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.
Honestly never encountered anyone more ignorant of basic economic principle than DIBS. Stimulus, backstopping, and inventory adjustments nudge up the GDP, and he thinks recovery is right around the corner. Really, the debate has been over for a long time: If you bought at the peak, when the bulls were screaming “it always goes up,” you got reamed. If you bought in the past year or so, you’re getting bled a little slower; but this doesn’t prevent the delusional bubble-years ninnies from coming on here like they won the Super Bowl. 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.
“Stabilization is to let the chips fall where they may via free market”
BHO, that means LESS government interference, just the opposite of what Obama is proposing.
Organized a benefit concert which brought in over 20K.
But I don’t announce it on every once of my posts, which used to have DOW at 8,000 and Brownstones Half off.
Kinda tasteless to now have “Help Haiti” in the same spot you once had your tag lines for getting a cheap home.
Donated $600 to Haiti, 11217. What about you?
***Help Haiti***
“he has just single-handedly destabilized the banking sector, they very thing he’s trying to stabilize”
No, people like you have destabilized the banking sector with Ponzi finance. Stabilization is to let the chips fall where they may via free market, not desperately and fraudulently trying in vain to prop them up.
Wall Street has business experience. Look where that’s gotten us. We need leaders with law enforcement experience. The US financial system has been nothing more than a series of illegal, fradulent, bubble blowing Ponzi schemes based on little else than ever rising debt. Virtually no production whatsoever. The bill is now due and we can’t even pay the minimum. Default. Collapse.
***Help Haiti***
Mr. B:
When does the ignore button come to Brownstoner? I thought it was supposed to be fall?
This blog will be 100% more enjoyable once BHO is off the grid, so to speak.
I’d love to know how you’re helping Haiti. You’re what they call a windbag.
Dead on with respect to the quote, 11217. Don’t be an idiot. I know that’s a challenge for you.
I was anhiliated by the Tech Wreck in 2000, DIBS. I know very well what capitulation is. The difference is in the speed, not the behavior. RE is slow but when you play back the crash (when we finally get to the bottom) at fastforward you will see.
***Help Haiti***
Mario M, I don’t know what screen you’re looking at but the dollar is weak against both the Euro & the yen.
Obama has just jawboned off one of the most stupid things a President has ever done. he has just single-handedly destabilized the banking sector, they very thing he’s trying to stabilize.
THIS IS WHY THIS ADMINISTRATION IS SO DANGEROUS. THERE’S NO ONE, NO ONE AT ALL, IN THE CABINET WITH ANY BUSINESS EXPERIENCE WHATSOEVER.
These statements today reflect a total lack of understanding of the financial system.
“hard data”
Where?