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]
too much data or not enough data?
how can two reports (Corcoran / PDE) be so dissimilar?
stick to comps.
m4l- same old saw, eh? can you pls explain why/how the overleveraged idiot sells to you at a below market price? seems more likely that the overleverage idiot would sell for a market price. but maybe i’m daft.
DIBS — apparently yesterday, I am told, I was arguing that houses should be free and given out in a soviet-style lottery. So, that will probably be the bottom, not this.
“You are worst than our Mayor , who is now telling Washington to stay out of Wall Street and let Capitalism do its thing.”
The only support for Obama from outside the US came from….France!!! All other nations ridiculed this effort. Obama has lost a lot of credibility.
This will never pass Congress, anyway.
let others debate the general mkt trend while I’ll just look for the super over-leveraged idiot to pop and then buy his/her house for cheap
Read the sentence. Q3 ’09 to Q4 “09 down 24%. Not 2008.
Pete, 1-Family is a very, very small sample size, you’re right.
Elliman’s 1-3 family data yesterday did a better job at it that does this. But I think the 2-4 Family data here is more representative.
I know my house in Bed Stuy would sell right now for a lot more than 25% off what I paid for it in 2007. And, I don’t believe it would have sold for more in 2008 than it did in 2007.
I haven’t bought a house yet therefore house prices haven’t bottomed. QED.
Cocorean? The same group that told us home prices were never going down? Barbra Cocorean the lady who overinflated home prices with her “pump and Dump” home selling? Cocorean please shut and stop trying to stop the downfall of home values that you yourselves raised until it was no longer possible. You are worst than our Mayor , who is now telling Washington to stay out of Wall Street and let Capitalism do its thing. A little retorical don’t you think? Where was the Mayor when Washington had to step in a give the banks our tax money to save them from bancruptcy? Everyone complains to suit their interests!
I’m not saying that prices haven’t stabilized or whatever.
Just that people keep citing stats that reflect mix of what happened to be on market and sold and interpret that as – oh prices are up or down this or that.
For one, I don’t think values went down as much as some people think in past couple years and I certainly don’t think they are up 50% since last year.
Sample size for up or down market is so small especially when divived by property type and neighborhood that ends up being almost meaningless.