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!
wasder,
I think your statement about a perpetual browntone bubble is right, even in the worst of times, people buy luxury cars and yachts. Brownstones are not only homes but a precious commodity in many people’s eyes.
Regarding the connection to current governmental economic policy, the article points to Japan’s “lost decade” where the governement attempted to offset a similar market meltdown with a very aggressive governmental spending policy with no solid stimulation of economic growth. We are currently pursuing this type of spending-to-create-economic-growth policy.
You’re not goint to get another TARP or MBS purchase program like you did in 1Q09, wasder. Similar efforts were tried after the crash of 1929 to no avail.
You’ll see.
Simple supply (rising defaults and foreclosures) and demand (tight, traditional lending).
***Bid half off peak comps***
One can often sense the intellectual bankruptcy of a viewpoint by the shrillness of its rhetoric.
**Bid Half Off peak Comps and Get Nothing**
If sellers didn’t panic but instead just sat on their properties as they did in 2009 why will they panic this time?
“Such a load of uneducated, media-fed, headline grabbed bullshit.”
Look who’s “talking”.
***Bid half off peak comps***
“RE only goes down”, wasder.
Same way it worked on the way up – “buy or be priced out forever”. Now it’s going to be “sell for a loss today or an even bigger loss tomorrow”.
Wait’ll the fraud/losses get exposed. Wait’ll the public learns about the hot air that has been driving the stock market “recovery”.
***Bid half off peak comps***
BHO, I guess hoping that you could argue intelligently was a too much to ask for. Your 3:31 rant is truly classic. Such a load of uneducated, media-fed, headline grabbed bullshit. Are you a mouth breather too???
“The stock market continues to rally in your face and you have no clue what’s driving it…none.”
Actually, I do. It’s fraud (off-balance-sheet bad debt/losses), sanctioned or otherwise. The kind that isn’t working for Greece/PIGS. The kind that didn’t work during Madoff. The kind that didn’t work during Lehman. The kind that didn’t work during Enron. The kind that didn’t work during LTCM. The kind that didn’t work during the Great Depression.
***Bid half off peak comps***
Why will sellers panic in this scenario BHO?