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]
This is hillarious. Click on the link from this streeteasy page to Corcoran’s listing 124 Quincy and check out what the picture shows. Don’t know how they did this but it’s pretty funny.
http://www.streeteasy.com/nyc/sales/brooklyn/type%3AH
2:45
If it is too depressing for you….
DON’T READ IT.
right 3:03. so i guess those patron placards that say Merrill, Credit Suisse, Morgan, Lehman, Goldman, etc. are just for looks. idiot.
Wall streeters sucks. why must we always bring them up?
Well, the restaurants will be first to feel a Wall St slowdown. I’m sure donations are less important than purchases. I’m also sure most of the big donations come from a small number of very rich people, and based on the names on the walls at the Met or MOMA most of their money seems to come from finance or real estate.
3:30 = quote of the day
3:03 has some words of wisdom…”You’d be suprised how few Wall Streeters support the arts, or even donate much to charity. They are quite stingy as a general group”
I’m sure they give far more than you do.
We sold our PS 3BR apt in Feb for close to a mil, over ask, but since then, have seen prices softening in the coop/condo market, and even houses – based on what we are seeing from brokers, and friends of ours, who are either becoming more negotiable or flat-out making price cuts. Does that mean sky is falling no? Heck, even if we’d sold our place for 900 or 950 – even 850 – we’d have made out very well (we bought in 2002). So, I think a 10% price correction would be a very mild one, and even something in the range of 15-20% would hurt very few homeowners, as long as they purchased before 2004-05. What I see happening is that, as sellers stop asking the sky, and buyers see prices calming down, the market will do just fine – even if it goes down temporarily, stagnates (for a year or two) and then resumes a more normal price appreciation that is more in keeping in with historical norms (not the bizarre run-up of the last 5-10 years).
The arts community has been known to flourish when times were tough on Wall Street.
You’d be suprised how few Wall Streeters support the arts, or even donate much to charity. They are quite stingy as a general group.
Go to the New York Philharmonic sometime. You’ll see what an amazing job they’ve done of attracting those 40 and under who certainly look to have nothing to do with Wall Street or the like.