Elliman 3Q Report: Mixed Results
Both average and median sales prices in Brooklyn ticked down overall last quarter, according to the Prudential Douglas Elliman report that dropped this morning, but the big number was the decline in the number of sales from the previous year from 3,718 to 2,298. (Inventory has also trended down.) Average price per square foot actually…
Both average and median sales prices in Brooklyn ticked down overall last quarter, according to the Prudential Douglas Elliman report that dropped this morning, but the big number was the decline in the number of sales from the previous year from 3,718 to 2,298. (Inventory has also trended down.) Average price per square foot actually rose slightly year-over-year for both new developments and resales but fell just over 5 percent from the 2nd to 3rd quarters. Co-ops were a bright spot, rising in both price and number of transactions. Williamsburg and Greenpoint also put up good numbers. One- and two-family houses in Brownstone Brooklyn did pretty well too, with average and median sales prices as well as price-per-square-foot measurements all trending up. For details, check out the full report.
Brooklyn Home Prices Drop as Banks Cut Jobs and Curb Lending [Bloomberg]
Miss Muffet: You contradict yourself and write ad nauseum, clear signs that you don’t know what you are talking about and you try to cover it by writing way too much. Perhaps you should deal with your insecurities in a professional setting. One that involves a couch.
As for your success ….. You have been living in a city that has experienced a steady climb in the housing market for over 15 years, with the last few being extreme. Your success was dumb luck, not a product of your real estate smarts.
the condos that all went up or in the process in the last year were affected by developers trying to get in before the 421 abatement goes away. with developers financing probably now about to tighten up and with the softening of the market less will get built.
hold on if you can because i predict that 4 years out we will see a sharp reduction in supply especially if some of the condo buildings go rental.
11233 – I apologize for the anger management comment, but as we are learning from this election, unprovoked personal attacks reveal more about the attacker than the attacked.
Why, when I have successfully bought, sold, and renovated properties, would you assume that I know nothing about this topic?
Miss Muffet: I think you are an idiot. That is not an issue with anger management. You don’t like to hear an opposing point of view and you go on and on about things you know nothing about. Your response @ 4:20 says alot about your ability to handle criticism. Stop trying to shift the responsibility to someone else.
And 11233 seems to have anger management problems – perhaps because the market is not going his way.
Miss Muffett,
I’m not saying this is the best thing to do but most people are not real estate experts nor do they (unlike us) study the market as a hobby (o.k…obession). They simply call what they assume to be a reputable agent and let them help determine the value based upon their expert opinion.
Yes, agents often over value homes but, let’s be realistic the average seller isn’t going to know if they should be at 2.3m vs. 2.7m are they?
If the final sale price was acceptable to the seller in the first place – before the place went on the market – and they chose to overprice and “take a hit” then they didn’t suffer, did they? I can certainly understand that this strategy could backfire, but so could underpricing if buyers automatically think they can low ball and a seller is already expecting to take a cut on the asking. Then you really suffer since you are not getting the price you think you deserve because you didn’t build in any cushion for negotiation. That is why you call it an asking price and not a sale price until it sells.
For someone who pretends that she fell into a great sale with her last property, you really think you know something the rest of us don’t, Miss M. I still think you are an idiot.
Ditto: You assume it could have been sold for $2 million. You also assume no one came along and made any offers. You assume I have alsolutely no say it what offer I am willing to accept or what pricing strategy I think would work.
Last time I checked, I am the seller, not the broker. You hire the broker that you think will get you the most money.
Let me remind you, Miss M hired a broker who intentionally reduced the price of her place so that a bidding war would (and did) ensue. It was a strategy that worked. Pricing at a higher value may also have worked, but we will never know since that is not what happened.
I find it humorous that Miss M decries brokers who over price when she, by her own admission, made a killing on her place.
Miss M is a two-faced lying piece of crap.
The person I would hire, by the way, would be the broker who showed the best pricing strategy given market conditions (which are unquestionably deteriorating), as well as having good marketing ideas, and reach to buyers. If I’m serious about selling, I want to sell fast since one of the deadliest things in real estate is a property sitting too long.