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]
Good idea, DeLepp…put the disclosure in the contract!!!!!
Banks will submit a questionaire to the treasuer asking about charges and shareholders in arrears, unfortunately that is too late for the buyer(unless bank deems it a liability to them). Unless it’s something that can be sneaked into the contract, wasn’t possible during the run up but most definately now.
DIBS has just offered the last and final argument from team Bull(shi#):
“Prices are not ‘tanking’ ‘falling off a cliff’ etc for the 1-3 family market”
Wow, what a difference a year makes. No, but real estate moves at glacial speeds. I don’t think there is any doubt about the current direction. Considering how many financial jobs have been lost, considering what a terrible job Patterson is doing, considering taxes are going up and services are being cut, I cannot imagine any scenario supporting NYC real estate prices. I don’t know what language you bulls speak but it’s over buddy, finito, basta.
Brooklynnative, you are correct on the coop vs. condo in your 10:06 post
DIBS, I have to agree with you on the risks of buying both coops and condos now. Makes me glad that my coop building is 90 apartments and a good amount of them are paid off with no mortgages and have lived in the building for over 15 years.
“Well if homes with a “For Sale” sign are not inventory then I don’t know what is considered inventory.”
Again, the typical “lame-brain” Team Bear line.
Any idea how many of them there are as compared to a year ago, hannible??
No, I thought not. What’s your next point???
DeLepp…that’s a good point. A good lawyer will review the latest financial statements for a condo/coop but they have never had to go that extra mile to “look up” what may or may not currently be in arrears.
Its a good thing nowadays to ask the lawyer to do, to the extent its possible.
But the bigger issue that has a more deleterious effect on whether your charges are goin g to increase is how many of the unitowners are in arreaers and I just don’t know how easy it is to get that info.
brownstoner ALERT:
Mr. B, for those interested in condo/coop we should someday have a separate discussion on this issue and what methods are available to get the info.
Lechacal, actually an interesting difference between condos and coops, as I understand it, is that when a person who is not current with their fees sells a coop – the coop has an automatic lien against the sale price and the fees get paid out of it. With a condo that’s not the case. Meaning that the other members of the condo get stiffed and must sue to get the maintenance fees back and the seller walks away. Makes condos a bit less attractive in this environment and may start to explain that Barbara Corcoran article from yesterday regarding the Dakota sale back in the 70s. Maybe it was a coop owner who owed massive maintenance fees.
…look of indignation crosses face…adjusts beret with one hand as cigarette holder dangles from other…
Hey man, it’s a free market in my world. Law firms have fallen over themselves in the past 10 years to offer better benefits to the spoiled brats (like me) who join their ranks every year. We’ll see if that trend holds up now that the high-end legal market is under significant pressure and could be (in my humble opinion) going through a permanent downsizing.
Well if homes with a “For Sale” sign are not inventory then I don’t know what is considered inventory. The longer those signs hang the more prices will come down. I am still waiting on the sidelines prices need to come down at least another 50-60 percent. I am waiting to see what happens to condo-s when alot of owners stop paying maintance fees.