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]
Oh, Miss Muffett, thanks, what you say makes perfect sense.
Though for us it makes sense to buy now. But I would wait too if I were looking where you are and could pay mostly cash as you can.
Mopar, our monthly costs (for our rental, vs. our old apt we owned) have gone up slightly too – but only because our old mortgage was very low (we bought before bubble got crazy, and refinanced at low interest rate). That said, the temporary additional expense *pales* in comparison to the huge savings and extra money we made by selling when we did and not buying some properties that have been having price cuts. Since we sold our last property, it’s lost at least 10-20% of its value (and that decrease is now accelerating), and houses we’ve looked at have also been having price cuts of well over 100K. So, even if pay 100K during the time we are renting (between rent and “lost” tax savings), we will come out ahead – by far (and I’m not even counting the modest interest on the cash in the bank).
“Now get back to your South Slope reno. Hurry up and finish before your get caught mid-reno. I hate those listings.”
OOOOOOOOOHHHHHHHHHHHHHHH! ROTFLMMFAO! BHO you need to stop that! I felt that!
The What
Someday this war is gonna end..
“”Well, my housing costs have gone *up* because I am renting.”
Not true if you didn’t piss away the proceeds from your sale or sold for a loss or broke even. Some prices are falling far faster than $36K/yr.”
BHO, I sold at a profit but my monthly housing costs have increased about $3500 a year.
More4Less, the money is not going into my bank and generating interest. I am paying it to my landlord. I am not saving it. And I am paying more in taxes. I don’t like it one bit!
Zing.
“TV ads about buying gold”
Those are scams. The real ads are about you selling gold. With the spending that Obama is doing, fuggeddaboutit! Depression era Germany. Hyperinflation.
***Bid half off peak comps***
BHO, I disagree with your assessment of gold. By the time midwestern retirees are responding to TV ads about buying gold to protect against inflation (ie now) it’s over.
“If it’s so easy why isn’t everyone able to do it ?”
Sheep get slaughtered.
“As for real estate never coming back to peak comps we’ll see about that.”
You’re mistaken. I didn’t say never. I said never in your lifetime. Obvioiusly, it’s a prediction.
“Your other comments of investing in cash and gold are retarded…You are clarealy a hindsight trader.”
No, YOU are retarded. Gold is awesome and headed for $1,600/oz, its all time high in 2009 dollars. That’s foresight my friend. I’m not talking about mining stocks or egold. I’m talking about HARD gold that you can smell, see, taste and feel. Cash is also awesome. Deflation pushes it up, whether in the bank or under a mattress.
“How many people invested in gold the last year ???”
Real gold? Not many. Most people are complaining about the -45% hit they took in stocks/401’s/gold ‘explorations’.
“When I’m living comfortably in my retirement and you are complaining that social security has run out don’t say folks didn’t warn you.
As the saying goes, it’s easier to buy in the middle than at the bottom and it’s too easy to dance at the top.”
Baaaaaagggggghhhhhh…baaaaaaaggggghhhhh!!! I’ll only be complaining about how itchy your fur is when you get processed into one of my sweaters.
Now get back to your South Slope reno. Hurry up and finish before your get caught mid-reno. I hate those listings.
***Bid half off peak comps***