Corcoran: Q2 Prices 'Relatively Stable'
Corcoran released its 2nd Quarter Market Report for Brooklyn this morning and the results are more or less in line with Elliman’s findings from yesterday. Here’s the summary excerpt: Compared to a year ago, price metrics remained relatively stable. During Second Quarter 2010, the median price of a Brooklyn apartment sale was $459,000 and an…
Corcoran released its 2nd Quarter Market Report for Brooklyn this morning and the results are more or less in line with Elliman’s findings from yesterday. Here’s the summary excerpt:
Compared to a year ago, price metrics remained relatively stable. During Second Quarter 2010, the median price of a Brooklyn apartment sale was $459,000 and an average $591 per square foot. In the resale market, median price increased 5% while average price per square foot remained relatively level with Second Quarter 2009. New development sales represented 48% of apartment sales this quarter, compared to 37% a year ago. Despite regaining market-share, median price declined 7% while average price per square foot held steady at $602. Single-family townhouses were strong this quarter; median price increased 18% from a year ago. In the multi-family townhouse market, however, median price decreased 6%.
That single-family number is pretty interesting. Plus, if you look at the resale market numbers, everything looks pretty darn rosy: Median prices rose 5% versus Q1 a year ago and 8% versus the first quarter of this year. Another interesting thing we noticed: In what Corcoran calls Zone 2, which includes everything from Dumbo down to Red Hook, condo prices were way up and co-op prices were way down. Anything else jump out at you?
“everything you’re saying in untrue”
11217 – You’re probably a great guy (or gal) but you’re just not that intelligent. You need to think a little harder. I know you can do it.
“77.2 percent increase from last quarter’s $1.27 million and a 181.3 percent increase from the same time in 2009”
Falling rate of change in price.
“sales this quarter was just 84, which is up 21.7 percent from last quarter’s 69, and up 95.3 percent from the 43 sold in the second quarter last year”
Falling rate of change in volume.
“share of brownstones in the total Brooklyn sales market was 4.4 percent, whereas last year it was around 3 percent”
Less brownstones sold but an even lesser amount of coops/condos/fedders sold.
Year-over-year will eventually follow quarter-over-quarter as it always does. All bearish according to the data above.
What exactly were my predictions last year? Please state them if you can.
***Bid half off peak comps***
“This is clearly good news and we’ll take it, but the story is it’s really getting back to a—and I hate using the word ‘normal’—but more of a level of activity that’s consistent with historic patterns,” Mr. Miller said. “Sort of pre-Lehman.”
It’s almost as if you didn’t even read the report, but simply read this website’s paragraph synopsis and thought you’d make judgements from that.
READ the report. LOOK at data. And stop just shouting what you think is true. Because you’ve been wrong more than you’ve been right so far.
“The share of brownstones in the total Brooklyn sales market was 4.4 percent, whereas last year it was around 3 percent. That percentage seems small, but before 2009 it hovered around 2 percent, Mr. Miller said. Our economic woes aren’t over, but buyers are definitely loving brownstones.”
I don’t need to guess…funny thing is…most of these prices rose since last year so everything you’re saying in untrue. There may BE a double dip coming, but your predictions from the past year have been false. Prices are stable or up. When you fail to look at the numbers and take the data in, you sound like a bafoon.
http://www.observer.com/2010/real-estate/brownstones-doing-sorta-okay
For “Brownstone Brooklyn,” which encompasses the northwest neighborhoods (Boerum Hill, Brooklyn Heights, Carroll Gardens, Clinton Hill, Cobble Hill, Fort Greene, Park Slope, Prospect Heights and others), high-end brownstones (single-family residences) dominated demand. The median price of those buildings rose to $2.25 million, a 77.2 percent increase from last quarter’s $1.27 million and a 181.3 percent increase from the same time in 2009.
The total number of brownstone sales this quarter was just 84, which is up 21.7 percent from last quarter’s 69, and up 95.3 percent from the 43 sold in the second quarter last year.
What truth, 11217? Oh that “the results are more or less in line with Elliman’s findings from yesterday.” Falling rate of change in price per type/condition of property? A “double dip”? Gulp…ahhhhhhhh!
***Bid half off peak comps***
How many of those multi-fams do you think sold last year and this year, 11217? Educated guess? Wild guess?
***Bid half off peak comps***
Can’t swallow the truth, eh BHO.
“Anything else jump out at you?” – brownstoner
Price price price but no absolute number of sale figures, summarized nor broken down. We’re left sizing up and counting circles and color-coding. WTF!
+/-35% median price swings in 2-4 fams between Zones 3 (half off peak) and 4 (up 8% from peak)?!
Bullshit report. Reports should be cumulative since peak, inclusive of #sales and broken down by type and condition.
***Bid half off peak comps***