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]
“At least I’m in Brooklyn What, at least I’m in Brooklyn and not Lodi, NJ.”
“HEY WHAT…how are those higher NJ real estate taxes treating you???? Still glad you left Brooklyn??? Still glad some Asshat gentrifier “forced” you out??”
The second statements says alot about you Dave. I knew all this time you was with Covert Race/Class warfare crowd. There is something funny going on in Bed Stuy Dave! People are moving out and going to Manhattan. Matter of fact this weekend I saw plenty of trucks in the Stuy you knuckle dragging pole smoker!
It’s OK Retards! I want to see you in November 09 at the Outpost (If they are still in business).
The What (Brooklyn’s finest)
Someday this war is gonna end…
Biff, there is a lot of information out there about people. For a modest fee you can get a service to find out a good deal about people. I would (will?) get what I can and come to a gut judgment about whether I am comfortable moving forward. But diligence should definitely be a 2-way street.
What would be nice to see is in the last downturn (89-94) how did the rental market perform?
Woo Yoo!!!! The hits just keep on coming!
US foreclosures up 24 percent in 1st quarter
http://news.yahoo.com/s/ap/20090416/ap_on_bi_ge/foreclosure_rates
WASHINGTON – The number of American households threatened with losing their homes grew 24 percent in the first three months of this year and is poised to rise further as major lenders restart foreclosures after a temporary break, according to data released Thursday.
Oh the Banks have started to foreclose again! They was waiting for the Obama Put but it never materialized!
“The big unknown for the coming months, however, is President Barack Obama’s plan to help up to 9 million borrowers avoid foreclosure through refinanced mortgages or modified loans. The Obama administration expects its plans to make a big dent in the foreclosure crisis. But it remains to be seen whether the lending industry will fully embrace it, despite $75 billion in incentive payments.”
ROTFLMMFAO!!!! This is a 6 Trillion Dollar problem! The Bond market is going to love this!
“In the coming months, Donovan said, there are still likely to be increased foreclosures, especially from vacant houses, second homes and those owned by speculators. None of those properties will qualify for a loan modification. However, he remained optimistic that overall foreclosures could start to decrease this summer.”
But… But… But… this is why I voted for Obama!!!! He said everything will be alright….
The What (7 months ‘tards, 7 months…)
Someday this war is gonna end…
“I would do my best to diligence the other owners and if I were not satisfied with the results I would walk.”
Lechacal, that is very wise in theory, but in practical terms, other than completely avoiding the situation, there is not much you can do to get comfort regarding the financial position of the other shareholders, let alone the stability of their employment. You can obviously ask for financial statement of the co-op, which in many cases aren’t audited, but regarding the individual existing shareholders, I’m not sure how you can assess their personal finances.
HEY WHAT…how are those higher NJ real estate taxes treating you???? Still glad you left Brooklyn??? Still glad some Asshat gentrifier “forced” you out??
BWAHAHAHAHAHA
Smart move , Asshat.
At least I’m in Brooklyn What, at least I’m in Brooklyn and not Lodi, NJ.
The DIBS (There ARE brown Skittles, you know).
Hi Retards! Is Dave acting like a Jackass?! Here Dave-O you will love this story.
Glendale Galleria mall owner General Growth files record bankruptcy
http://www.latimes.com/business/la-fi-mall-bankruptcy17-2009apr17,0,4850977.story
General Growth Properties Inc. filed the biggest real estate bankruptcy in U.S. history after amassing $27 billion in debt as it became the second-largest U.S. shopping mall owner.
We are not in a Depression????
“”While we have worked tirelessly in the past several months to address our maturing debts, the collapse of the credit markets has made it impossible for us to refinance maturing debt outside of Chapter 11,” Chief Executive Officer Adam Metz said in a statement Thursday.”
But… But… But.. The Fed is buying Bonds at the long end to keep rates down, right???
No Dumbasses it’s a Bernanke Put to the Chinese and the Japanese Bond holders. No credit game over!
“”It was a disaster waiting to happen,” said Patrick Sumner, head of real estate securities at Henderson Global Investors in London. “They didn’t realize the market was going to get like this and that they were going to be in the front line when the guns went off.” Henderson doesn’t own any shares in General Growth.”
Just like Retarded in Bed Stuy….
I love how the way Team Retard moves to goalposts!
The What (Skittles are on sale!)
Someday this war is gonna end…
Yo, BHO. I don’t know how you calculate you’re assertion –
Everything up +200% trough to peak, everything down -50% minus.
On my street in the Slope, it was up 1000% from 92 to 2005 and that’s no lie. 10 times baby!!! 10 times in 13 years!! I was in total disbelief. The building was 100 years old when we bought it. WTF? What made it so much more valuable all of a sudden? 100% a year, give or take. The only explanation was we were living in a housing bubble of epic proportions. We absolutely love our place, and put a LOT of time to make it exactly the way we want it, and I have travelled extensively all over the world which has only confirmed that for me, the Slope is the only place I’ll ever call home. Buy I’m a die hard member of team bear because it was just freakin’ ridiculous seeing what people were paying.