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]
1:07 if you haven’t even seen the inside of the buildings, at the very least use words like “seem” in your uninformed assessment of the quality of Vermeil vs. Novo. I also have seen both exteriors, and no I don’t see the big huge difference in quality you are talking about. Novo’s exterior isn’t even completed yet.
and also i have no vested interest in the vermeil at all i was just giving a suggestion for those that said family sized apts in the hood are hard to come by.
i’m sure there is tons better…
and certainly a lot cheaper…
Sylvia, you’ve got it. Sustainable, this ain’t. Anything that grows 3 feet overnight isn’t a tree, it’s a weed.
I tossed out the milk analogy only to make the point that it can’t be good news when you speculate wildly on necessities, like shelter, to the point it has hardly any relation to salaries, which are stagnant for most of us mortals.
If this isn’t the bull trap, with latecomers jumping in after the recent 10% haircut from the peak, well maybe we’re heading for London prices. Cheers???
All cities around the country are getting more expensive relative to what they cost before, as more people move to urban centers for better jobs, and fewer people want long commutes from the suburbs. It’s something that has been noted and written about since the early 2000’s. It’s not just about inflation, there are other trends that affect it too. Not just in big cities. The college town I attended school in – the old historic houses in the downtown area went from $20,000 in the late 80’s, so cheap students and struggling artists were buying them, to now costing $500,000 on up. Simply because it’s hipper for yuppies to own an old house. Thanks to Martha Stewart, or whatever. Before, only the artists wanted them.
i was not referencing the vermeil as superior because of it’s address, i was referencing it because i walk by it every day. and i went down to check out the novo this past weekend.
it would be absolutely impossible for any reasonable person seeing even just the exteriors of these developments to not see that the vermeil is constructed in a better quality.
not to mention MUCH more aestically pleasing.
the novo is a horribly ugly building. i don’t know a single person who has discussed it either here or on curbed who has spoken of it in a positive light…
The 22% number is meaningless without also stating the average square footage. The number is skewed because they were selling larger and naturally more expensive apartments lately than smaller less expensive ones.
So if last years average sale price was $514K for an 800 sqft space and this years average was $628K for 1000 sqft, the number means nothing.
Remember – the 22% increase does not mean that any invidual property is worth 22% more.
It only says the average price of properties sold this time frame is 22% more than last.
Can purely mean that were more ‘high-end’ properties that sold this time as compared to last.
The value of any particular property could be down, up or the same.
Careful with reading, interpreting stats folks. Most of you have higher education – do some critical thinking here.
12:30, I’ve seen condo conversions on better blocks in Park Slope than the Vermeil, and they looked like they’d fall apart. I haven’t seen either the Novo or Vermeil yet, but I would never assume the Vermeil is better built simply because of its address. And neither should anyone else.
there has definitely NOT been a big increase in Bklyn Heights/Cobbil Hill. So I agree that these figures must speak to “newly discovered” neighborhoods…