6-months-060608.jpg
Comment: What happened on Dean Street? Bidding war?
Open House Picks 6/6/08 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]


What's Your Take? Leave a Comment

  1. I think it’s pretty clear the peak was 1st q 2007. Remember, American Home Mortgage went belly up in May, I believe, and the full extent of the subprime crisis began to be exposed. mortgage rates immediately went up and lending standards tightened, so there was less cash out there for buyers.

    Sure, there continued to be closings for the next 6-8 months on homes sold then, and there may have been a few outliers last winter, but I believe it was clear to anyone following the news that the real estate bubble was fizzling out (in NYC) or bursting (South Florida)by mid-July 07.

    Wonder if that PH dump will sell at 1.3 mil? Ordinarily I’d say jump on it but that just screams “money pit.”

  2. no, you said, in regards to an august 2008 sale: “There’s a reason things are called a peak – the heights of irrationality are reached just before the fall.” but i will take you at your word that you think top of the market was march ’08. which is still wrong.

  3. I agree with what everyone is saying here. The peak for Jackson Heights was end of ’07/beg of ’08 (could have been as late as spring this year). The peak for Bushwick (e.g. marginal fringe Brooklyn) was end of 2006. This is based on closing data. On the other hand, based on what I see/hear about on this site for “prime” Brooklyn I would guess the peak was spring of this year.