REBNY 3Q Market Report: Prices Still Rising
This summer the city continued to be immune to the rest of the country’s housing woes, according to a report released by the Real Estate Board of New York. REBNY’s third quarter stats show the average price of homes in the city up 20 percent from the same time last year, to $782,000; Brooklyn prices…
This summer the city continued to be immune to the rest of the country’s housing woes, according to a report released by the Real Estate Board of New York. REBNY’s third quarter stats show the average price of homes in the city up 20 percent from the same time last year, to $782,000; Brooklyn prices averaged $621,000, an 8 percent hike over 2006. The average condo price in Brooklyn, meanwhile, was $613,000, a slightly more modest 5 percent rise over last year. Good news, of course, but we have to wonder whether the fourth quarter’s going to look this rosy. Predictions?
Report: City Sizzles Amid U.S. Housing Market’s Big Chill [NY Post]
When Will the Real Estate Bubble Burst? [AM New York]
Hey thewhatever,
Try working for a living and stop biting a line off of Apocalypse Now :”someday this war is gonna end..”, lol, is that your attempt at existential depth? It’s worn and tired, like your inability to comprehend the fact that there will be no real estate crash. But look on the bright side, stupid losers like you can always find consolation in the self-deluded idea that “the man” is keeping you down. Down in your mamma’s basement, that is.
Shouldn’t the title to this post be “PRICES ROSE” and not “PRICES STILL RISING”? The report discusses 3Q prices, NOT current or future.
Hoo Boy Last lick! I get Last Lick!! Read this
Condo Fee Defaults Surge in Manhattan
http://www.nysun.com/article/66066?page_no=1
“the real estate market will not crash in New York as you so eagerly await. It will remain cool and level as we have been seeing. The reason? We are in the midst of a global boom”
The ‘Globe Boom’ is caused by Inflation you fucktard. The market is crashing right now. No more credit, no more crack! GAME OVER
The What
Someday this war is gonna end……
face facts you people living in mama’s basement, the real estate market will not crash in New York as you so eagerly await. It will remain cool and level as we have been seeing. The reason? We are in the midst of a global boom. So even if the US economy is hiccuping, and even that is debatable, the rest of the world is doing quite well; Euro up, China GDP double digit growth, India growing, etc. etc. All the while you whiners are waiting for a real estate lollipop from dada. Work hard for a couple of years, save and invest in a property, even in an area that may not be that comfortable for you but affordable,it’s the basis of the American dream.
1:52 huh, why are you fucked? you have to live somewhere, and with the interest deduction, you are usually way way ahead if you own.
rent keeps going up up and up.
no one knows what will happen, but i bought last year and have no plans to move at all forever really, so why am I fucked? can’t see NYC real estate being a bad long term investment.
BTW, i live a gorgeous 2000 sq. ft. condo in a great brooklyn neighborhood. With my deduction, my monthly nut (includes ccharges and taxes) is under $3200 / month. renting would not be a better deal for me. I love it now! not waiting for any changes although i’m sure the hood will continue to explode.
also, please don’t tell me that I’d do better in the stock market. I am not good at it, and I’m sure I’m not alone. I lost 100 grand in the stock market, whereas I’ve always made money in real estate.
The full REBNY report is at http://www.rebny.com/pdf_files/NYCResidential3q07.pdf but I don’ think it is very helpful. Unlike the Manhattan reports that Miller Samuel does, REBNY does not report sales volume or provide raw numbers. Without methodology revealed, I have little confidence that they have nay idea what is going on outside of Manhattan and within Manhattan their numbers don’t have the credibility of Miller Samuel.
11:21 asks a very good question, to which I don’t have an answer for Brooklyn. Bu tin Manhattan, the number of sales is WAY up in 2007 (literally a record year for transactions, through only 3 quarters). But the liquidity issues that started to hit in August (and the subsequent sub-prime ‘meltdown’) had only minimal impact on closings by Sept 30.
No real-time data is available (to my knowledge) so it is anyone’s guess what the Q4 numbers will look like. (I blogged about the Manhattan transaction data on Oct 3, with the quarterly numbers the last two years and annual numbers back to 1998; I don’t know of anyone who has good Brooklyn data.) That’s what the bloggers are for….
correction: they are f*&cked. thanks
U.S. faces risks of downturn, inflation: Bernanke
http://www.marketwatch.com/news/story/economy-faces-risk-downturn-inflation/story.aspx?guid=%7BCC09337F%2D6C92%2D46D4%2D98F2%2DDEB4461EB05E%7D
Here you go. Straight for the Head Assmaster himself. Man if some bought 2 or 3 years ago thinking ‘real estate always go up’, their fucked.
Hey Mr. B take a walk down Fulton St. It’s a shit hole homeboy. Sad thing that you and the assholes bought into a idea of Gentrification.
It’s NOT happing plus, you will be stuck here in you overpriced Brownstone. Welcome to the HOOD, Stupid!!!!!!!
Hey Mr. B Pull your head out of your ass and read this!
http://newsroom.wamu.com/phoenix.zhtml?c=189529&p=irol-newsArticle&ID=1074422&highlight=
This is WAMU doing a CYA. Plus, these banks are being ask to take back the loans. If fraud is found in the mortgage, the bank have to repurchase them.
The AG’s of NY, Ohio, CA and PA are going to tear someone a new asshole. Fannie Mae and Freddie Mac is being investigated also.
At the end of the day credit will dry up. Bank will not loan money to asshole to buy overpriced shit. RIP Mutant Real State Bubble.
Some Day this war is gonna end……