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.
Rookie,
People use Brownstone as a general term for most town/row houses (brown/limestone and even brick).
Technically Brownstone is a brown Triassic sandstone which was once a popular building material.
As far as the homes you showed the first was a true brownstone, the second a limestone and the third a Victorian.
I saw this report as well and I have a question: what is their definition of a “brownstone”? Is is the classic brownstone or any free-standing “house”?
Is this a brownstone?
http://www.brownstoner.com/brownstoner/archives/2008/08/house_of_the_da_544.php
How about this?
http://www.brownstoner.com/brownstoner/archives/2009/03/house_of_the_da_635.php
or this (it’s not even made of stone, much less brown)?
http://www.brownstoner.com/brownstoner/archives/2009/02/1304_glenwood_r.php#comments
And Lindsay, Koch & Dinkins and the lack of a war on crime.!!!!
The whole point of looking at median numbers, as opposed to averages, is to reduce or eliminate the impact of a handful of outlier data points skewing the numbers…
Vinnie Barbarino – The stock market crash was not the cause of any of the real estate problems in the early 1990’s. It was the late 1980’s real estate bubble and the systemic banking failure involving the S&Ls.
“The median sales price of brownstones in Northwest Brooklyn rose 12 percent”
No doubt skewed by the handful of high-end brownstone sales, no?
Also, didn’t we recently learn that the peak was AS RECENT as 1Q 08?
People who put stock in what real estate agents say get what they deserve. 🙂
But the real estate agents told me last October that it was the perfect time to buy! You don’t think they were being dishonest with me, do you?
Of course Ed Koch and David Dinkins had nothing to do with those problems back then. The stock marhet began a rally a few weeks after the 87 crash that continued throught the 90s. Its different EVERY time.