Market Slowdown? Not in Manhattan and B'stone Brooklyn
New quarter, same old story: As the rest of the country’s housing markets falter, Manhattan and Brownstone Brooklyn continue to thrive. Reports from the city’s major brokerages show that average sale prices in Manhattan reached record highs in the third quarter, while inventory declined. The average price for a Manhattan apartment was $1.37 million, according…
New quarter, same old story: As the rest of the country’s housing markets falter, Manhattan and Brownstone Brooklyn continue to thrive. Reports from the city’s major brokerages show that average sale prices in Manhattan reached record highs in the third quarter, while inventory declined. The average price for a Manhattan apartment was $1.37 million, according to Prudential Douglas Elliman’s report. And Brooklyn prices rose 11 percent in July, August and September as compared to 2006—a turnaround from the dip they posted in the second quarter. There was also a rise in the total number of Brooklyn sales over the same period last year, according to the Corcoran Group’s report—484 co-ops and condos sold, as compared to 377 in 2006; townhouse and single-family home sales, meanwhile, were up a whopping 63 percent. The median price of a single-family home in Brooklyn was $1.275 million, according to Corcoran’s report. Some analysts said a future drop in prices hinges on whether the credit crisis wreaks havoc on job hiring and Wall Street bonuses, and that market turmoil wouldn’t have had an impact on third quarter sales stats anyway. Housing is a trailing indicator of economic conditions, said Jonathan Miller, executive vice president and director of research for Radar Logic Inc., which prepared Prudential Douglas Elliman’s report. We most likely won’t see a reaction until after the new year to the credit crunch.
Home Prices Buck Trend, for Now [NY Times]
Pre-Credit Crunch Apartment Prices Increase [NY Sun]
Manhattan Real Estate Bubble Hasn’t Burst [Newsday]
Photo of Pierrepont Street brownstones by Frank Lynch.
yeah, no…hot men i referenced are in park slope.
lots of em.
wives are kinda cute too.
11:14 here. Sorry if I overreacted; maybe I was just thinking of the preppy guy who rang my doorbell this summer, announced himself as a “developer,” and told me he’d researched my house on propertyshark and was there to offer “what FOR YOU would be a lot of money.” When I asked him if I looked senile, he looked confused and kindly informed me that it was “time for you to cash out.” I told him my health was just fine and politely refrained from kicking him down the stoop. Yes, I was once in my early thirties and owned an entire brownstone. Now I’m in my early fifties and still own the same brownstone. Seriously, no hostility intended. If the new generation is bringing in hot men, sounds good to me (though they haven’t yet bought on my block). As long as they don’t have fistfights with incompetent plumbers in the wee hours of the morning when the rest of the world is trying to sleep, we should all get along just fine.
Most of my neighbors are indeed in their early to mid 30’s and own an entire brownstone.
They all look like fun, young, hip couples and the men are HOT.
You’re actually illustrating exactly what I was saying, 11:14pm. That people who buy these houses stick around long term. And you’ll note in my post I did say “only IF they leave at that point.” Meaning not everyone leaves. I did say that.
I think you reacted to something in my post that wasn’t really there. I wasn’t saying anything hostile whatsoever.
Hey, I don’t know anyone that bought in the 70s and 80s who’s ready to cash out “upon retirement or in old age.” Most of my neighbors in Clinton Hill bought from the 60s through the 90s, and we’re still living here, most working, and doing nicely with our paid off or fixed rate mortgages, thank you – not playing shuffleboard somewhere. We know plenty about woodwork restoration, plaster detail, parquet, heating and plumbing. A lot of us are in our early 50s. Some of us bought as graduate students, some right after graduation. The young whippersnapper couple that bought recently next door and can’t figure out how to maintain their plumbing is an aberration on our block, thank heaven. Someone please teach them that just because you spent over $1M for your house doesn’t mean that you can forget about getting recommendations, hire the cheapest plumber from the yellow pages, and then claim you’re being “exploited” when the asshole disconnects your heating system and insists on $2G cash at 3AM to restore your heat in the middle of the winter. We ain’t cashin’ in yet, folks, despite the arthritis and cataracts (which will be your lot soon enough)…we’ve got affordable housing in what you’re telling us is now a hot neighborhood. Why move now (and where did I leave my dentures and my cane)?
Since this site is about brownstone Brooklyn let’s stick to that specifically. Brownstone prices won’t fall if nobody is selling. Not with the demand for the houses up against shrinking inventory. People are staying long term in these houses. They’re not flippers, the vast majority. There was a wave of lots of houses on the market over the last 5 years as the longtime homeowners who bought in the 70’s and 80’s cashed out upon retirement or in old age. I don’t know about you all, but most the homeowners on our block are young. Not old. They arrived only in the last couple years. There won’t be another large wave of sales until the new homeowners’ kids are going to high school, if they leave at that point. Or when they retire. Again only IF they leave at that point. Those who wanted a house and put it off are only going to find a much smaller inventory now.
I believe the credit issues you speak of are currently in the process of coming under control.
This is a good thing. No need to talk of impending doom every day. There are good things in the world.
You could have said congrats to Park Slope for their honor today instead of inserting some rant on the credit crisis.
There are certainly lots of problems in the U.S. These problems will be solved a lot easier without mass panic and hysteria and dated quotes.
I was going to reply but I’m not. I will let reality do the talking.
Folks I’m not a hateful person (But Your Posts LOL).
America has some serious problems. If we don’t address them, they will hurt us for generations. Please pay attention, Mutant Credit Expansion can not continue forever. Stagflation will kill you slowly.
Be well and have a good night.
Perhaps everyone is already aware of the fact that not everything will be rosey all the time but prefer to look on the bright side of things instead of constantly predicting the end of the world as we know it.
It’s stupid. Everyone on here knows housing prices go up and down. The What brings no new information to the table. He simply regurgitates the “bad” press with a bunch of expletives.