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 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.â€
“Real Estate offices and Mortgage Brokers are closing up shop.”
Once again. WRONG.
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.
Your information is always completely off the mark. You call 36 points down a DUMP?
You don’t know anything, clearly. You are wasting your time here.
“During times of universal deceit, telling the truth becomes a revolutionary act.” – George Orwell
“according to Prudential Douglas Elliman’s report”
This quote says it all.
I know first hand, Real Estate sales are off 27% year over year. Real Estate offices and Mortgage Brokers are closing up shop.
Mortgage Guidelines haves change. The mortgage products that fueled this boom are no longer there. 100%, Stated and interest only are gone gone gone. These day you need 20% down, 720 mid fico score and seasoned bank funds.
That’s why the Citi and UBS writedowns was important. You can’t sell Mortgage Back Securities in the Bond Markets, no one wants that crap. People got BURNED by this shit. Once the ball gets rolling on this, watch out.
I laugh when this bullshit Real Estate stories come out. It’s only a matter off time folks.
BTW: The dump happen today. Big Boys jumped out this morning.
wrong comment
This supports 10:11 AM comment
http://biz.yahoo.com/ap/071002/pending_home_sales.html?.v=4
What some of us have been saying for the past few months. All you need to do is go to open houses and talk to people in the market to realize that things have been strong.
What I want to know is where are all the people who for the past 6 months have been saying that the world is coming to an end???
Let me guess..The crash is coming in 2008, right?
This supports 10:26 comment
http://biz.yahoo.com/ap/071002/pending_home_sales.html?.v=4
Everytime one of these articles comes out, it needs to be said that these figures are only from the big three or four realtors, who do not represent all of the sales in either Manhattan or Brooklyn, especially Brooklyn. Of course they estimate the average price of a home in Bklyn to be over a million dollars – all of them only handle the higher priced properties, so their averages are going to be high.
If the article can go to Property Shark for a number for foreclosures, the writer could have checked with same, or another overall real estate source for a more accurate number on total sales in the borough, not just in the higher end bracket represented by Elliman, Halstead and Corcoran. The result, in terms of a trend, may be the same, but it is sloppy reporting, akin to declaring that everyone in Manhattan is rich, by averaging the incomes of only the people who live on Madison, Fifth, and Park Avenues below 96th St.
Mr. What, he dead.
Where’s “The What” for this one
This thread SCREAMS out for a witty, well placed “Apocalypse Now” qoute.
come on what , come on!