Halstead B'kln Report Shows Booming First Half
So, the big Halstead report on the Brooklyn townhouse market is out and chock full of interesting numbers. The biggest thing that jumps out at us is that the average sales prices for the first half of this year are way below the real market prices of the type of brownstones we focus on around…
So, the big Halstead report on the Brooklyn townhouse market is out and chock full of interesting numbers. The biggest thing that jumps out at us is that the average sales prices for the first half of this year are way below the real market prices of the type of brownstones we focus on around here (must be those pesky new constructions draggin down the numbers!) Beyond that, the huge percentage increases in Clinton Hill (+82%) and Fort Greene (+71%) are probably the most noteworthy data (big jumps in Red Hook and Williamsburg can’t really be counted given an extremely low sample size). Curbed has already gone to the trouble of posting many of the charts and graphs from the report, so we won’t repeat the effort, but encourage you to check them out. The report is not on the Halstead site yet, but should be shortly. The marketing fluff in the report includes this summary of the market: “Nowhere has the law of supply and demand demonstrated its true nature more than in Brooklyn. While more and more buyers are being lured to Brooklyn great neighborhoods, fewer and fewer Brooklyn home owners are looking to move. In those rare instances when houses become available interest is keen and sales often result in bidding wars.” For how long is the question.
Sassy Price Jumps [Curbed]
Market Reports [Halstead]
I am the manager for Brooklyn and Queens for Vanderbilt Appraisal.I can assure you we are first in Brooklyn and Queens.
Vanderbilt Appraisal covers approximately 25 counties in 4 states a claim neither MMJ nor Miller Samuel, while fine companies, can come close to.
It is more telling to look at what’s on the market, what the asking price is (was) and for how long. I have a brownstone on my street in Park Slope that has been on the market for well over a year. I p eriodically check on it and it is never listed as being on the market for more than 3 months – even though all of those three months add up to 15 months now.
And, I don’t trust Corcoran numbers and more than Halstead. Corcoran themselves have built their company on overpricing properties and overstating sales numbers. When you live in the neighborhood and take the time to know what is happening and who is listing – you get a much more “real” picture. It’s called high pressure selling and scare tactics.
Massey Knakal is another one playing one owner off another. “You really should sell now – you’ll never see prices like this again.” Yeah, right.
Fact is the market is becoming saturated with over priced, over blown stuff that is priced sky high. That customer base is shrinking. How many of these units and houses can they buy? How many can they rent out that they aren’t living in?
The post at Curbed is vague, but it doesn’t sound like the report is based only on Halstead sales.
Maybe they are using houses that went into foreclosure, maybe a divorce settlement, or a family member dieing. These numbers are low, but the percentage change could be accurate just at higher sale prices.
I have never seen a property for sale in Ditmas Park by Halstead, and I follow the market here religiously. I bet they sold one house at most, and it was not of the freestanding woodframe variety, which is the only way it would have gotten past me.
I have never seen a property for sale in Ditmas Park by Halstead, and I follow the market here religiously. I bet they sold one house at most, and it was not of the freestanding woodframe variety, which is the only way it would have gotten past me.
Those Ditmas Park numbers are way off. By like 300K.
Brooklyn seems to be the only area of NYC still booming, after all. Even though Halstead may not have a lot of listings, with the rest of the real estate boom crashing down on their heels, they’re probably looking to get into the one borough that’s still going strong.
Halstead’s Brooklyn presence is minimal. I am surprised that they would even bother putting out a report.