Elliman: Brownstones Kick Ass in Q1
Unlike the commercial numbers we saw yesterday, the residential real estate market in Brooklyn perked up in the first quarter of 2010, according to a report released today by Miller Samuel for Douglas Elliman. “The modest decline of inventory and a return to a higher level of sales activity helped stabilize prices across most markets,”…
Unlike the commercial numbers we saw yesterday, the residential real estate market in Brooklyn perked up in the first quarter of 2010, according to a report released today by Miller Samuel for Douglas Elliman. “The modest decline of inventory and a return to a higher level of sales activity helped stabilize prices across most markets,” said the report. “These trends combined with the sharp decline in days on market and listing discount suggests that the consumer is bypassing properties that are not priced close to market levels. The median and average sales prices across all property types ticked up 4.2% and 7.5% from the fourth quarter, but both were down slightly from the first quarter of 2009. The number of sales increased year-over-year from 1,186 to 1,861 and the days on market decreased from 142 to 114. House sales in Brownstone Brooklyn saw the most price improvement, with the median sales price rising 15% from $1,087,500 to $1,250,000. Bring it!
the so so to iffy condition ppties on the fringe blocks of the premo hoods are getting a heavy dose of reality check. and the non-premo hoods are still crapping – ton of stuff still sitting, price cuts,…
the deep pockets are out shopping so good stuff in premo hoods are selling fast. rest of mkt is not nearly as robust.
Even the condo & coop numbers were stronger
Condo:
ASP +4.5%
PSF +4.7%
Days 195 > 122
Coop:
ASP +5.5%
Dasy 165 > 120
Why joe? what are your assumptions???
There was all this talk from the bears about wait to ‘spring selling season’ (which is overhyped IMHO) and all these people will list etc, etc,etc.
Well, on Corcoran for CobbleHill, CarGard, BoHill they have 12 listings, 6 of which are in contract. Including the 2 on Cheever discussed on Brownstoner and 1 on Hoyt that seems like only listed few weeks ago and pooh-poohed as too overpriced for such a tiny house.
ummm…. again, a bounce does not necessarily mean we have hit bottom. actually, in this case it doesn’t mean that at all….
In other economic news, although the normally lagging jobless and continiung claims numbers were slightly worse, foreign governments bought a lot more Treasuries in Feb than was expected AND, March factory Output was +0.9% after +0.1% in february and, above expectations.
C hitting $5.00 today.
I’m seeing the same thing in the condo market. Prices have rebounded over the past couple of months. A unit just closed in my complex at close to the peak comp price (which was in Fall of 2007 for my complex).
In the 1-3 Family market, Average Sale price rose from $577k in 4Q to $625k while Avg Px PSF rose from $247 to $277. Days on market declined from 141 to 106.
In “Brownstone Brooklyn” category, ASP rose from $1.151MM to $1.410MM and Avg Px PSF rose from $424 to $525. Interestingly, 3-Family prices rose the most QOQ…42% with 1-Family + 14.9% and 2-Family + 10.2%.
stats look strong – no doubt about it.
it’s consistent with what I’m seeing – decent ppties priced well in the premo hoods are selling fast.
guess this vulture can cross off houses off the buy-list and just wait on the condos