Real Estate Market's Doing Just Fine, Thanks
According to the most authoritative source of data, the city’s assessment roll, rumors of the New York real estate market’s demise have been greatly exaggerated. After a slowed rate of increase in 2005, property values around the five boroughs posted strong double-digit increases in 2006, with the Bronx and Brooklyn leading the way with jumps…
According to the most authoritative source of data, the city’s assessment roll, rumors of the New York real estate market’s demise have been greatly exaggerated. After a slowed rate of increase in 2005, property values around the five boroughs posted strong double-digit increases in 2006, with the Bronx and Brooklyn leading the way with jumps of 27.6%. While people predicted that the sales prices were coming down, they haven’t been coming down, said Martha E. Stark, the city’s finance commissioner. It might take a little longer to sell something, but actually, the prices have been holding.
Property Values in New York Show Vibrancy [NY Times]
Higher Assessments Mean Higher Taxes [NY Post]
It’s important to pay attention to data, not anecdotal stories. The experiences on this board most likely do not reflect the larger reality, but only that of certain circles.
I, for one, love Brooklyn and the city and plan to stay here forever.
12:27 … no, i’m not a photographer.
12:42 … i don’t have kids, so it’s not an issue, theoretically.
the apartments in my brooklyn building are getting bought up by a lot of retirees coming from the suburbs … emptynesters … they have lots of cash, lots of free time on their hands and want to enjoy all the city has to offer them as they ease into their ‘golden years’ … some of them have kids and grandkids in the city. the other thing that is clear to them, as they age, being in a, say, elevator, doorman apartment will be a lot easier for them as they age and can longer (or no longer want to) drive. delivery of food by places like fresh direct make it a lot easier to be a self-sufficient senior here than in the burbs.
12:31 I read this blog out of curiousity and nostalgia–I lived in Brooklyn for 30 years so I still care about what happens to it even though I no longer live there. I also read the local blogs. And entertainment blogs. I’m a blog addict. As for census data, I have no idea. I can only speak to my experiences, which shows a steady stream of new families moviing here from the city. Which isn’t to say other people aren’t moving to nyc–I’m sure they are.
12:35 I don’t about Beacon (though we enjoy occasional vists to the museum and galleries). Im in northern westchester and our schools are excellent.
Never mind, I just looked up the test scores for Beacon. Lousy middle school, OK high school. I’ll pass.
If all of these posters love having moved to the suburbs so much, how come they’re spending there time on Brownstoner dot com? There are no brownstones in the burbs. P.S., Anecdotal comments on this thread say one thing, but I’m pretty sure that the census data will show the population of children (meanaing faimilies) growing faster in the City than the suburbs right now.
11:44, welcome to Beacon! I don’t want to freak you out if I’m correct…but….are you a photographer?
The 27% increase is for fiscal year 2008, which starts July 2007. From the article, it appears that the assessed values for this period are based on market values at the end of FY 2007. So while these numbers are more or less the values for calendar year 2006, Brownstoner is somewhat cavalier in stating that Brooklyn and the Bronx had 27% increases in 2006. Sylvia points some of this oout, but is incorrect that prices dropped in FY 2007: they increased by more than 10% from the previous years (just look at the chart!). While the rate of increase has slowed from the booming FY 2005, there is nothing in this chart that hints of a “bottoming out”.
Is no one going to explain the #@%$*# chart?? What does it mean? Brownstoner?
hey, 10:52 … me too … i work for myself so i gave up my office rental in manhattan and have converted my one-bedroom in brooklyn to an office. so far so good — kind of best of both worlds. closed on the beacon house in december, but haven’t been able to entirely move in yet, it’s been pretty incremental. looking forward to getting settled though.