Corcoran Market Report: We're OK, Actually
We got our hands on Corcoran’s Q2 sales data, and it shows that the state of the Brooklyn market isn’t quite as precarious as the Times made it out to be. The median price per square foot sales price of condos and co-ops is up 10 percent over this time last year, to $560,000, and…
We got our hands on Corcoran’s Q2 sales data, and it shows that the state of the Brooklyn market isn’t quite as precarious as the Times made it out to be. The median price per square foot sales price of condos and co-ops is up 10 percent over this time last year, to $560,000, and there was a 4 percent reduction in condo/co-op inventory. In terms of townhouses, while the median price on one-families was down 3 percent from Q2 ’07 levels, to $965,000, the median price on 2-4 families was up 6 percent, to $1,240,000. In fact, all the brownstone Brooklyn neighborhoods had pretty substantial price increases in the larger townhouse category, and inventory was extremely tight. The most startling figure in the report is the 15 percent decrease in median prices for Williamsburg condos, but even that doesn’t seem so horrible when you factor in that Corcoran had 47 percent more condo listings between April and June ’08 compared to the same three months in ’07. Another mediating factor to consider in viewing the drop in median price of Williamsburg condos: Many developers began skewing their mix of inventory towards studios and one-bedrooms since those were the units that were selling best; if there were more small apartments in the 2008 data, one would expect to see average and median prices declining. Conclusion: We don’t think the party’s over and done with in Brooklyn, either.
Manhattan ‘Still a Party’; Hangover for Williamsburg? [Brownstoner]
“All of you suggesting other cities need to keep in mind that other cities are faring MUCH WORSE than NYC.”
That’s the crystal ball, silly. NYC lags. Prices here shot up last. All cities are on the flag pole conveyer belt. We’re just one of the last ones in line.
“This is so 2000 with respect to San Francisco real estate and Dot Com layoffs.”
Yup, and 8 years later, San Francisco is still a glorious, thriving and insanely expensive city.
The median price per square foot sales price of condos and co-ops is up 10 percent over this time last year, to $560,000.
Nice spin Brownstoner, of course even according to Corcoran’s data coops were down 1.6% and condos 4.6%.
huh? how did Harlem come into this?
I agree this is good news for brooklyn. And you so called brooklyn residents are belly aching.
Bitter bitter slackers please give it a rest and move foward. Let’s be productive and sweep our yards, plant a flower, say hi to a neigbor or pay/collect rent! It’s the 2nd of the month.
Mush —->
“But the effects should start hittin gthe market as soon as we have less finance people clamoring for 1 bedroom apartments.”
You just gave me an epiphany. This is so 2000 with respect to San Francisco real estate and Dot Com layoffs.
“Disney-land infused uber wealthy urban oasis that is NYC in 2008”
Euphoria is extremely fascinating.
“In other words, cheap housing was not what allowed Blacks to move here in droves, Too much housing forced builders to go begging for tenants and made it easier for people of color to get housing, but was by no means what “allowed” them to move here.”
Wow. Please take an econ 101 class. all your confused sociological commentary is just a second derivative observation of the economic reality. i would start by reading about supply and demand: http://en.wikipedia.org/wiki/Supply_and_demand
1:28 guest,
“Go enjoy your lives and stop obsessing about something that is TOTALLY OUT OF YOUR CONTROL!”
What makes you think we don’t enjoy this? We are not discussing whether brooklyn is a better or worse place, we can all agree it is a great place to live, that is why we live there, duh!
We are discussing prices in this market. We are talking supply and demand and market perception. Furthermore, people are talking their books (longs are the owners and shorts are the renters).
Somebody has got to buy the high.
When we’re discussing Park Slope, everyone says that NO Wall Streeters would even CONSIDER living there, and now that the market is showing softness, now EVERYONE in Park Slope works on Wall Street.
Funny.
What happened to Brooklyn Heights being the only Brooklyn neighborhood attractive to Wall Street folks?