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!
Ha! See you then!
You know, here in subprime Brooklyn, vinyl sheet flooring is very much the in thing. It’s so chic, I know a guy who installed it OVER brand-new, high-quality oak flooring at his own expense (he was a renter). I dunno, maybe where he’s from, wood floors and natural fibers look “poor”???
Hah! Plaster dust can be a nice fashion accessory. Glad to hear things are moving forward. See you on the 22nd.
Hi Wasder! How are you? Not bad, not bad. I’m taking two weeks off starting Monday to complete Phase II — plaster, stripping, priming — so we can move into the downstairs and get a renter — finally! I’ll see you all at the party. You’ll know me by the plaster dust in my hair.
I guess DeadCatBounce is busily at work trying to come up with the 5 properties I asked to see as examples, calling him out on his statement. I’ll be patient.
mopar–how is your place shaping up?
I’ve seen a ton of short sales and foreclosures too. Yes, every one is a dump. And so were 99 percent of the other places I saw. Only two were in move-in condition. When you’re looking in Brooklyn neighborhoods were the price of a house is less than $600,000 it appears you don’t get en suite bathrooms and granite kitchens with Sub Zero refrigerators — IMAGINE!
I agree this is a generally positive report. But the “Brownstone” section only refers to brownstones; it’s the Northwest Brooklyn section that covers all types of properties sold in “Brownstone Brooklyn,” including Brooklyn Heights, Cobble Hill, Clinton Hill, Park Slope, etc. etc. Northwest Brooklyn showed a 8% quarter to quarter rise in median sales price, but a nearly 15% year over year decline. Very close to the Manhattan numbers, if I’m recalling correctly.
Funny, funny….wonder what tune people will be singing when the correction runs its course.
But demographics and cultural trends favor Brooklyn (especially those in good school districts) over other boroughs.