Douglas Elliman Q1 Report: Down and Downer
Not surprisingly, prices and volume in Brooklyn were both down in the first quarter of 2009 versus both the Q4 and Q1 2008, according to the latest market report from Douglas Elliman. The median sales price fell to $474,600 from $490,000 in the prior quarter and $527,000 a year earlier. Likewise, the number of transactions…
Not surprisingly, prices and volume in Brooklyn were both down in the first quarter of 2009 versus both the Q4 and Q1 2008, according to the latest market report from Douglas Elliman. The median sales price fell to $474,600 from $490,000 in the prior quarter and $527,000 a year earlier. Likewise, the number of transactions was 1,186, down from 1,846 in the fourth quarter and 2,761 in the first quarter of 2008. The median price declines were consistent across all property types: Condos (-8.6%), Co-ops (-11.4%), 1-3 Family (-10.6%), Luxury (-9.2%). East Brooklyn was by far the hardest hit, with median prices plummeting 25% year-over-year. Townhouses in Northwest Brooklyn fared pretty badly, too, with median prices falling to $1,087,500 from $1,287,500 in the fourth quarter and $1,200,000 a year earlier.
Market Reports [Douglas Elliman]
What, can I ask you a question? What is the deal with the skittles you always mention? I don’t get it. Forgive my ignorance.
If they drop 50% I’ll eat crow, Snark. yes, they are declining but they are not going to decline 50% and Team Bear mebers have no more ammunition for their arguments that they are than I do that they won’t. That said, the rate of decline in the overall economy has slowed, rates are historically low, the unemployment number today was better than expected, blah, blah, blah.
At least I can latch on to specific data points. With all of you saying “down 50%” it alays seems to be just a wish and a prayer. Oh, and yes…back to some arbitrary point, like 1997 or 2000, or 1977, or 1967, or 1947. Very logically argued.
“Speaking of Outpost I spoke with one of the owners and they are very amenable to having the next Brownstoner gathering. Though rather than waiting til November it might be good to do it in the summer time so that we can take advantage of the sweet backyard/garden set up they have.”
Oh no Goalpost moving! I want to wear my M.C. Hammer pants and dance to “You cant touch this” at the same time tossing packs of Skittles! November 09!
“How many moving vans were ther in bed Stuy over the weekend?? How’d you know they were moving to Manhattan? THIS IS ONE OF TEHS TUPIDEST STEMENTS YOU’VE EVER MADE.”
Dave No Straw-man and Red Herring fallacies.. Stick to the topic.. ROTFLMMFAO!!!
“You’re a two faced hypocrite, thats what you are. You’ve lost the ability to discuss something in a civil manner.”
Dave calm down you are acting hysterical. Please be civil…. Calm down buddy…. OK..
The What (Aw Dave needs a reach around)
Someday this war is gonna end…
Brooklynnative…you need to spend your whole workday on here. He occasionally does. Its very rare but there are moments of lucidity (sp?).
None lately though.
“What the hell does that say about you, (or me, for engaging you I guess.)”
Brooklynnative, that made me laugh. I’m impressed by your self-awareness. 🙂
sebb…what makes you believe rates will hit 3%. There is no time in the not so recent past that they’ve ever been that low. By this time next year we will be back in an inflationary environment.
Wasder
I think you made the right decision and as long as you can afford every aspect of that house and still have money to do other things with – that decision was the right one!
With rates headed to 3% by the end of the summer i think those on the sidelines will start to buy. The stock market VIX index is 36 , it went as high as 80 in november. Fear has been taken out of the market and people will soon forget what was the past. Unless you want to hide in a cave and never buy a home , this is a great time to buy. NYC will always be the center of the universe for those of you that forgot.
This has devolved into shin-kicking and spitball shooting. Sigh. Time to see if there is another interesting thread today.