Elliman: Brooklyn Market Improved in 2nd Quarter But...
Sales volume in Brooklyn leapt 20.4 percent between the first quarter and second quarter of 2009 and the median price of co-ops and condos ticked up 2.9 percent, according to a report out this morning from Prudential Douglas Elliman. “It suggests there was pent-up demand from unusually low activity,” said Jonathan Miller, CEO of real…
Sales volume in Brooklyn leapt 20.4 percent between the first quarter and second quarter of 2009 and the median price of co-ops and condos ticked up 2.9 percent, according to a report out this morning from Prudential Douglas Elliman. “It suggests there was pent-up demand from unusually low activity,” said Jonathan Miller, CEO of real estate appraiser Miller Samuel, which compiled the report for Prudential Douglas Elliman. Before everyone breaks out the champagne and declares the real estate market in recovery, though, the report also notes that volume was off 29.7 percent versus a year earlier. Prices were also down dramatically from a year earlier; for example, the average price of a one- to three-family home in Brownstone Brooklyn fell 15.9 percent. “Unemployment is still rising, credit has not loosened and we still have a very weak economic environment,” Miller said. Click on chart above for larger view.
Brooklyn Market Overview 2Q 2009 [Elliman]
Home sales in Brooklyn, Queens rise as prices tumble [NY Daily News]
Glimmer of Hope for Brooklyn Market [NY Post]
chicken…I think there’s some very interesting data that should be researched between older, established condos/co-ops and those being offered in new developments. I don’t know how to get at that data but i bet it would show some marked differences between the two categories and, like you said, for a number of reasons not the least of which would be the inability for some places to be “mortgagable.”
bricjoven, you are a typical example of someone who is precise but likely to be inaccurate. Why three years???
Bed Stuy, at least Stuy Heights is nowhere near $200 psf. East of Malcolm X, maybe. Please feel free to pull all sorts of precise numbers from any orifice that you choose without first having researched them
Yes Pete…and the number of sales is too small to be statistically significant in many of the categories throughout the report.
However, I do know what i paid for my house, how much I’ve put into it and what I could realistically sell it for now and I’m comfortable with that.
okay – turns out my analysis was not that interesting after all…
dave we are at least 3 years away from any sort of bottom enter the pool at youre own risk. Too much toxic crap in there. I thought Bedstuy was 200 PSF?
Yo Dibs, chill, you’re 9:47 answer had in fact not posted before I wrote 9:49 question – they were obviously posted at almost the same time.
daveinbedstuy, I admire your optimism even if i don’t exactly share it. Last time RE prices declined in brooklyn it took over 10 years in a good economic environment to get back to peak 1987 prices. We are still looking for at least a good year of declining prices across NYC
I still think the figures are open to misinterpretation…
and this is whether going up or down.
They state the ‘average’ price of houses that sold in that period.
To intertpret that as value of anyone’s property increased or decreased by that % is false. It all has to do with the mix of the props that sold in the period. They are not equal every quarter or year. You need to know size, location, condition of the props.
Did you not see my 9:47 post before you asked this question again or do you not understand it???
Is there some reason that you wouldn’t be bullish on Brooklyn brownstones over the next 3-5 years from where we are now or even slightly lower??? You cannot tell me that prices will be off 50-70% without providing a well defined set of parameters that would cause that to happen.
Most signs of the economy have stopped falling at an accelerating pace and that positive second derivative is all I need to say that we are closer to the bottom than many people here think.