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.
Corcorans business is selling real estate not Excel Spreadsheets. What a boob of a comment. If your going to buy u better do it soon, the spring will bloom higher prices, so if your waiting for the big drop, well it already happened.
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.
I wish these comment sections had some Administrators. Usually there are some thoughtful comments mixed in with THE WHAT’s psychotic ramblings.
People have been forecasting a market drop in Manhattan and Brooklyn since 1999. These people will never understand the market factors in NYC. Population is rising and we are going to need 250,000 units over the next 5-7 years.
The market may soften and correct but if you are buying a primary residence, long term, you should be fine.
I love that people are acting as though Corcoran has some credibility. They couldn’t even get simple Excel formulas/formatting right (assuming Bstoner just cut and pasted from the report), and I’m supposed to make an investment decision based on their desperate effort to sell the NY housing market as a “safe bet.” Right now NO housing market in the US is a safe bet over the medium term.
For the record, the BP by the AY development is going to be condemned, and it is one of the most profitable BP stations in the country.
Homeboy: LAST NIGHT WAS ZERO DEGREES WINDCHILLL.
freak
With Builder in Bankruptcy, Buyers Are Left Out
http://www.nytimes.com/2008/01/03/business/03abandon.html
The house, on which the couple made a down payment of $88,820, is empty. Their belongings are in storage. They live, unhappily, in a hotel.
See folks 2008 will be a fucking nightmare!!!!
The What
Someday this war is going end……….
“I know people who are wringing their hands waiting for the big real estate crash in New York so they can afford to buy. Some of them are getting a little disheartened by the length of the wait. Weren’t prices supposed to start plummeting in the fall, in direct response to the national crisis?
I guess they’ll be waiting for a bit longer. As long as there are buyers bidding (and as long as the stock keeps diminishing, at least in the prime landmarked areas), the crash will be delayed.”
No homeboy!!! The crash is here!! Chuckie can’t service his debt!! 100 dollar Oil is going to nail his ass. People CAN”T afford the high prices!!! Every Brownstone is going for 2 millon, huh?? Last night the gas station was empty and McD’s at Atlantic and Vanderbilt. Flatbush was a fucking ghost town too. Please don’t say “it’s after New Years”. The American consumer is out of money and out of time. 2008 will be that year.
The What
Someday this war is going end…
Here is you FORTEX dollar chart folks!
http://quotes.ino.com/chart/?s=NYBOT_DX
The What
Someday this war is gonna end….