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.”
The condo market IS tanking. There are too many of them and many are poorly constructed including most of the newer Brooklyn ones. If you can remember, I speak only of the Brooklyn rowhouse market. There are differences that even you must admit to.
“Brooklyn Doing Better Than the Rest”
Snap shot if even true (I mean really true – and what does she mean by Brooklyn? All of Brooklyn?).
“Brooklyn caters more to value buyers…”
ROTFLMMFAO! The value is now in Manhattan.
“It’s not a second choice anymore.”
Manhattan is now an extension of Brooklyn?! ROTFLMMFAO! Denial is amazing.
“Anything marketed on bells and whistles is not doing well”
bells and whistles = crown mouldings and wainscotting (no matter the condition). Brownstones are done. Let alone co-ops and condos.
***Bid half off peak comps***
Sorry, one more thing DIBS – if the reason that Brooklyn brownstone market will not tank is that we’re part of NYC, “capital of the world” then why is Manhattan tanking? Manhattan surely in your book must be THE capital of the world (and not just “part of”). And don’t tell me it’s just glut of new Manhattan construction – Manhattan is hurting all around, as will Brooklyn.
Back to work now and sorry for multiple posts but this level of denial and reliance on old-hat excuses to justify insanity leaves me flabbergasted.
When I talk about other markets tanking, I’m talking other big cities i.e. London. NYC is not immune, and the “uniqueness” of the city has been priced in for a long time. DIBS, your argument doesn’t fly, period.
Woops – meant to qualify the $1mil price tag from a few years ago as being in prime Brooklyn (things were obviously cheaper in fringe areas, but still plenty expensive relative to other places – which I know is normal for a city like NYC, but already factored into prices here!). And yes, taking “consolation” from Corcoran is pretty rich…
. “Brooklyn was ridiculously underpriced in the 1990s and into early 2000s.”
Weakest. Argument. Ever.
Brooklyn is not like “most parts of the country/world.” Its part of New York City, capital of the world, MM. Brownstones are not and will not tank. Shall I repeat that???
DIBS – please don’t pull out that old saw about how Bklyn was way undervalued. I’m as big a Bklyn cheerleader as anyone but paying close to $1mil for a house (about going rate for nice 4-story 20′ brownstone circa 1999-2001) is a hell of a lot of money in most parts of the country/world, so I’d hardly call that underpriced. For those houses to fetch $1.5 mil today would also be a healthy sum, not some pittance (I’m not unrealistically holding out for a $500K bstone). The “undervalued” real estate was a classic excuse during the bubble, not just in NYC but in other markets which then tanked.
Brooklyn was ridiculously underpriced in the 1990s and into early 2000s.