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.”
Different quality, different neighborhoods, different streets, different prices, smudge. You better learn that before you go out looking.
You too, snark. 🙂
What Smudge said, not what DIBS said.
“SEE, I TOLD YOU SO. Brooklyn townhouses will not suffer the same fate as the rest of the country and the condo market. Discuss…”
Sigh. See the current edition your favorite feature, Last Week’s Biggest Sales:
“We’re pretty sure this is the first time in the year+ we’ve been doing the biggest sales roundup that any of the properties are below the million mark.”
Even your bizarroworld math isn’t holding up.
This really makes the case that all the slashing of prices that occurs here in the House and Apt of the day threads are really based on bitterness and not reality. Over and over again I see appraisals that are stupidly low. It’s as if the commenters here try to pull the market in Brooklyn down for sport.
What lechacal said, not what SnarkSlope said.
As goes Manhattan, so follows Brooklyn. It’s really that simple. There will be no soft landing.
Rob: Differences include the following:
1. Many more owners in Manhattan are either speculators or bought as a second (or third, or whatev) home. This introduces a lot of risk in a downturn. Owners who are not residents have a greater incentive to take whatever price they get and run. Owners who are residents *may* be able to just keep living there and paying the mortgage.
2. A much bigger percentage owners in Manhattan come from the financial services industry (or used to).
3. Much bigger supply of new condos coming on the market. According to today’s WSJ there are 4500 new condo units expected to hit the market in Manhattan this year. That is a huge number. There is also a big overhang in the Brooklyn condo market, but nothing even close to this (even adjusting for size of the market).
That being said, the markets are connected and weakness in Manhattan will affect Brooklyn. But I think the amount of decline will just be much bigger in Manhattan than in Brooklyn. I think the next couple of years are going to be crushingly bad in the Manhattan market. In Brooklyn prices will keep drifting down for a while but nothing like Manhattan.
Yep, once again the fox reports that the henhouse is secure.
And am I the only one finds the following pr=hrase to be self-contradicting?: “Brooklyn caters more to value buyers…It’s not a second choice anymore.”
what is apples-oranges about comparing manhattan and brooklyn prices?! seems pretty apple-apple or orange-orange to me.
*rob*