Corcoran: Prices Generally Up in Q1
Corcoran just released its First Quarter Report for this year and the news is good: Median apartment prices were up nine percent over both the first and fourth quarters of last year. The resale market was quite strong, up 17 percent over a year ago, while prices at new developments fell off 11 percent over…
Corcoran just released its First Quarter Report for this year and the news is good: Median apartment prices were up nine percent over both the first and fourth quarters of last year. The resale market was quite strong, up 17 percent over a year ago, while prices at new developments fell off 11 percent over the same time period. (Average price per square foot at new developments fell from $712 in the first quarter of 2009 to $611 in the first quarter of 2010.) The townhouse data was a little wacky: Single-family prices were down more than 30 percent between Q4 and Q1 while two-, three- and four-families were up by almost the same amount. (Data sample issue perhaps?) Another bullish measure: The number of million-dollar sales in Brooklyn rose over 2009 levels.
This isn’t 1929, dumbass. We’ve talked about the quality of the foreclosures in brownstone Brooklyn before. they are not comparable in quality. I asked you or one of the other nutjobs for just 5 listings of foreclosures that were “nice”, with new ststems and archtectural detail before and I got NOTHING.
You’ve got only your own stubborness to blame for so many years as a renter!!!!
Good news, brownie? Speak for yourself!
I’m gettin a 1-fam. Fuck tenants.
What do you mean by “number of million-dollar sales”? Exacty a mil or a mil plus? I guess I’ll find out when I make time to read the report. Are the overall ‘number of sales’ figures up?
Nice little bump off the first dip curtesy of the FASB hijack. But those who refuse to learn from history are doomed to repeat it as accounting fraud is always outed in the end.
Dips/false bottoms in the DJIA after the crash of 1929:
Nov 1929: -40% ARE WE THERE YET?
Jun 1930: -43% ARE WE THERE YET?
Dec 1930: -56% ARE WE THERE YET?
May 1931: -66% ARE WE THERE YET?
Sep 1931: -76% ARE WE THERE YET?
Feb 1932: -81% ARE WE THERE YET?
The real bottom:
Jul 1932: -89% JAYSUS!
Damn, the DIBS of that era said we bottomed in Nov 1929!
Does the report talk about the +180% lis pendends from 4Q08 to 4Q09 that propertyshark itself reported weeks ago? Where are we now? How are these preforeclosures and foreclosures NOT going to take the market down significantly, say to half off? Do you really think income and rent fundamentals are going to let the market off scott free? It’s never happened before.
Supply and demand, right? How much longer can they hide the supply of distressed households/properties?
***Bid half off peak comps***
Joeingowanus,
Bears don’t “win” in any market unless they put capital at risk at some point. In my opinion, most of the bears on this blog are not credible. If you don’t step up and buy when the market is correcting and financing is cheap, you’re chicken little and not a bear. BHO said on a recent post that he’s been looking for six years. Six years! If you bought sixt years ago, you’d still up overall, you’d of paid down a chunk of mortgage and you’ve had the use of a house.
RIGHT. Whenever the data is against you, just say that it’s not meaningful because of the inventory.
Read the Prudential Douglas Elliman Report if you haven’t. There were significant (meaningful) increases in the sales numbers.
Don’t have data to dispute the pollyannas, but I do have a sober perspective on the numbers, which is that these are not meaningful in terms of the market as a whole, since the inventory has been low and buyers who are keen to benefit from the tax credit that ends 4/30 have been buying more robustly. The real measure of the health of the housing market in NYC will be after all this passes, say the third and fourth 1/4s of 2010.
“The townhouse data was a little wacky: Single-family prices were down more than 30 percent between Q4 and Q1 while two-, three- and four-families were up by almost the same amount. (Data sample issue perhaps?)”
Unless the copy of the text on my computer is missing a few lines, the above are the only statements about brownstones. Sorry to both camps – the data is inconclusive one way or the other regarding brownstones (as indicated by the comments “a little wacky” and the fact that single family homes were down 30pct from Q4 2009 to Q1 2010 but multi families were up the same amount over the past two quarters).
What is clear is that if you were looking to buy an apartment in an existing building, you’ve missed the bottom but if you were loooking at a new development you were smart to wait. Call this report a draw between bulls and bears – it all depends on what you were looking for:
existing apartments goes to the bulls;
new developments go to the bears;
and as regards brownstones, the data is not conclusive either way.
Brownstone prices turned at the end of 2009. It’s here in this data and in the PDE data. Please reference some other data to defend your positions. Otherwise, STFU.
Dave you don’t believe this crap anymore I can see it in your writing!
Look just give it a rest OK?
The What
Someday this war is gonna end..
You apparently don’t know how to read the data, shillstoner. It’s not about 1Q/1Q 2009, it’s about 1Q2010/4Q2009.
That’s what’s called an infelection point.
Stick to decorating.