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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]


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  1. And another thing, total sales were down about 5%. Don’t know about everyone else, but anecdotally it would appear to me a sh#tload of new product has come on the market in 2008. But sales were down 5%. What does that portend? Hey What, what do think – more supply less demand – hmm? Not looking so good to me.

  2. Seems completely logical. Supply and demand. There is way too much supply for Williamsburg condos so price is down. Brownstone inventory is tight as supply is limited so price is flat or higher.

  3. I agree that one must take this with a grain of salt since Corcoran has vested interest, to say the least, in presenting rosiest picture. Also, even Corcoran’s properties are taking price cuts. Market in prime Bklyn is not crashing, but there is plenty of evidence that it’s softening and the crazy price jumps of the last few years are ending, even reversing as some places need to lower prices to move…

  4. 10:53

    23% are you kidding me? And you’re calling the “naysayers” idiots? First, see my post above at 11:01. Second, do you not realize the 482 figure for 2007 price per square foot is obviously a typo? Start posting under a name so I can just skip your posts when reading cause you’re clearly the biggest asshat on this site.

  5. Did Gabby get it wrong. I’m terrible at statistics but I think she’s completely misreading this and it loos pretty bad to me.

    First, Gabster claims that:

    “The median price per square foot on condos and co-ops is up 10 percent over this time last year, to $560.”

    Isn’t she citing the median price and not the price per square foot as having gone up? Second it doesn’t make sense to combine the two categories of coop and condos because they are priced differently due to higher mainteance fees for coops. In 2007, 387 coops were sold or almost 40% of the total market of coops and condos combined. In 2008, there were more condos sold than in 2007 and fewer coops. The percentage of the total sales comprising coops went down to 33%.

    So yes, the median PRICE went up, (Not the median price per square foot) to 560 from 510 but the median price was down for coops 2008 compared with 2007 and for condos for 2008 compared with 2007. The median price only went up when you combine both because condos sell more than coops and a higher percentage of condos were sold in 2008 than in 2007.

    No the third column is the price per square foot. That also went up a lot but again only when you mix coops with condos and not when you stay consistent and look at the median price per square foot of condos in 2007 compared with condos in 2008. By comparing apples with apples you’ll see a marginal increase in the price per square foot but were there a lot more studios and 1 bedrooms sold? Those always demand a higher premium per square foot

  6. “Corcoran Market Report: We’re OK, Actually”

    Ok like ,my Ass hurts but “We’re OK, Actually”,Actually?

    Or

    I can’t bend down but, “We’re OK, Actually”,Actually?

    or

    My head is blowed off but, We’re OK, Actually, Actually?

    Small Banks’ Reckoning Day Is Coming

    http://online.wsj.com/article/SB121494953423420859.html

    According to the Federal Deposit Insurance Corp., $45.4 billion of the $631.8 billion in construction loans outstanding at the end of the first quarter were delinquent. When banks announce second-quarter results in coming weeks, they are expected to report sharp increases in loans that builders can’t repay. Banks are also facing intensifying pressure from federal and state regulators to deal with the problem loans on their books.

    I think the Asshats better “Lube Up”! The flagpoles will be inserted sideways!

    The What

    Someday this war is gonna end…

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