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]
10thStreetReno has a very good point and , unfortunately, some others here have alluded to it as an actual experience. That is, if you’ve been “waiting out” the market during 2008 and you had your money in the stock market you’d have lost about 45% or more of it.
Team Bull wins out long term. Tax advantaged investing is hard to beat, plus renters have nothing to show for their monthly check. As for re-investing rent vs down payment, they would be far worse off over the last 2 years.
Interest rates will not be this low forever. What you save as the market girates you could easily lose and some when rates move up to combat the result of the monumental fiscal expansion – inflation. During the early 80s mortgage rates were in double digits. It’s not impossible to imagine those days returning when the economy picks up, and inevitably it will.
All this crowing over absolutes is silly. No one, and I mean no one, can know for sure what the market will do in the end. We do all seem to agree by now that it has further to fall, and some of us think it can fall by as much as 50% (or more) and others think 25% total is more likely. Each of us can place our own bets, but all the mud-slinging and bravado is unnecessary on both sides: bull (DIBS) and bear (BHO).
“I’m not too worried about it. I mean, I don’t want to see that happen, but if it does, can I prevent it? Probably not. So, I’m not going to worry about it. Unlike some people on this blog, I’ve been through plenty of tough times and have what it takes to make it through. I’m not going to start worrying now. It’s pointless.”
Spoken like a TRUE New Yorker!
I will see you ‘tards latter.
The What
Someday this war is gonna end..
What moved the goalpost from October to November. We’re just having a party.
“Be careful on what you ask for ENY! At this time all the major stock markets around the world will be crashing!!!”
I’m not too worried about it. I mean, I don’t want to see that happen, but if it does, can I prevent it? Probably not. So, I’m not going to worry about it. Unlike some people on this blog, I’ve been through plenty of tough times and have what it takes to make it through. I’m not going to start worrying now. It’s pointless.
“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!”
You can still wear your MC Hammer pants in June What. Goalpost moving just because the summer is the best time for a party at Outpost what with its sweet garden and all. And if the world as we know it really has collapsed by November there will be plenty of time for you to rub everyone’s nose in it.
Tune in thisa week everyone and see The What, now appearing as the anti-Cramer, on The Simpsons.
hannible, you can’t even figure out who’s team bull and who’s team bear.