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.
Hey What – Love the Orwell – I dont agree with your comments at all, but thanks for stirring it up.
People need to hear differing opinions and debate openly. Unfortunately, so many people have no problem being all “Rah rah rah real estate will never die.” But God forbid you have a different opionion – You must be an idiot!
Anyhow – To everyone else, there is a possibility that things will look alot less rosey soon, not likely but possible. Always good to be ready for every eventuality.
I do agree with the What on 1 thing – If you are going to trash, at least get a log in.
Still waiting for that “dump”
Sr is ending the day with the 2nd highest level ever your version of a dump, the what?
“other tier 1 cities in the US”
such as??
I think you said it perfectly, although I do not believe the U.S. has any other tier one cities, which means that foreign investement in New York continues full throttle.
While I love San Fran, Boston, LA…if you want to consider them tier one…fine…but they are not cities where lots of people from other countries are investing heavily.
As you said, New York has now FINALLY reached the ranks of a world city (in terms of real estate values) of London, Paris, Sydney, Tokyo, Zurich and other world cities.
It’s actually still a bargain, even though no one wants to hear that.
Another thing to consider is the fact that the the dollar is at an all time low to the Euro and now worth less than the Canadien dollar. This will cause inflows of capital from overseas. New york is an international community. A weak dollar means foreign investors will seize upon the opportunity to invest in New York and other tier 1 cities in the US, thus propping up the NYC residential market, potentially until the braoder national market rebounds.
still waiting for “THE DUMP,” “THE WHAT”…
A clock in “Apocalypse Now” is right eight times a day, if you count:
1. if you imagine the big hand and little hand are switched for two of those times…
2 Siagon time and US Time
“The What is Real Estate Broker?
thx for the heads up.
I am placing a large grain of salt next to monitor as I type.”
Just one thing. I’m not drinking the fucking Kool-Aid.
America is on fumes.
BTW Now I’m fighting punks, get a fucking Log in Assholes!
a stopped clock is right four times a day if you imagine the big hand and little hand are switched for two of those times…
This is going to give a huge boost to confidence for buyers.
You are going to see a lot of people in New York jump back in after a couple months of hesitation with this news. The press is a huge factor in all of this you realize…
The Park Slope top 10 isn’t gonna hurt either.