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.
12:47. you are actually a little out of touch. per 12:46, who is also wrong b/c the chop is comp-based, just look at truly recent sales in the area. 699k is the going rate for something closer to 900 sq. ft, 2br. that is 700-800 per ft give or take. i know this because i live in the area and attend many open houses. maybe recent sales can go as high as 750k for something exceptional. anything higher languishes. throw in the recession and i see more downward pressure. if you sold in Nov, that is not “recent” enough. plus your place would be conforming, thus with a lower rate and easier to get. the market has changed old man. take your sweet sweet profits and put them somewhere else. this horse is dead.
Um, does anyone realize that average prices are completely meaningless?
12:38…
You are a little out of touch with the market.
I just told you I sold a studio (ONE block away from here) for 339K. It’s 300 sf.
You are suggesting someone selling something more than twice this size should sell for 450?
I don’t think so.
It’s completely pointless to base anything off of a price chop precisely because you don’t know if the reduction was due to market downturn or simply an overinflated price to begin with. It’s very easy to tell where the market is based on actual sales; in fact its the only way. Corcoran does it, REBNY does it, as do others. There’s just no need to bring price cuts into the mix because it adds another variable that is basically meaningless
right. $1,075 per sq. ft. in non ps 321 is going to be a quick sale… try $450-460k (bedroom count doesn’t matter – at 650 ft, it’s a 1br or studio no matter what). that’s ~$700 per ft. and still maybe a stretch. 12:29 is a broker who wants the listing. take his pricing and you will languish. take my pricing (not a broker), which if too low (which i doubt), will spur a bidding war and let the market decide. otherwise try 500k and get ready for some lowball offers.
hey 12:01, this is the first poster. the $425K is a one bedroom, 600’sq, 3rd floor north exposure. old kitchen but in nice building reno’d in the 80’s with elevator. there was also a unit of the same line but fully renovated that sold i think for $460 about a month ago in the same building on the top floor.
12:15:
how many bedrooms? 1 bath?
you left off the most important things.
if a 2 bedroom/1 bath, i’d say 699K for a quick sale.
1 bedroom….550K.
How about a 650SQFT, Fire Place, Souther Exposure, Exposed Brick, North Slope, b/w sixth and seventh, Lincoln Place. New everything. How much?
wow 11:47, that’s an original put-down. never seen that one before. that’s your best response to actual indisputable data?zing.