Pam Liebman: Brooklyn Doing Better Than the Rest
Consoling words from Corcoran CEO Pam Liebman at the Brooklyn Real Estate Roundtable on Tuesday: “Brooklyn on a performance basis is holding up better than any of our other markets. Price and volume drops have been less than Manhattan…Brooklyn caters more to value buyers…It’s not a second choice anymore.” Another gem from the same session:…
Consoling words from Corcoran CEO Pam Liebman at the Brooklyn Real Estate Roundtable on Tuesday: “Brooklyn on a performance basis is holding up better than any of our other markets. Price and volume drops have been less than Manhattan…Brooklyn caters more to value buyers…It’s not a second choice anymore.” Another gem from the same session: “Anything marketed on bells and whistles is not doing well.”
Is dibs the biggest idiot on this blog? Without a doubt. His comments and actions speak for itself. This idiot has the riskiest asset in all of Brooklyn and hes still oblivious. Oh wait, I forget hes the “Money Manager” LOL.
Every day. Send me the link about the stubbornness coefficient.
Lenny – read the papers much?
Who are these wonderful RE experts and what data are they using for their analyses? I’d be curious to see their formula for stubbornness.
Well FatLenny, quote the real estate experts in the papers too for “specious logic” – these are not my opinions alone, but approaching conventional wisdom.
Stubborn sellers, that’s a good one. By the same logic I could say that prices aren’t rebounding yet because of stubborn buyers. Or that Microsoft stock isn’t going up enough because of stubborn investors.
MM, you are endlessly quotable for specious logic.
I don’t get my comfort from Corcoran. In fact, I would prefer to look at the actual sales that are being published in various publications and websites to get my sense of where the Brooklyn market is. The reality is that the prices of brownstones have not collapsed — new condos are a different story. Athough the boom boom times are over, assuming that employment does not continue to erode, I think we can assume that the low rates and all the stimulus sweeteners have put the breaks on the decline. This is true everywhere, so I do not see Brooklyn as entering into some kind of isolated collapse. I bought my brownstone as my own housing solution with the tenants as part of the equation. The last year has been humbling to say the least, but the flip side of the coin is that I am sick of the Chicken Littles.
“Brooklyn was ridiculously underpriced in the 1990s and into early 2000s.”
Actually, I think DIBS has a point here for some neighborhoods. If you look at Manhattan, how many neighborhoods are really that much more desirable now than they were in, say, 2001? There’s not much argument for the level of appreciation other than bubble mania. But neighborhoods like Cobble Hill and Carroll Gardens in particular are much more desirable now. Local retail and services cater to a different demographic. Whether that’s a good thing or not is a different discussion; the point is that people with money to spend see more value there now than they did in 2001. In that sense, I think they will have a softer landing.
“Remember all those foreign buyers who were going to keep the market up forever? They turned into foreign sellers.”
ROTFLMMFAO!
“The landing in Brooklyn will be softer…It makes my purchase less risky as compared to someone who is buying on the dip in Manhattan.”
This is where we part, lechacal. Manhattan will never in your lifetime come after Brooklyn (as in softest landing). I’m talking brown-sign UWS, UES and below. It’s superiority WAS priced in, IS priced in and will STILL be priced in after RE becomes “a bad investment”. Be very careful with your expectations! I personally don’t prefer Manhattan (subconsciously, I probably would if I could afford it) but as a market, it will always reign supreme over Brooklyn for as long as it matters.
***Bid half off peak comps***