How 'Bout That Brooklyn Market!
That’ll teach us to read beyond the headline! Turns out that yesterday’s New York Times article “Market Strong for Apartments in Manhattan,” which revealed that prices on the island to the west had risen between 6 and 12 percent last quarter versus the last quarter of 2006, contained even more bullish data for our fair…
That’ll teach us to read beyond the headline! Turns out that yesterday’s New York Times article “Market Strong for Apartments in Manhattan,” which revealed that prices on the island to the west had risen between 6 and 12 percent last quarter versus the last quarter of 2006, contained even more bullish data for our fair borough. According to Corcoran, average prices were 22% higher in the first quarter of 2007 than they were in the period a year earlier; the mean sale price rose from $514,000 to $628,000. The more inventory that we’ve been getting, the more inventory we’ve been selling, said Corcoran veep Frank Percesepe. By comparison, the year-over-year trend in Manhattan was slightly down. We wonder what Q1 2007 looked like versus Q4 2006.
Market Strong for Apartments in Manhattan [NY Times]
Sorry but I don’t have a mortgage. Own my car outright too. Totally debt free. But I get your point.
I’m a big fan of Sylvia. She’s a very thoughtful and intelligent commentator on this board. However, she sometimes allows her frustration to get the best of her and cloud her thinking. NYC, like London, will continue to thrive and flourish as premier international and cosmopolitan designations that will always attract the best, brightest and wealthiest. Of course, there will be pullbacks in the real estate market but if you’re waiting for things to CRASH (down 50-100%) back to your affordability level then you’re not grounded in reality.
Low blows, 8:41. A lot of people who’ve just “stretched into” Brooklyn homes are priced out, too. They just don’t know it yet. Maybe Elizabeth or Rahway will smell like a breath of fresh air to you when your place gets you underwater in the not-too-distant future.
Sylvia,
Everyone on this board knows you are a scorn bitter renter who got priced out of the housing market in Brooklyn. Sad. But don’t complain – COMPETE. Perhaps you should spend less time blogging and more time on more constructive and value added endeavors, like going to grad school or acquiring some additional professional skills to increase your earning potential so you can truly afford a home in Brooklyn, rather than constantly complaining about the inflated housing market. Sister, I’m taking a guess here but if you only got $40,000 in the bank, you will never ever afford a townhouse in brownstone Brooklyn. You either got to step up your game and find a way to earn and save a lot more or lower your expectations a bit. You can find great homes in Newark and East Orange, Jersey at a decent price and just a short commute to the city. But what ever you do, please stop beating yourself over the head over your situation, you’re not alone!
i’m a 30 year mortgage. no teaser, but i did put down 20%.
3 similar places on my block have sold for between 340-360 in the past 2 months (which is a little shy of 100K more than i bought my place for) so i felt ok using 10K i had to buy the place upstate.
yeah, of course if you have a family, this doesn’t work for you. you sound like you have a great deal.
but i still here people all the time who make A LOT more than i do say they can’t afford a place in new york and many times it’s because they would never consider a place that didn’t cost a half million or million bucks.
i personally think that is excessive and part of the reason why we’re in the position we are.
4:20, trying to follow your math. It’s about exactly my situation, in fact, when I had a 1-bed at 57th & 9th, but the price on that was, gulp, 145K in 1999. Sounds like either you had a whole lot to put down or you’ve got a teaser rate?
Good luck still … those of us with kids can’t squeeze it all into a studio, I’m afraid. The 2500 was for a good-sized 2-bed.
And if you took an equity loan to put down dough on a cabin upstate, yer brave! Hope I didn’t misunderstand that, if I’m mixing msgs, I apologize.
New York City has the lowest percentage of investor-owned property in the country. This according to BusinessWeek.
some people have it in their head that they couldn’t possibly live in a place that isn’t 500k or 750k here in new york.
i simply don’t agree.
small, efficient, green, sensiblly designed is more how i’ve chosen to live.
i guess i have lower standards.
have a great studio bought in 06 on one of the most prime park slope blocks bought for less than 300K.
mortgage and maintence (before tax deductions) is a little less than 1500.
with tax deductions, about 1100.
not going to find that kinda rent anywhere in the slope or anywhere else i’d like to live in the nyc area.
personally i’m a happy homeowner and get to live in the city and neighborhood i love and pay less for my mortgage than a similar sized apt would cost to rent.
Posted by: anon at April 4, 2007 3:05 PM
Whoas and double whoas! There might be advantages to buying, like selling for a profit (and I’d do it quick!), but mortgages haven’t been cheaper than rents since I cashed out in 2004, and probably longer than that.
A comparable apartment in the bldg. where I live now in Carroll Gardens was listed last year for 725K, but my rent (beginning in June 06) is $2,500. Mortgage with 10% down plus carrying costs were something like $4,300. Which is why I’m a reasonably happy renter, for the moment.