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*
“Ok, I hear you The What, but what if you are looking for a house for the long term? You know, hearth and home and all that, like 15-20 years? Is it still a mistake to buy right now?”
Why buy a asset that is falling in price?? Just save your money (in different banks under 100k). The market is correcting itself right now and you will be rewarded for you patience. I say 5 years from now. BTW In Japan Housing have been falling for 17 years. That was a nasty pop in their asset market. The same thing will happen here, housing don’t always go up. I have to go, I’m having a 50 cal. fitted in my bunker.
The What (DUCK!!!!!!!!)
Someday this war is gonna end…
The What assumes I don’t want to be assraped.
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.
Now, about that assraping …..
Ok, I hear you The What, but what if you are looking for a house for the long term? You know, hearth and home and all that, like 15-20 years? Is it still a mistake to buy right now?
What say you?
“The What – You must be suffering from side-effects from your shock “therapy” (didn’t see anything wrong with you ’til you posted this). All nabes will get hit. Doesn’t matter where you bought. We’ll never see 2008 prices again in real terms.”
Yeah but, the marginal hoods will get the “Super Asspounding” Plus we will never see 2001 prices again. Understand! The is the worse asset bubble in the history of man and when it’s over, you wont be able to give a house away.
The What (Waiting for the Oh Shit moment)
Someday this war is gonna end…..
I assumed that 9:52 was attempting to begin another of the tedious ‘my nabe is better than your nabe” firefights.
“For those of you who brought in marginal neighborhoods, you are going to get ASSRAPED on your investment.”
The What – You must be suffering from side-effects from your shock “therapy” (didn’t see anything wrong with you ’til you posted this). All nabes will get hit. Doesn’t matter where you bought. We’ll never see 2008 prices again in real terms.
http://tinyurl.com/2yqbrh
Buy high, sell low, no vaseline.
Price declines follow sales declines. Brooklyn and Manhattan were on the bottom of the line-up compared to the national market at large but we are now up at bat. Problem is, we are facing a “Mariano Rivera” of economic conditions and the count is 0-2.
Brownstoner wants hits. Hits means $$$.
Fortgreenist:
I don’t think that 9:52 was a genuine post.
–sg.