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!
daveinbedstuy: I see C at 8 by the end of year. With all the big boys holding. No?
The people trumpeting this as “proof” of a bottom are being disingenuous at best – I assume most of them are smart enough to know this, but they somehow can’t resist the temptation to grossly oversimplify what this data shows.
In Clinton Hill houses seem to be selling quickly and close to ask, at least the few that I actively follow.
I just sold half of my C calls.
joeingowanus : I am a holder of C . are you?
ok wait — i see it. the brownstones numbers are up. but on 69 sales.. I guess those levels are ok?
donatella, met your friends last night. great guys. good idea.
but only co-ops are up year over year, right?
condos, 1-3 family, an luxury all down from previous year.
northwest/”brownstone” brooklyn prices down 13/15% (avg/mean) from previous year. can’t keep my dates straight, but this means prices have fallen even further from their lehman collapse levels, right?
at least sales are up!
We started seeing early evidence of the brownstone market recovery with the excellent sales and prices of Brookyn Heights brownstones. I have noticed anecdotally sales of remaining “wrecks” on my block and in in my immediate neighborhhood.