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.”
Think there is definitely a structural change in pricing of some parts of Brooklyn relative to Manhattan. Question is where the borders of that area lie.
Why long Westchester lechacal?
Never saw the attraction of southern Westchester – high prices, high taxes, not that attractive. Northern Westchester is beautiful but far.
“Consoling words from Corcoran CEO Pam Liebman at the Brooklyn Real Estate Roundtable on Tuesday”
Brownstoner is getting absurd! Jesus Christ!! Now I know the Mutant Asset Bubble is on short time. Someone needs to ask this cunt (yes cunt) “When was the last time you did a deal”??
II hope you dumbasses look toward Downtown Brooklyn and see all of the construction (or destruction) going on! When those Condo are finished they will compete for renters and drive down prices in Brooklyn. You will not get the “income” you was hoping for.
If you brought at Mutant Asset Bubble prices you are so screwed beyond belief!
“Price and volume drops have been less than Manhattan…Brooklyn caters more to value buyers…It’s not a second choice anymore.”
Brownstoner has a Property Shark Account and you can see the Year over Year changes in volume! Real Estate volume has fallen of a cliff and it will not come back. Demand is crippled by Buyers are not interested in Real Estate anymore and unable to obtain financing. Continue the lies like the Banks Stress Test Results…
The What
Someday this war is gonna end…
lats Weeks Biggest Sales were fine… they weren’t properties that warranted gfoing for iver $1MM, that’s all. Pretty simple.
Yes, inventory and sales numbers are down. Nothing’s going for half of last years comps though, thats just ridiculous.
I find it amusing to talk about the Brooklyn market as if it were decoupled from the rest of the country – and more importantly – Manhattan.
As we have seen in the greater economy at large, the notions of decoupling are absolute fantasies.
Isn’t the answer really somewhere in the middle of the two schools of thought. Yes the Brooklyn townhouse market will continue to drop. No it won’t drop as severe as the Manhattan co-op market. Yes Brooklyn is it’s own entity with unique attributes, separate from Manhattan. But yes the proximity of Manhattan inherently affects prices in Brooklyn.
Lot of x factors. At what discount to Brooklyn do you start eyeing the UWS? Would a crime spike hit Manhattan or Brooklyn harder? What are credit and job conditions going to look like going forward? Is there a foreclosure/distressed sale wave in the near future? I vastly prefer Brooklyn to Manhattan –would never move back in fact –but even in the face of that preference one needs a down payment, credit and a job to buy a house.
You heard it here first:
Go short Manhattan and long Westchester.
i dont get the Manhattan is an island argument that they cant build anymore. brookly and queens are technically an island too if you look at a map.
*rob*
Huh? All this time you’ve been absurdly claiming that Last Week’s Biggest Sales is an indicator of how the overall market is just fine, and now all of a sudden it’s “different quality, different neighborhoods, different streets, different price.”
So what completely bogus superfunhappymetric have you replaced it with gonig forward?