Market Report: Decent Price Gains in '07, Fewer Done Deals
Another day, another ’07 market report. The latest entry comes from appraisal firm HMS Associates via Crain’s, and it finds that Brooklyn prices were up but the actual number of home that were sold shrank markedly compared to ‘06. HMS says average sales prices rose 4 percent last year, to $634,915; the firm’s stats show…
Another day, another ’07 market report. The latest entry comes from appraisal firm HMS Associates via Crain’s, and it finds that Brooklyn prices were up but the actual number of home that were sold shrank markedly compared to ‘06. HMS says average sales prices rose 4 percent last year, to $634,915; the firm’s stats show average condo prices increasing 7.5 percent, to $587,000 and single-family home prices jumping 10.2 percent, to $669,000. (Those increases are basically in line with the ones published in Corcoran’s year-end report.) HMS’s most intriguing finding had to do with sales volume, or the lack thereof in ’07: The number of sales the report tracked decreased 23 percent, to 3,374. The lower number of sales probably has a lot to do with owners not being willing to drop prices and deals falling through for lack of financing.
Brooklyn Home Prices Up, Sales Down in ’07 [Crain’s]
Corcoran ’07 Market Report: Brooklyn’s Still Up [Brownstoner]
REBNY: Brooklyn Apt. Appreciation Tops Boros in ’07 [Brownstoner]
Photo by *green*garden*girl*
Hey tWhat, I would never give you my address you ShitTwit.
The What is a bitter renter.
9:52,
Where exactly are you relocating from?
“Hi, 9:52 here. Not sure which neighborhoods we’ll check out, but I can say with some certainty I hope not to live next door to this “The What” fellow.”
Yep I would be skullfucking your wife when you go to work. You will be asking her “Honey, Where did you get that walking stick from?” LMMFAO!!!! Fuck all of you all, Good night!!!
The What
Someday this war is gonna end…
Hi, 9:52 here. Not sure which neighborhoods we’ll check out, but I can say with some certainty I hope not to live next door to this “The What” fellow.
“That’s about as astute as saying we won’t see 1956 prices again.”
No. Look at the graph. 1956 is exactly where we’re headed. In a few years everybody will be a flipper as they head for the exits. Buying this year (at prevailing prices) is good only if you don’t expect an ROI, ever.
“As for the current value of my house in a “marginal” neighborhood, it is still worth more then what I paid for it. Yes, even after the softening that has already occured. I bought a few years back and in several years will be worth even more.”
DEEE-FENSE…DEEE-FENSE…
Did you adjust for inflation? Did you deduct carrying costs and likely commmission. If you’re still ahead you’d be a fool not to cash out and take profits now unless you’re treating your house like a car and don’t care about ROI. Even if you’re not ahead, you can still minimize your losses. Several years??? You’ll be saying “coulda woulda shoulda…”.
Of course we won’t see 2001 prices again. That’s about as astute as saying we won’t see 1956 prices again.
If prices go down, they will go down everywhere. If they go down in “marginal” neighborhoods, then maybe it will be affordable for a child to buy in his/her parent’s neighborhood, or for a couple to buy their first home. Those are good things, and instead of the “super asspounding”, a rational, slow improvement of these neighborhoods will take place, leading to more people buying, and so on.
If you are a flipper, then you are in for a pounding. If you are buying for the long haul, then I would think buying sometime this year is a good thing.
12:42,
Excuse me for budding in but did you see that graph linked at 12:12? You lose as soon as you close. We’ll never see these prices again in our lifetime. Yes, nominally, but a dollar in fifteen to twenty years won’t be what it is today.
It’s a mistake if you need appreciation and/or positive cash flow to afford it. But if you view a home like you do an expensive vacation or an exotic sports car and can afford to buy a depreciating asset, by all means go ahead and buy. Ownership at prevailing prices right now is pure luxury. Not wise for the modest.
“As for the current value of my house in a “marginal” neighborhood, it is still worth more then what I paid for it. Yes, even after the softening that has already occured. I bought a few years back and in several years will be worth even more.”
Is it? Post you address and I will post your comp (as per Brooklyn MLS).
Put down the pipe, all asset classes will fall. It’s called Deflation.
The What
Someday this war is gonna end…