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]
I know it was meant as sarcasm, but the price of milk is relevant. Anybody been paying attention to the lastest inflation figures? Not good news.
Sure, you could say that the properties were “undervalued” before, just like you could say that the price of oil was undervalued and that’s why it doubled over the last four years, or the price of “crude feedstuffs and foodstuffs” was undervalued and that’s why it shot up 18.8% since last year. Depends on where you’re coming from and if you see exponential price growth (with stagnating salaries) as a sustainable thing.
Sure, you could say that Queens hasn’t been “discovered” yet, just like Canarsie hasn’t been discovered yet and Trenton hasn’t been discovered yet. But how far away from work are people willing to live, in the city? Are we just going to keep expanding and expanding while the price of commuting gets higher and higher and the national economy stagnates and the price of everything goes through the roof? This is not a sustainable pattern.
Personally, I don’t see salaries going up, I don’t see job creation keeping pace with population growth, I don’t see the price of condos or towhouses or oil or commuting from the suburbs or milk going down. So to me, that means this can’t last. Just my 2 cents.
comparing novo to vermeil is like apples an oranges though. yes, they are more affordable, but you get what you pay for.
big difference in the building quality and definitely location. 7th ave vs 4th ave is a big deal for some.
the vermeil, if finished properly will stand the test of time. novo looks like it’s goin down in the next thunderstorm…
The 22% increase in Brooklyn is because of increases in prices in certain neighborhoods that were undervalued before. They’re not saying there are 22% price hikes in Park Slope or Brooklyn Heights. It’s more about South Slope, WT, CH, PLG, Bay Ridge, going from under-million for a house, to over a million.
Hey, 11:03, so paying less than 1 mil for a house now counts for undervalued? Amazing how quickly a half-mil or 750K became chump change! Those houses in Bay Ridge that seem to have jumped to “real value” from a mere 750K a couple of years ago … they were going for 350 about 3 years before. Maybe they’ll start bidding up the price of milk, too, till it’s $20 a half-gallon! Way to go Brooklyn.
The 3 BR’s at Novo Park Slope on 4th Avenue are far more affordable than the Vermeil, and offer more amenities. Oddly, on the website for Novo, some 3BR’s are listed as 2BR’s and only when you click on the floorplan do you see it’s a 3BR. Perhaps they’ve corrected that now, but it was doing that last time I looked. Big mistake that will make them miss out on potential buyers at their open houses.
hey mr b,
sorry this is off topic, but you should post the new GAP design proposal here from curbed.com late yesterday.
think the crowd would be interested…
heh, check out the vermeil because no one else is! the prices there seem insane, and it doesn’t look like the units are exactly flying off the shelf. maybe that’ll chance when it’s closer to being done, though.
if you are interested in new family sized condos in park slope, check out the vemeil on 7th and sterling.
they look quite pricey, but they are there…
Anon 11:03 I think you’re right, I follow the Brooklyn Heights/Cobble hill market pretty closely and I dont get the sense this market is going up 22%–feels more like flat to up a little bit. Dont know if other people have a different sense.
“I’m always baffled how there are never any family-sized condos being built in Brooklyn. The only option is a house, if you want something bigger than 1300 square feet and 2 bedrooms.”
Funny, I’m in contract on a newly built 1700 2-br condo right now… they’re out there but VERY hard to find, I’ll agree. That’s why we leapt on this place – it provides the space we need – and will probably be a rare commodity when we’re ready to sell someday.