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.
“I’m not opposed to breaking up brooklyn by regions, but instead of “Brownstone Brooklyn” they should call it “gentrified brooklyn””
More like “Asshat Brooklyn”!
I wonder how the Asshats are going to spin the numbers this Fall? How are you going to justify buying a overpriced Brownstone in a crashing market? Time will tell…
The What (Tick Tick Tick)
Someday this war is gonna end…
Looks good. Actually looks great compared to the Rest of the country.
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. So how does Fannie and Freddie Mac have anything to do with Brooklyn houseing ( The What)? If the United States Govt. Can’t get a control on the Financial system then the whole World is F*c*ed.
this neighborhood breakdown is kind of arbitrary. http://www.millersamuel.com/reports/regional-boundaries-popup.shtml
why do they put “brownstone brooklyn” as a separate designation for the 4th column? Many neighborhoods on that list (Gowanus, WT, Red Hook) don’t really have much brownstone stock, while neighborhoods with much more (Crown Heights, Bed Stuy, PLG, Sunset Park) are in a different column? I’m not opposed to breaking up brooklyn by regions, but instead of “Brownstone Brooklyn” they should call it “gentrified brooklyn”
I’m not sure how meaningful the numbers are.
Other than # of sales are down.
Where is the definition of Brownstone Brooklyn?
But biggest reason not to glean too much from the stats are sample base (# of sales) is small – so that trends can be easily skewed by where sales took place – and if was high-end props or low.
Nope Gabby, this is the major story of the day…
Fannie, Freddie `Insolvent’ After Losses, Poole Says
http://www.bloomberg.com/apps/news?pid=20601087&sid=a7NPAG.LEjHQ&refer=home
Fannie Mae paid a record yield relative to Treasuries on the sale of $3 billion in two-year notes yesterday amid concern the biggest provider of financing for U.S. home loans won’t have enough capital to weather the worst housing slump since the Great Depression.
“Congress ought to recognize that these firms are insolvent, that it is allowing these firms to continue to exist as bastions of privilege, financed by the taxpayer,” Poole, 71, who left the Fed in March, said in the interview yesterday.
For a former FED board member to come out and say this, it’s very scary.
The funny thg is you have the Asshats pumping up “Brownstone Brooklyn” but sales are crappy also.
The What
Someday this war is gonna end…
DIVE DIVE DIVE!
Its a useful set of data…finally some good numbers on psf, mean/median & listing discount. Thanks.
I think the Brownstone Areas look real solid. When I look for Inventory I see the same small amount of homes on the market. I think we Level out from here and go sideways for a 1yr or 2. Then we go up with Inflation.