Buyers Cooling to Brooklyn
The Brooklyn condo market is not longer hot, hot, hot, reports the NY Observer, but just kinda luke warm. Condo sales dropped 11.3% percent in the second quarter, from 778 to 690. “Although prices continued to rise, the average condo sales price increased by only 4.9 percent from the quarter before—$573,060 to $601,280—compared to 8.6…
The Brooklyn condo market is not longer hot, hot, hot, reports the NY Observer, but just kinda luke warm. Condo sales dropped 11.3% percent in the second quarter, from 778 to 690. “Although prices continued to rise, the average condo sales price increased by only 4.9 percent from the quarter before—$573,060 to $601,280—compared to 8.6 percent from the same quarter last year,” they write. So, what’s that mean for you? Fingers crossed, the Wall Street meltdown will result in a buyers’ market, or at least in developers trying very, very hard to please potential customers. As our own Mr. B says in the piece, “Anything that can make a project stand out right now, whether it’s the design or the finishes, that’s more important in a tough market. Some projects seem to still do well, including the Edge and One Brooklyn Bridge Park. As one broker notes, We have seen a slowdown but we haven’t seen it stop.
Hurricane Wall Street Hits the Boroughs [NY Observer]
Williamsburg Bridge, Williamsburg Savings Bank. Photo by Vidiot.
I’d love to see that quote – got a cite –
and while you can certainly take Buffet’s word over mine – you find virtually no economists who believe that we are facing inflation and certainly not inflation in HOUSING
Yes the Govt will be printing money like crazy but it wont cause inflation until businesses regain pricing power, which will not occur until their is some economic recovery – and that is looking fairly far into the future…then you’re right we may face tons of inflation – but again not likely for even longer in housing.
As I understand it, the steps we need to take to fight deflation (which will lead to a depression, which is worse than a recession) will likely lead to a recession. But we’re already in a recession, FYI. The questions I have are: Can we avoid deflation with the bailout plan, if so, how long will the recession be? Buffet seems to feel like any plan is better than doing nothing. We need a huge capital infusion into the system, and a little bit of luck.
As I said, fsrg…Warren Buffet last night said that inflation will most certainly be a problem. I think I’ll listen to him more than an anonymous poster on a blog.
Um, prices rose 4.9% in one quarter…
So almost everyone here said that 2006 was the top, huh?
In that time, prices have increased another 20% roughly. Some neighborhoods/properties a little more, some a little less.
So if they drop 20%, we’ll be…well back at the top…
If we sell Alaska back to Russian can we make sure Palin is included in the sale. The CIA could get her elected in Russia, and through her stupidity she could bring Russia to the brink of collapse, we could borrow money from the Chinese, McCain could swoop in on his white horse take over Russia and viola our energy crisis solved and we can all go back to driving HUMMERS. Yippeee!!!!
Sam said: Where do you think they’re going to get 700 billion? By selling Alaska back to the Russians?
If we could toss Sarah Palin in it wouldn’t be a bad deal.
So prices increase ONLY 4% and we are supposed to panic? When prices decrease more than 10% in a quarter then we can start to get a little sweaty and buyers will start to trickle in and if we are lucky banks will lend. It will slow down here without a doubt, but where is all the attitude of NYC is the greatest fucking place in the world.? Come on people this aint Dayton Ohio.
Deflation? No way! The government is going to print money like there’s no tomorrow to get out of this. Where do you think they’re going to get 700 billion? By selling Alaska back to the Russians?
mule…then you just don’t know what an “option” arm is. But you’re right, I don’t think these are very prevalent in Brooklyn.