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.
It’s not a “frozen” market with interest rates at 10% like the early 90s.
The uptick is sales is a good indicator that people are starting to pull the trigger.
There are many people out there that prefer to own rather than rent if they can afford it (it makes the most economic sense) and there is very limited supply of brownstones.
Of course, BHO & hannible will debate this but they will not provide any substantive counter arguement
Even if we fall a little more, we’re still not approaching the end of the world scenarios that the few remaining bears on this website predicted.
Posted by: 11217 at January 21, 2010 12:44 PM
You might be right…if we only fall a little more. But you don’t know. Nobody does. The evidence is at best mixed. And that’s the point. You correctly observe that this site is decidedly bullish. That’s understandable. I’m guessing it’s mostly comprised of owners. But the heuristics, biases and myopias so evident here go a long way to explain why an illiquid asset like real estate takes so long to bottom once a correction begins.
There do seem to be very few bears left. They all seem to be more interested in their own inability to purchase something at lower prices and dismiss the reality of where the prices are today.
Sad really. They remind me of losers that stalk Hollywood actresses. 🙂
Southbrooklyn – A little lower. It just seems that on most of the posts about individual sales people come out with how strong the sales are. “I can’t believe they got X in Y neighborhood.” Virtually every sale is described by as “strong” or “right around peak comps”. Its so prevalant that I was expecting the overall numbers to have been down less from last year which was already down a bit from the theoretical peak.
Neither do you, DIBS. Neither do they. It’s total bullshit!
***Help Haiti***
“Even if we fall a little more, we’re still not approaching the end of the world scenarios that the few remaining bears on this website predicted”
Alllllll abooooaaaaaaard!!! This is the Team Reasonable Express on the Underground Railroad!!! Next stop, Team Bear!!!
***Help Haiti***
BHO, you have no idea what the Index means. Stick to your usual rants and you “10x rents” rules of thumb.
Soooo….prices are down around 20% looks like.
A little more for the higher end, a little less for the lower end.
Is that the end of the world?
Not to me. Looks pretty good given that a large part of the country has seen 30-60% drops.
Even if we fall a little more, we’re still not approaching the end of the world scenarios that the few remaining bears on this website predicted.
Re: Index of U.S. Leading Indicators
“For over 90 years, The Conference Board has created and disseminated knowledge about management and the marketplace to help businesses strengthen their performance…” – The Conference Board website
CREATING and disseminating “knowledge” to help businesses offload their inventories. Very impartial source, DIBS.
***Help Haiti***