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.
11:11…
that article was referencing new york state.
not new york city.
which is indeed expected to surpass 9 million in the next 20 years.
doh.
Hey, 10am
The population is not rising. You’re grasp of current events is outdated.
http://www.nypost.com/seven/12282007/news/regionalnews/nys_no_growth_population_72208.htm
i love the guy who said he’s no worse off waiting another year because he thinks prices will go down further.
well you’re worse off because now you’ve sunk another 20K into your landlord’s pocket over that year wait.
20K that you could have spent on some equity in a home.
so your logic is slightly flawed.
unless you truly think that apartment you are going to be looking for in 2009 or 10 will be 20K cheaper than it is today.
i don’t believe that will be the case.
i agree, 10:55. i first looked though to see that polemicist wrote it, then stopped reading immediately.
i always think what he/she writes is complete drivel.
“Hey What – Dont you think your message would be better sread with a carboard sign and overgrown beard, trodding up and down Flatbush avenue while banging a pot with a metal spoon?
Think of the exposure you would get – Maybe tens of thousands more people would be turned on to your end of the world prophecy.”
Well.. I like to bang on your head with one. Every thing is very expensive (Gas, Food and Living Expenses) but, wages remain FLAT. You mean to tell me people got raises to cover inflation??? Gas rose 57% in 2007 57% fucking percent!!!! How can people afford that shit!!
I make some great money but, Inflation is eating at my purchasing power. That’s why I so fucking mad not because I want to buy a house, I already own one!!!! So fuck you and the other “Keyboard Warriors”. Stay behind you computer and jack off to porn you fucking loser while our future goes down the drain.
The What
Someday this war is gonna end…
Yes, NYC is doomed. Please get out so I can finally buy my dream home – Even though I’ll be the only one living here, I’ll still enjoy my cavernous mansion on the upper west side – feeding on the corpses of those usurers who never got re-payed.
10:44 – By the time you, the average buyer on the sidelines, hear of a recovering market and price appreciation it is already too late – You are priced out of the market once again.
Trying to time the market is foolish and unwise, which is why, although trollish, 10:20’s comments are fairly accurate. People with your mentality will never, ever buy – cant stand the thought that maybe in the short term their investment might go down a little.
Real estate is dynmaic and unpredictible – relying on the media to soothe you into thinking incredible deals are just around the corner is as stupid as all of the subprime hacks that thought they could get a amazing home they couldnt afford through the magic of negative amortization.
“To good to be true” is not just a saying – It is a constant reality.
10:53 where did u get that line of sh-t
Does anyone really believe anything Corcoran says?