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.
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.
Start buying UYG.
What you Idiot It has nothing to do with Brownstone Brooklyn . It has everything to do with The World Financial situation, so wake up and go post your stupid comments on the United Nations Blog. Your comments have zero to do with Brownstone Brooklyn. Have another Hot Dog.
“What…I see you were on the HOTD thread last night at 1:49 in the morning. How pathetic is that???”
Hiya Dave, did you read the last posts I made? About the Fannie Mae 9% thing Asshat? Oh well, lookie here…
FREDDIE MAC 8.49 -17.25 24395567
FANNIE MAE 13.27 -13.32 20141300
You are watching 2 giants getting taken to the woodshed. They are going down with heavy volume.. The funny this is I thought things wouldn’t happen until this fall but the fireworks are popping off now!
Fannie, Freddie Tumble on Solvency Concerns, UBS Price Cut
http://www.bloomberg.com/apps/news?pid=20601087&sid=a7NL_INfuOgs&refer=home
July 10 (Bloomberg) — Fannie Mae and Freddie Mac tumbled to the lowest in 17 years in New York trading after a former Federal Reserve president said the companies may need a government bailout and UBS AG analysts cut their price target for Freddie Mac stock.
And allow me to take a bat to the Mutant Real Estate Bubble…
U.S. Foreclosures Rose 53% in June, Bank Seizures Almost Triple
http://www.bloomberg.com/apps/news?pid=20601087&sid=abT98mv4UtNI&refer=home
July 10 (Bloomberg) — U.S. foreclosure filings rose 53 percent in June from a year earlier and bank repossessions almost tripled as deteriorating property values and higher payments on adjustable mortgages forced more people to give up their homes.
53%!!!!!!!!! Yep, it’s a great time to buy.. LMMFAO! You are dead!
The What (Boy I got a hard on)
Someday this war is gonna end….
Paragraph eight of this story indicates Manhattan inventory has hit an 8-year record:
http://www.bloomberg.com/apps/news?pid=20601213&sid=a9aZXkvf.GqM&refer=home
So if the Upper West Siders who bought their apartments in the mid 90’s can’t sell at their lofty expectations, and bonuses on Wall Street will shrivel this year, can’t we just be honest and say that prices in Brownstone Brooklyn should be heading lower?
“I don’t know but I know a lot of the residents on my block and nobody took out adjustable rate mortgages. Also these people have owned there homes for many many years in fact many have zero $ left on the loans.”
You ASSume they have little or no more debt on their mortgages. How about the REFI! How about all the Asshats HELOCing the living daylights out of their house! I know you didn’t think that one thought.
“So how does Fannie and Freddie Mac have anything to do with Brooklyn houseing ( The What)?”
Please wipe off the drool off your chin and put your helmet back on! Fannie Mae and Freddie Mac securitizes Mortgages, These Mortgages are bought by Pension Funds, Government Agencies, School Boards, Money Market Funds and so on. If Fannie or Freddie fall, this would have a nasty effect on our financial system. This would mean borrowing cost will skyrocket overnight and you know what that means… Brownstone Brooklyn, BOOM!!!!
The What
Someday this war is gonna end…
While prices were up from last year, they were down from the quarter, so the market is definitely softening. That said, prices are certainly still high, so sellers should not be afraid to sell, and I wonder if that’s what’s keeping inventory low. In any event, I think this is a perfectly healthy market, where sellers can make a tidy profit if they’ve owned since before 2005, but prices are calming down a bit which should hopefully allow more buyers a chance to buy. A price decline of even 20% should not hurt most sellers, and I think they would be wise to sell now since the market may go down further given all the economic woes, and it may take several years to go back up. But again, even if prices go down to 2005-2006 levels, they are still very high!
What…I see you were on the HOTD thread last night at 1:49 in the morning. How pathetic is that???
Good news comes out and the What still has negative comments. What why don’t you just get a Life and try to get out of your trailer Park house more 0ften. Stop Eating Hot Dogs for Dinner everyday and Upgrade your beer from Bud to Amstel.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a9aZXkvf.GqM