Miller Samuel Report: Sales Down; Bstone, Burg Prices Up
Brooklyn has left the stone age behind, or at least joined the ranks of Manhattan, Queens and Long Island in finally having a Miller Samuel residential market report to call its own. The inaugural report from Jonathan Miller & co. for Elliman is based on public records and breaks down the borough into four regions,…
Brooklyn has left the stone age behind, or at least joined the ranks of Manhattan, Queens and Long Island in finally having a Miller Samuel residential market report to call its own. The inaugural report from Jonathan Miller & co. for Elliman is based on public records and breaks down the borough into four regions, which shows how diverse Brooklyn’s market it is and more or less only finds one commonality among all the neighborhoods in the second quarter: Sluggish sales volume. The number of sales was down 43.6 percent from the second quarter in ’07. “The market is weaker than it was a few years ago simply because of the lower level of activity, but depending on the submarket we’re looking at, we’re certainly seeing a lot of sales,” says Miller Samuel CEO Jonathan Miller, who attributes the big drop in sales mostly to the tighter credit market. “For example, sales in brownstone Brooklyn are still half of what they were last year. Part of that is dearth of credit, but there’s also not much inventory.” About that brownstone Brooklyn: The report found the median sales price was up 7.5 percent in brownstone neighborhoods, to $673,101, over the same time last year, even though the number of sales was down 34 percent. Click through for some of the other takeaways.
CONDOS: Median sales price of a condo this quarter was $514,725, up 8.1% from last year at this time. New development condos sold for $649 per square foot, up 27.5% from the prior year quarter, while re-sale condos sold for $496 per square foot, up 7.4% from the same period last year. (Read: There’s been a lot of closing activity on new developments)
1-3 FAMILY HOUSES: Comprise more than half the sales in Brooklyn. Average sales price, $654,614, was basically unchanged from this time last year.
WILLIAMSBURG AND GREENPOINT: Overall median sales price of all property types was $508,402, up 9% from the same period last year.
SOUTHERN BROOKLYN: More than half of the total sales in the borough were in this area. Median sales price slipped 2.6% to $477,500 from the same period last year, the lowest median price of the four market areas.
EAST BROOKLYN: Median sales price dropped 10.9% to $673,101 this quarter, the weakest price trend of the four market regions.
The What is right – there’s no guarantee the government will cover Fannie Mae and Freddie Mac’s “insolvency.” That’s what has everyone so nervous. You don’t have to believe The What – just read the front page of today’s NY Times or WSJ.
Meanwhile, it’s interesting how many posters here are threatened by The What, tell him to STFU, and resort to class-based insults. He has as much right to spout his opinions as anyone else here. Pretty revealing.
Truly, truly pathetic What. Here’s a taste of your own cut and paste medicine.
You posted this yesterday on the HOTD at 11;24 PM (pathetic itself that you have nothing to do so late at night)…
“See Dave I been spot on for a long time. You see This Ghetto Punk Assed Bitch can run circles around you ass”
Classic What posting, classic low-life talk.
Pull yourself up and out.
“You moron What…this is a clear example of how stupid your ghetto ass really is.”
Wow Dave, with that attitude you are a hit with your neighbors.
“”Start buying UYG” means that you don’t own it now and the fall from 65 to current levels represents the opportunity.”
Like “Buy now or be priced out forever” or ” This is a great time to buy” or “The stock is cheap now, it’s a great buy”? This the same “Hype” crap that got us into trouble in the first place.
“It’s really simple and if you can’t grasp it maybe you are so pathetically ignorant that I feel bad mouthing off at you.”
Dave the last couple time I have been OWNING you! you have not respond with a good rebuttal. Like the Fannie Mae thing Dave.
“It’s sad that you can’t learn something for a change. You will be forever stuck in a lower economic class because of your attitude.”
And your “Investment” decisions will bring you to a “lower economic class, Stupid…
The What
Someday Dave will kill himself…
Inventory growth is proportional to insolvency, not to today’s listings. Insolvency is proportional to unemployment and dried up severences. The trend is up.
“I think we Level out from here and go sideways for a 1yr or 2. Then we go up with Inflation.”
I disagree. I think we go down from here, nominally AND really, for a year of two. Housing is in deflation because of the bust but the economy is in hyperinflation because of oil speculation and the political response (lower rates, liquidity, etc.) to the housing bust.
Since housing drove the economy and it is now taking a dive, barring the quick development of another asset bubble (oil’s not working – greentech?), the rest of the economy will eventually follow suit and deflate. Most of us are not old enough (or Japanese enough) to have experienced a deflationary spiral.
You moron What…this is a clear example of how stupid your ghetto ass really is.
“Start buying UYG” means that you don’t own it now and the fall from 65 to current levels represents the opportunity.
It’s really simple and if you can’t grasp it maybe you are so pathetically ignorant that I feel bad mouthing off at you.
It’s sad that you can’t learn something for a change. You will be forever stuck in a lower economic class because of your attitude.
What…you can’t seem to grasp the difference between the equity markets, the debt markets and the mortgage markets. Fannie & freddie will not fail their obligations to the mortgage market. The US Gov’t. implicitly and will actually guarantee the debts. The equity or ownership risk has been already “taken to the woodshed.” Same as it was for Bear Stearns, Lehman, etc. BIG DIFFERENCE.
The Government will NOT “implicitly and will actually guarantee the debts”
“Start buying UYG.”
Uh Dave, You mean UYG, right?
http://finance.yahoo.com/q/bc?s=UYG
They was trading at 65.00 a year ago and now there are at 17.98!
Dave this is a CLEAR example on how fucking stupid you are! This is why people have lost millions of dollars listing to asshole like you!
The What
Someday this war is gonna end…
Low inventory is very hard to interpret, as it could just mean that sellers with options are trying to wait out the drop. Or that developers that are in fact insolvent are trying to avoid admitting it. Thus, it could change abruptly if it becomes clear that the bubble is over.
For medium/long term, what is more important is supply: the total number of units regardless of whether they are currently for sale. That has soared in “Brownstone Brooklyn” (i.e., gentrified Brooklyn) because of new construction, renovation/conversion/de-rentalization, and most significantly boundary shift.
When supply goes up, unless demand goes up with it, prices go down. Where is increasing demand going to come from at these prices and without funny financing?
“What you Idiot It has nothing to do with Brownstone Brooklyn .”
Really? Please explain why…
It has everything to do with The World Financial situation, so wake up and go post your stupid comments on the United Nations Blog.
So your saying that Brooklyn has nothing to do with the “World”?
” Your comments have zero to do with Brownstone Brooklyn. Have another Hot Dog.”
I think your trolling because no one is that stupid.. Please tell me you are trolling..
The What
Someday this war is gonna end…