 25-30% down. many lenders are considering brooklyn to be a depressed area and are not lending (contrary to some mortgage brokers saying otherwise)
seriously – is this just filler because you guys had the flu? its ok, c’mon just be honest.
To the landlords, I have been in my rental for 3 years. Rent has increased each year. My current lease expires in April, and I plan on negotiating it down, at least to the year 1 level.