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]
Prices of multifamily houses (2-4) down 24% from Q3 ’09 to Q4’09 and down 23% from Q4 ’08 to Q4 ’09.
Data from the same report.
Posted by: ecoux at January 22, 2010 9:27 AM
You’re missing the point. We all know how much things are off from 2008 prices.
The point is (and it was confirmed by the Douglas Elliman data yesterday) that the rate of decline has come down dramaticcally. Prices are bottoming. That’s what a lower rate of decline shows when you graph it.
Prices of multifamily houses (2-4) down 24% from Q3 ’09 to Q4’09 and down 23% from Q4 ’08 to Q4 ’09.
Data from the same report.
I di however suspect that the 1-Family data was skewed by the Jennifer Connolley mansion and maybe 2 other sales.
Ah yes, the old “these only reflect what sold” argument.
“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” — I would hardly call 13% ‘ticking’ but nevermind…
But I hope this shows that you can’t pay attention to all these nonsense stats. Obviously value of one’s single family house did not go up 51% since last year. Nobody would claim that.
This sales stats figures are just that. Prices of what SOLD.
They are not (necessarily) reflective of the changes in value of ones property.
When you cherry pick your data you’re always “spot on”.
Posted by: ecoux at January 22, 2010 9:16 AM
The data’s up there^^^^^^^^
Where’s your data to refute it???
What is it with people like you that criticize data without any other data to support it??? These numbers are factual, not projections or guesses.
The only foreign government representative to agree with Obama’s peoposals yesterday regarding the banks was, of course, the French.
When you cherry pick your data you’re always “spot on”.
Is it just me or is the spin around these reports just silly and distracting? 2 years ago prices would keep going up, then it was, okey they’ll rise modestly orver time, then no way could they fall, now they’ve fallen and it “OK folks; it’s all over now”. A 30 cycle of housing appreciation, interupted in the early 80’s and early ’90’s is being tested and we’re supposed to believe that it’ll all get resolved in a year. I don’t get it.