REBNY: Brooklyn Apt. Appreciation Tops Boros in '07
The Real Estate Board of New York released its year-end market report for 2007, and the numbers paint a very positive picture for the year that was in Brooklyn. The report, put together by REBNY subsidiary ResidentialNYC.com and based on city records, shows the average sales price for Brooklyn condos and co-ops increasing 14 percent…
The Real Estate Board of New York released its year-end market report for 2007, and the numbers paint a very positive picture for the year that was in Brooklyn. The report, put together by REBNY subsidiary ResidentialNYC.com and based on city records, shows the average sales price for Brooklyn condos and co-ops increasing 14 percent in 2007 to $494,000, the steepest uptick of all five boroughs. The average sales price for all of New York City increased 11 percent, to $779,000, and Manhattan’s average price was $1.2 mil. Price appreciation on Brooklyn houses wasn’t as pronounced: Single-family homes were up 5 percent, and the average sales price on multi-fams went up 8 percent borough-wide. The stats show a healthier market than the one depicted in Corcoran’s year-end report, which recorded the (median, not average) sales price on condos and co-ops up 7 percent, to $590,000.
Corcoran ’07 Market Report: Brooklyn’s Still Up [Brownstoner]
Downtown, Brownstone Brooklyn Development Boosts Market [Brooklyn Eagle]
Photo by brooklyngreenway.
My friend just sold a pre-war condo in the North Slope for $1000+ psf. If it’s a great property in a prime location, it will sell.
I bought my Brooklyn Heights 1 bedroom for 410k in May 06 and sold it for 545k this month. A Corcoran broker priced it nice and high for me.
bad kitchen layout with little counter space and no bar is the reason the unit isn’t selling.
even the broker told me that.
Neither a broker or underwater, but I concede I am a homeowner. Nor did I think I made any personal attacks. And obviously you can’t simply scale up the $ sq/ft for a studio to that of a larger apartment. Is anyone saying that you can?
Your 661 Carrol vs 559 analysis if fine. To be honest I know nothing of the development. Is the unit still for sale by the developer or is it a post-offering sale? I’d argue that this makes a difference. I don’t see how the data are against me given every report I’ve seen says prices are up. We’ll get a better sense of the 1st quarter in a few months.
I don’t know whether you are a renter or not. But for any renters out there, I honestly would not be waiting for a big correction in the NYC market. If you’re ready to buy a home and see one that you love, make an offer. Just don’t wait on the sidelines for the market to crash, because its not going to happen. I feel for you having to write rent checks to a black hole every month and getting nothing in return.
Also, the conforming cap increase is a done deal. Its already baked into the plan. And to say that a higher cap won’t favorably impact those rates is ridiculous. It simple supply and demand
1:29….btw i’m not the same guy so there is more than one person here who disagrees with you.
just so you know.
so first there is a “sense of urgency” and now it’s “the dead of winter”. wow.
1:11. ok, i will accept your point. let’s look at it based on actual sales. the identical unit in every way next door (659) sold for 8% higher than the new chopped price. the chopped and cheaper unit hasn’t moved, so it may still be priced too high. i think you are seeing my logic… prices are coming down. btw, the raised conforming caps are not a shoo-in and even if they pass, the GSEs are under-capitalized now which means little demand for > $417k loans regardless of caps.
regarding market prices, a 300 ft. studio could maybe sell for closer to $1000 per ft. b/c it’s bite-sized. you can’t take that price per ft and scale it for a 1br or bigger. just face it, the data are against you. not sure why you have an axe to grind. i’m citing facts and being logical and you’re pulling things out of your a** and resorting to personal attacks. it’s clear you are either under water and need to sell or you are a broker. otherwise, this would be a pointless conversation. there is nothing wrong with a price correction. learn to love it…
A lot of people don’t seem to realize that we are in the slowest time for real estate right now.
Although it’s been mild, it is still THE MIDDLE OF THE WINTER!
12:57 – the NYC market has not meaningfully moved since Nov 2007. NYC housing market is just too insulated from that of the rest of the nation, it just is. And if you want to base your theory of market direction on price chops, so be it. The fact is you can’t do it. A reduction, even if compared to an identical property next door, has too many variables. Was it originally priced too high? What were the motivations of the seller? How about the buyer? You just can’t tell. The only way to do this is look at actual sales. Further to your comment on conforming mortages, with the economic stimulus plan set in increase the cap to $700K plus, the NYC market will be further supported.