Elliman Q4 Report: Prices Down, Sales Up
Although Brooklyn real estate prices continued to decline in the fourth quarter, the number of sales increased for the third quarter in a row while the average time on the market fell, according to the latest report prepared by Miller Samuel for Prudential Douglas Elliman. Overall, median sales price fell 8.7% to $447,174 from $490,000…
Although Brooklyn real estate prices continued to decline in the fourth quarter, the number of sales increased for the third quarter in a row while the average time on the market fell, according to the latest report prepared by Miller Samuel for Prudential Douglas Elliman. Overall, median sales price fell 8.7% to $447,174 from $490,000 in the prior year quarter and fell 6.1% from $476,000 in the prior quarter. Co-op prices ticked up slightly while condos and 1-3 family homes were down 8.8 percent and 10.1 percent, respectively. More notably, perhaps, the luxury end of the market (defined as the top 10 percent of sales) was off 23.7 percent. (Ouch!) South Brooklyn held up much better than Northwest and Brownstone Brooklyn.
I think the money people are waiting for the federal reserve to give the signal of interest rates rising. When that happenes the market will start washing away the bad blood.Until that happens you will still see people in both the housing a financial markets, that should have no business being there if it were not only for the fact of getting easy credit to finance their gamgles.
Minard, we’re at an interesting point that the technicians will say is crucial to stay above.
I wouldn’t call the whole run up from march a “dead cat bounce.” It’s more like rationality returning after the feb/Mar capitulation. Now that was capitulation.
problem is that it’s hard to see what sector will lead the market if its not going to be financials right now, although, pharma has been doing quite well for a few weeks.
DIBS,
Vis-a-vis the economy and the securities markets, do you think we are seeing a “dead cat bounce”?
The past two days have been a little scary. Are money people seeing a double-dip?
Snark, even bernanke will be telling him the same thing.
> “What the f*&ck are you tring to do?” from people like Summers
Obama should kick Summers (and Timmy) to the curb.
hannible, your point is actually spot on. BUT, the gov’t can only control short termrates, not 5-30 year rates. they move around as the markets so determine.
They are actually DOWN today.
The ONLY people who benefit from these extrremely short term rates are actually the banks because they are the only entities that can vorrow at the Fed window. That is why these bank earnings currently being announced are soooo strong.
5-30 year rates CAN go where the market wants them.
I’m sure Obama right now is getting a bunch of “What the f*&ck are you tring to do?” from people like Summers and anyone else with half a sense for how things actually work.
He’s come out with this to take the focus off the disaster called healthcare.
The key word is afford dibs. When the government keeps interest rates artificially low for so many years you can only have high home prices and a housing bubble as an outcome. I am the last person that feels entitled to get anything I just say let interest rates go where they belong and then we will see where housing prices go. One thing is to have a mortgage to pay at 6 percent another thing is a mortgage to pay at 12-13 percent. Do you think the government should continue keeping interest rates supper low so people that were stupid to buy into the inflated home prices get rewarded with a free home at taxpayer expense? I say no! I don’t feel like helping idiots and speculators. Hurray for the housing crash! Boo for the losers
Dave, sorry to break it to you: Your wealth is tied up in an illiquid and unattractive asset. Boom-year ghetto speculators get what they deserve, especially when they’ve been unfailingly nasty themselves.
Posted by: Whuh at January 21, 2010 1:58 PM
Really??? You think all my net worth is tied up in my Bed Stuy property?? ROTFLMMFAO.
I suspect you’re a long long way from knowing how to manage your money for retirement!!!!