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!
DCB, show me five that are nice inside…decent kichen, baths, architectural detail, nice floors, decent facade…just 5…
Dave, just saw your post, I was hoping to get the scoop from one of you soon. I think they will do well and they are great guys… I am glad you met them..
It’s fun to prognosticate of course, but despite what the inflated egos on this board (and others) will tell you, none of us are gifted with the powers of knowing the future. That being said, if the national RE market remains depressed for a few years (I firmly believe this is a strong possibility) I don’t see how we escape that effect even in our wonderful city. We are not THAT insulated from the macro climate. Like M4L says, I suspect areas like Bed Stuy, Crown Heights, Sunset Park, etc. will be feeling negative price pressure for some time to come.
Look at the Lis Pendens. LOTS of good properties!!!!!
DIBS–that is my hope as well that most of the foreclosures are places that can’t reasonably be considered comps for my house or similar houses. But god knows there may be some that are more in line with the Brownstoner demographic.
I’ve looked at a number of homes in brooklyn that are short sales…soon to be foreclosures. THEY ARE ALL CRAP. They are not comps to a decent livable house and certainly no where near comps to something that everyone wants: a nice kitchen and some architectural detail. They are all dumps. Additioanlly, most of them have tenant issues.
Park Loper, difference is NYC (thanks to biggest benefactor of the gov bailout $$$) is doing a ton better than the natl avg. there’s also a ton more deep pockets here and for them it’s a matter of do they “want to” (vs. “can I afford”) to buy – something that’s super key to the premo BK hoods we discuss on this blog. non-prime hoods, I expect them to be same or worst than natl avg profile
Park loper–totally right. Until we know what the foreclosure picture looks like in Brownstone Brooklyn, its hard to know if this is a temporary bump up or a bottom. But for me team reasonable is less about predicting the future and more about understanding that the purchase of a home involves a complex set of considerations, money being only one of them. Its about not trying to use your home as an ATM but as a place to live, and its about trying to hear opinions and concerns that are different to one’s own.
I guess I’m more or less on Team Reasonable, but you can’t start cheer-leading the bottom with sobering news like this:
“RealtyTrac Inc. said Thursday that the number of U.S. homes taken over by banks jumped 35 percent in the first quarter from a year ago. In addition, households facing foreclosure grew 16 percent in the same period and 7 percent from the last three months of 2009.”