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.
I believe everything the nice, disinterested people at Corcoran say.
“Put away a plenty on money and living is good. Some have found a new way of live with lower living cost. Emotion doses not drive me.”
Pure gibberish.
Lou all those factors for predicting another 10 yrs of appreciation in NYC real estate ignore one huge factor – the relationship between incomes and housing prices. This has traditionally been the most important metric – and while low interest rates and creative financing can account for a widening of the gap – there is no basis to beleive that rates or financing can sustain ever widening gaps – so that leave income appreciation – which is not forcasted.
Income is to housing prices as Earnings are to Stock prices.
AY !!! ure canadian
12:28 – Don’t forget about Scarano and the developers that have used him and all the other ridiculous developments.
I really don’t understand why the NYC Buildings Dept works to support these unscrupulous developers.
Why haven’t more law suits been filed against them? But then again, that is for another thread.
Investor Lou
Now the llast 2 posts are perosns who walk the walk and talk the talk. Listen and Learn, boobs
12:28 – I worry too, but am also hoping that the next mayor will be less allied with big developers who are doing their best to destroy the character of brownstone brooklyn. – also future administration may take a stand against AY, so some good may come of it.
Funny, CNBC is now talking about the Manhattan Market…. Inventory down 13.5% year over year, 3 Bedroom up about 36% year over year.
I know there is a lot of suspecion about ppl trying to hype up the NYC Market… but really…. give me some real statistics that point to a long term decline of housing in NYC.
I don’t see it.
Investor Lou
i would say anyone that bought more than two years ago do not care what the market does.
they’ve already made more than enough equity to cover any sortof of downturn in the market.
i only bought a studio (in 2006) and feel more than confident that even with a pretty sizeable correction, i’d still be able to sell my place for 50K more than i bought it for last year. (comps in my area are running around 100K more than my purchase price).
that’s a nice little nest egg for someone on my relatively modest salary. plus i’ve got another 50K in the bank and then 50K on my downpayment. with tax deductions, i pay around 1100 a month for mortgage and maint. for a prime, north slope studio. can’t find anything for that price around here to rent, that’s for sure.
i feel like i’ve got a nice base to work from going into the future…even on my “artist” salary. and even with a correction…which will only help me upgrade to a 1 bedroom in a few years, if i feel like it.