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.
Hi, North Slope/7th Ave. sale at $425K. What’s your square footage? What floor was the $425K on? I’m trying to price a 4th floor (attic) floor through in a 7th Ave./North Slope property and parlor floor in same. (builidng size 20 x 45).
actually they are only “underwater” as you say if they plan to sell, which i’m guessing most if not all don’t plan to do for quite some time.
MOST of us here bought a home to live in for a long time.
keep renting though. you’ll do ok one day.
559 is next door (identical building) and was developed the exact same way by the same developer. absolutely identical unit on the same floor sold in august for the “insane” price 8% above the new chop. view is not really a factor as you wouldn’t buy a floor-through in a brownstone in this area for views. floorplans are the same on all units. this is an ultimate comp and the people who bought these in the summer are already under water. you can’t talk your way out of this one. it’s an observable price chop in prime brooklyn, pure and simple.
sense of urgency my a**. urgency to get into negative equity…
So none have more stairs…none have more light than another, none have a better layout, better view, on the first floor?
I find that VERY hard to believe.
I personally found the layout of the kitchen and living room completely unacceptable in the remaining unit.
And I also happen to think the finishes looked a little cheap.
11:18 – 661 is a complete brownstone gut refurb. all units are new and identical.
11:09…well since you provided so much data to the contrary, i suppose we should take your word for it, also?
pot.
kettle.
black.
ultimate.
hypocrite.
just because times have changed a little in the housing market, 11:10 does not mean that EVERY property that does not sell is because of the mortgage meltdown.
maybe that carroll street one that’s left was the crappiest of the bunch, thus the reason why all the others sold?
that makes more sense to me than suggesting that all the sudden buyers have dried up.
if you check out a few open houses this sunday, you will realize that CERTAINLY is not the case. i almost see a sense of urgency in seeing people’s eyes as they pass real estate offices on 7th avenue…looking to get in while they think we are at a low point.
EVERYONE is nervous that all the sudden they will wake up, the economy will be healthy again and prices will be going back up.
it’s palpable. people who never considered buying are considering it now because they know that if they want to stay in nyc long-term the really only way to be stable and not have to succumb to a life of moving or rent increases is to buy property.
661 carroll in the primest of park slope just got an 8% cut on the last remaining unit. how you determine the difference between true chops and just bringing down insane pricing is a blurry line. i would point out that they moved 7 units before the credit freeze at the seemingly “insane” pricing that they just chopped. it’s happening and not just in williamsburg…