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.
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.
Home sales are a trailing economic indicator. The real carnage will show up in six months.
Just like you all were saying six months ago. And six months before that. And six months before that… Gosh, I wish I had the good sense to cash out on my brownstone in 2002!
Eventually the market will go down, of course. Eventually. A stopped clock is right twice a day. Doesn’t mean you should hang it on your wall, though.
“The last two sentences are the only ones that matter:
‘Housing is a trailing indicator of economic conditions… We most likely won’t see a reaction until after the new year to the credit crunch.’ ”
It would matter if it were true. In previous cycles it wasn’t home price appreciation that drove the economy (resales, refi’s, heloc’s – consumer spending). The same cannot be said this time around. Housing IS the economy. Where housing goes, economic reports will follow. So far so good for lower Manhattan and Brooklyn. Queens, Bronx, Staten Island, outer Brooklyn? I don’t know.
Yes, you’re right, The What.
All the money in New York has dried up.
Gone.
Because you say so.
“OF course…11:59!!!! The crash will be in 2008.
You were only…what…6….7 years off??
I’m wondering how exactly you think that housing prices in New York will decline significantly, when there is so little inventory?
Ever heard of supply and demand?”
What about demand with no money??? Umm, is it still demand????
“Your information is always completely off the mark. You call 36 points down a DUMP?”
Ok first dumbass of the day. Look at the volume. The rn up happen yesterday with profit taking to day got it.
“Brown Harris Stevens is doubling the size of its Park Slope office. They just opened a Prudential Douglas Elliman on 7th avenue in the slope and they are opening a HUGE Corcoran office in Williamsburg.”
That’s wonderful. How muck market share do they have? Look, finding money to buy overprice shit is going to get real expensive.
BTW I was in condoburg yesterday, WHAT A CLUSTERFUCK!!!! Pray that the market don’t tank.
“You don’t know anything, clearly. You are wasting your time here.”
I’m a Real Estate Broker, I help more people find AFFORDABLE homes. Maye your right, I wasting my time on clueless people!
OF course…11:59!!!! The crash will be in 2008.
You were only…what…6….7 years off??
I’m wondering how exactly you think that housing prices in New York will decline significantly, when there is so little inventory?
Ever heard of supply and demand?
I’ve always wondered, isn’t it a huge conflict of interest to have these brokerage firms themselves conducting an analysis of the market? It’s their own bread and butter after all.
Way to go The What!
Mixing it up wit the G Orwell this time