Corcoran: 'Brooklyn Pricing May Be Reaching Bottom'
Although the data from Property Shark shows that prices were down by at least 10 percent in the fourth quarter of 2009 versus 2008, Corcoran’s latest market report boldly states that “Brooklyn pricing may be reaching bottom as the national and local economies strengthen and sales activity increases versus the first half of 2009.” Some…
Although the data from Property Shark shows that prices were down by at least 10 percent in the fourth quarter of 2009 versus 2008, Corcoran’s latest market report boldly states that “Brooklyn pricing may be reaching bottom as the national and local economies strengthen and sales activity increases versus the first half of 2009.” Some of that optimism stems from the fact that prices are decreasing at a slower rate than in previous quarters. The stats from the resale market—median prices slipped just 2 percent year-over-year—were also encouraging; single-family townhouses held up particularly well, with the median price in the fourth quarter ticking up 13 percent from the third quarter and a whopping 51 percent from the same period a year earlier. For details on how different neighborhoods fared, check out the report.
4th Quarter 2009 Brooklyn Report [Corcoran]
lossforwords–as the article observes, that’s before the cost of fannie, freddie and AIG, not likely to be small sums. I’m not anti-bank but the banks will likely oppose most new regulation but clearly more stringent regulation is needed.
antidope, over-leveraged buyers POPPED = REO = potential cheap house. btw, sitting out of housing mkt recent has added to my cash pile – very necessary if I’m got get house for cheap. Will it work? hopefully but who knows. but that’s the plan and I’m trying it out.
as I said before, when I get that house for cheap, I’ll invite you over for some drinks
Question: When you guys are deliberatin’ and conjugatin’ the Emancipation Proclamation of this credit crisis do you account for the fact that the gov’t actually made money off of the bailout? http://tinyurl.com/nyra2s
Just sayin…
fatlenny–you nailed it, and further than that, the industry would have been sunk even if they just stopped at just bailing out AIG–without FDIC debt guarantees and intervention in the structured securities markets there would have been a ton of carnage.
C’mon DIBS, the entire banking industry was insolvent in October 2008. They only exist today because we bailed out AIG. Now they’re paying themselves big money because they can borrow at 0% and lend at 6%.
Who the fuk has the gall to complain about tighter regs. The Chicago school is dead.
I work for an IB and I’m still mortified.
“I stand by my prediction that brownstone prices bottom late 2009/early 2010.”
Only after abandoning your original one without the “/early 2010”. A tree grows in DIBS’ prediction. Awesome!
***Help Haiti***
I don’t understand today’s data vs. yesterday. Yesterday housing prices were going down, down, down. Today they’re reaching a bottom. Someone please explain.
“Brooklyn Pricing May Be Reaching Bottom”
Oh absolutely! We’re almost halfway there! Only another -37.5% to go!
***Help Haiti***
A slowing rate of change does not explicity imply that a cycle bottom is approaching. Pent up demand and the fear of rising interest rates may have more to do with this short term activity than one may think.
Rising unemployment, a prolonged recovery (NY has trailed the nation in recovery an average of two years during the past 7 recessions), a plethora of housing options and the prospect of higher borrowing costs coming towards us are significant headwinds for a recovering residential real estate market to advance against.
To believe that we have turned a corner you would have to discard the notion that easy credit and poor lending standards were part of the cause in the last run up in prices.