Elliman Q3 Report: Better Than Q2
The Douglas Elliman 3rd Quarter Market Report for Brooklyn came out this morning and the numbers show broad improvement quarter-over-quarter but still weakness compared to a year ago. Median sales prices fell 6.7% to $476,000 from $510,000 in the prior year quarter but rose 7.9% from $441,090 in the prior quarter; average sales price fell…
The Douglas Elliman 3rd Quarter Market Report for Brooklyn came out this morning and the numbers show broad improvement quarter-over-quarter but still weakness compared to a year ago. Median sales prices fell 6.7% to $476,000 from $510,000 in the prior year quarter but rose 7.9% from $441,090 in the prior quarter; average sales price fell 5.3% to $544,676 from $575,287 in the prior year quarter but jumped 10% from $495,120 in the prior quarter; and the total number of sales declined 19.6% to 1,847 from 2,298 sales from the prior year quarter but increased 29.3% from 1,428 units in prior quarter. The numbers in North Brooklyn looked the ugliest, with average price per square foot down 35% from the year earlier and the number of sales off by more than 40%. Two-family houses across the borough also proved surprisingly resilient, with median sales price holding flat from a year ago and rising 27% over the quarter. For more detail, check out the full report here.
I second that — read as much Krugman as you can.
Rogers has been predicting an inflation crisis since I started watching CNBC in 1997. He might be slightly smarter than Kudlow but no less wrong. Read Krugman instead. He is NOT worried about inflation in a stag deflation environment.
sorry, Petebklyn. I misunderstood. Yeah, wish he’d come back. I’m thinking about trading up to a bigger place, it’s a big jump in price — need him to sign off.
I know what the DOW went down to, he/she was optimistic. Just wondered where he/she went…or changed name to.
Or what prediction has now.
low mortgage rates are no accident either. the fed is well aware that higher rates will stop the housing recovery in its tracks. they are targeting mortgage rates by actually buying mortgage securities in the open market. this lowers the interest rate add-on that mortgages get over the base rate. this will be relaxed as the private mortgage security markets recover, but what you can count on is that they target this rate, and it’s below 5% for a reason. buying now to beat what you think is an imminent rate hike is not a good idea. if you want to bet on rates, do that with your broker — don’t do it by buying a depreciating asset with a low-rate loan.
Jim Rogers has a very large collection of erotica.
3Q 2007 looks like the peak from my building’s experience.
Sorry, listening to Jim Rogers is slightly worse than listening to Larry Kudlow. Both make Kramer look intelligent.
J-t-B’s correct. Unemployment at 10%, business lending incredibly low and Rogers is screaming about inflation? A few good years as a Hedgie and a right wing political agenda does not an expert make. Read Fooled by Randomness. He’s the poster child.
ha ha ditto…
the irony is that we did make a lot more land, if square footage of condo space is considered land (and it should be, since running out of land is a supply argument). rezoning, new lux hi-rises. Look how much more land there is in north brooklyn!