Corcoran '07 Market Report: Brooklyn's Still Up
The Corcoran Group released its year-end market data today, and the brokerage’s stats show the ’07 Brooklyn market making healthy (if not huge) gains over 2006. The median sales price on all condos and co-ops was up 7 percent last year, to $590,000, while median townhouse values rose 2 percent in ’07, to $1.2 million….
The Corcoran Group released its year-end market data today, and the brokerage’s stats show the ’07 Brooklyn market making healthy (if not huge) gains over 2006. The median sales price on all condos and co-ops was up 7 percent last year, to $590,000, while median townhouse values rose 2 percent in ’07, to $1.2 million. The really fun part of the report, however, is its breakdown of how various neighborhoods have fared, sales- and price-wise (see chart on jump). The big winner? Brooklyn Heights, where the median price shot up 19 percent, to $1.3 million. Cobble Hill/Carroll Gardens, on the other hand, showed a median price decrease of 9 percent, going from $950,000 in 2006 to $860,000 in 2007. And Park Slope’s median price slipped from $999,000 in ’06 to $928,000 in ’07. We have a few reservations about this report, including that it doesn’t specify the total number of sales it tracks, that it only compares year-over-year values, and that it basically only covers the priciest brownstone neighborhoods—though we have to give it up for the big C for devoting so much ink to Brooklyn sales data. The article in the Times this morning about the record-setting fourth-quarter Manhattan market notes that Brooklyn’s gains were more “stable” than Manhattan’s. Brooklyn showed its maturity this year because the appreciation was much more steady, said Corcoran Group president Pamela Liebman. Anyhow, do these numbers jibe with pricing trends you’ve noticed over the past year?
Apartment Prices in Manhattan Defy National Real Estate Slide [NY Times]
Photo by threecee.
Polemicist almost had the last word…
Investor Lou:
The problem is you’re not using standard terminology. I think you’re also more familiar with “investments” that are secured with your personal assets or incomes, rather than investments that are secured with mortgages underwritten with the income from a particular property.
You clearly know something of financial analysis, but you need to learn more about real estate valuation principles. Also, your particular example was highly unlikely. A bank may certainly give you a loan, but it won’t be based on the projection you gave – that was an extremely high risk proposition and the vast majority of deals with those kinds of assumptions will fail.
Be careful out there.
Is “Investor Lou” just “The What” arguing with himself?
Most. Tedious. Thread. Ever.
Sorry Mr. What, you don’t make sense.
haha.. so because I choose to invest in neighborhoods that are:
1) Safer
2) Desireable
3) Higher Qualified Tenants
4) Higher Occupancy Rates
I am practicing redlining? hahahaha!!!! Ohhhh.. man.. that is really making me laugh hysterical! You really made my evening! Keep up the good work! They say laughter adds 15 minutes to your life expectancy! LOL!
BTW, if you get into the sandbox, I’ll play with you (since you want me to play with my turd)!
Investor Lou
The What is a moron! Long live The What.
btw: The What is a crack whore.
“including myself since I am a minority”
No Assholes are not a minority.
“So when a LandLord requires a FICO Score as part of his criteria, he is “redlining?” You need a history lesson on the topic, obviously.”
No dumbfuck! Here is your quote “For instance, Bed-Stuy was a dangerous and undesirable Neighborhood. There is a risk to investing in Bed-Stuy a while ago. An investment property will be harder to manage because you will generally have lower FICO score individuals and higher vacancies.”
To get a mortgage you had to suck eggs because Banks engage in Redlining. Rates were higher in minority neighborhoods stupid.
In my career I had to deal with fucks like you, all snobby and shit. I will be happy for the “Baseball Bat” that awaits your future. Now go play with your turd in the sandbox.
BTW Asia (remember them) Markets are in Red Alert Mode. Nikkei is down 676 point plus it’s a half a day trading in Tokyo.
Pray that shit don’t spread to here. Have a good night.
The What
Someday this war is gonna end….
Can we invite Babs Corcoran to dinner too?
haha! I’m glad Mr. What is around. We need a few laughs.
So when a LandLord requires a FICO Score as part of his criteria, he is “redlining?” You need a history lesson on the topic, obviously.
HAHA!
HELLO (knocking on the hollow head of Mr. What and hearing only echos)…
Are you saying that only Whites have high FICO scores so therefore I am being “Racist?” The shoe is on YOUR foot… Mr. What.
I have a good mixture of races (including myself since I am a minority) in all my buildings.
Investor Lou
Someday “The What” is gonna to end….