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]
The Skittletard should really cease from posting about things he has no clue about.
“Skittle Shitting Unicorns” – wow.
I do not believe that an end to the recession at a national level will support real estate prices in NYC. Many other markets have already undergone a healthy correction and are close to being ready to turn. The NYC market started turning very late and I think is in the early stages of a correction. Also consider how the current crisis (in particular in the banking/finance industry) impacts NYC differently from other markets. I personally would not take any comfort at this point that early signs of a national economic recovery mean support for real estate prices in NYC.
What about the foreclosure moratorium, now coming to an end? Could that be one reason prospective sellers have sat it out so far?
I have enough Queens in my life.
“We are coming out of the recession. There’s currently a tug of war going on in the Treasury market. The government is buying (forcing yields down) and the rest of the world is selling.”
Yeah stupid, yeah!!! The foreign central banks are being made whole on the back of the American Tax Slave!
“I don’t mean to imply that foreign governments are liquidating. All of the money that has exited from mutual funds and the stoc market is waiting on the sidelines and ready to go back in iff they get any sense that the market rally is for real, That’ll be a huge whoooshing sound out of risk free into risky assests. Its also why gold has been weak of late.”
They are going to use that money to help the citizens of that country! No more buying crap US debt and the rates are going to the moon. GAME OVER!
The What
Someday this war is gonna end..
“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.”
Because of Karl Denninger: http://www.tickerforum.org/cgi-ticker/akcs-www
The story is people who believe in Skittle Shitting Unicorns and the retards who love such nonsense! That is where it came from and there is no racist connotation. I took the joke and ran with it and DIBS came out with this..
“Skittles are supposedly “racist” b/c there are no black ones or brown ones. However a few of us had dinner recently and I bought a bag of Skittles and to all of our surprise, there are brown ones.”
Know I understand what Dave meant by–“I bought a bag of Skittles and to all of our surprise, there are brown ones.”. Now the retards can give it a rest!
The What (No Skittles for you)
Someday this war is gonna end…
“”If you have a great deal, that trumps consumer confidence,” Herman said”
As much as I hate broker-speak, that’s a good one!!!!
You moving to Queens, 11217?? 🙂