Corco's 3Q Data Reassuring
If it’s felt like the real estate market’s been doing better recently, that’s because it has, judging by the numbers in Corcoran’s Third Quarter Market Report. (And Elliman’s too.) Here’s how the brokerage’s scribes summed it up: Brooklyn residential real estate prices remained stable from a year ago but improved from last quarter. The median…
If it’s felt like the real estate market’s been doing better recently, that’s because it has, judging by the numbers in Corcoran’s Third Quarter Market Report. (And Elliman’s too.) Here’s how the brokerage’s scribes summed it up:
Brooklyn residential real estate prices remained stable from a year ago but improved from last quarter. The median price of a Brooklyn apartment during Third Quarter 2010 was $472,000 and an average $564 per square foot, an increase of 12% and 3%, respectively, over Second Quarter 2010. Resale transactions gained back market share this quarter that they had lost to the new development sector. Resale price metrics increased from last quarter and were relatively even from a year ago. New development sales accounted for 32% of all apartment transactions this quarter, on par with a year ago but down from 37% in Second Quarter 2010. Single-family townhouse median price declined 44% from last quarter and 53% from Third Quarter 2009. Multi-family townhouses, however, held even with a year ago but increased 26% from Second Quarter 2010.
Odd discrepancy between single- and multi-family townhouses. Must be a sample-size issue…
BHO,
You are a fool.
I’m not selling. I LOVE my apartment and my neighborhood. And it’s far cheaper than renting the same place in my location.
Sorry you’re not smart enough to find the same for yourself.
I did not buy an apartment because I was concerned about what it would sell for. I bought it to live in it, have the peace of mind to do with it what I want and because I wanted to know that each year I wasn’t subject to higher rents and the whims of a landlord.
This is what you don’t understand.
Like I’ve said before, if you were so smart, you’d have made money in the real estate market. But you haven’t.
“But wait, prices were supposed to drop 37% from last year!!!”
Say cheese, Mr. Housing Market! [flash]
***Bid half off peak comps***
“‘The Case-Shiller housing Index has little relevance to the Manhattan market as it only includes single-family homes and covers such a wide metro area ranging from Pennsylvania to Connecticut,’ says Sofia Song, StreetEasy’s vice president of research.”
Wrong, Sophia! Relevant on the way up like Manhattan (up +200%), relevant on the way down.
“‘Manhattan is unlike any other market in the U.S. because of the presence of co-ops and the large number of investor buyers,’ says David Stiff”
Contradiction, David! “large number of investor buyers” is precisely what makes Manhattan just like most other markets in the U.S (Florida, California, Nevada, Arizona, etc.). Remember the flipping frenzy? And coops restrict flipping so there’s another contradiction unless you’re only referring to the “investor” (non-coop?) side of your argument but you said that was in “large number” so Manhattan is just like everywhere else. Overleverage and mortgate fraud (and the profit skimming it presents) floats and sinks all boats.
Co-ops are subjected to the same economics as everything else (unemployment, shrinking net worth, unstable banking system, upside in mortgate rates, rising supply, falling demand, etc).
Nice try, 11217! Sell your apartment now while the getting is still good!
[streeteasy price index – ROTFLMMFAO! As sloppy and erroneous as their database is]
***Bid half off peak comps***
But wait, prices were supposed to drop 37% from last year!!!
October 20, 2012
Wall Street Journal
By SHELLY BANJO
Home prices in Manhattan peaked later and rebounded more quickly than previously reported by other major indices, according to a new index by New York real-estate listings site Streeteasy.com.
The region’s home prices peaked in June 2006, according to the closely followed S&P/Case-Shiller Metro Area Home Price Index, which often serves as a barometer of the country’s real-estate market.
In contrast, the StreetEasy Condo Market Index, to be introduced Wednesday, says that Manhattan real-estate market peaked in March 2008. Also in contrast with the Case-Shiller index, the Manhattan market is on the upswing rather than in the midst of a plateau, according to the new index.
“The Case-Shiller housing Index has little relevance to the Manhattan market as it only includes single-family homes and covers such a wide metro area ranging from Pennsylvania to Connecticut,” says Sofia Song, StreetEasy’s vice president of research.
In response, backers of the Case-Shiller index say it fulfills its purpose.
“Manhattan is unlike any other market in the U.S. because of the presence of co-ops and the large number of investor buyers,” says David Stiff, chief economist at Fiserv, which publishes the Case-Shiller Home Price Index. “The purpose of the Case-Shiller index is to track entire metro areas.”
The new index, which will be published monthly, looks specifically at Manhattan and measures repeat condo sales since January 1995. Condo sales made up more than half of closings in Manhattan between January 2006 and last August, says StreetEasy.
Data for the new index are taken from public records, resulting in a four-month to five-month time lag between when a property enters into contract and the time the transaction closes and its price is recorded. StreetEasy says it’s looking to incorporate more up-to-date listings data in future iterations of the index.
Home prices in Manhattan reflect levels last seen in June 2005, according to the new StreetEasy index
The Upper West Side has yielded the greatest rate of return since 1995, holding up better and rebounding faster than other areas, StreetEasy said.
BHO, et al – i’m in the directory on this site – Brennan Realty Service and MyHome, Brooklyn. contact info there. also can click thru my ad on the home page – Brennan realty services, let’s talk real estate.
Fox. Henhouse. Secure.
Uh, Donald, you wanna give us your phone number?
“You realize most of the country is still in a housing bust and places here in Brownstone Brooklyn are still increasing 10, 15, 20% A YEAR!!!??” – 11217 @ 11:04
The euphoria is downright freightening. The housing bust outside NYC has absolutely nothing to do with the financial health of the banking system and Wall St and thus Brooklyn RE. Foreclosuregate/MBS putbacks only affect martians in outerspace. It’s contained like subprime was!
***Bid half off peak comps***
The brokerage “reports” are for each big firms’ sales, that is why they are different. If they used the same data, how could they get different results?
They really shouldn’t be used to gauge the market.