REBNY: Prices Up Across the Board in Q2
The Real Estate Board of New York’s quarterly residential market report was released yesterday. The bottom line? Almost every type of residence in every borough of the city rose in price in the second quarter of 2007 versus the same period in the prior year. Not surprisingly, according to REBNY, Brooklyn had the highest median…
The Real Estate Board of New York’s quarterly residential market report was released yesterday. The bottom line? Almost every type of residence in every borough of the city rose in price in the second quarter of 2007 versus the same period in the prior year. Not surprisingly, according to REBNY, Brooklyn had the highest median and average prices of the four outer boroughs. The median price of one- to three-family houses in Brooklyn rose from $562,000 to $605,000 while the average price was up from $612,000 to $671,000; median price per square foot increased from $313 to $346. The median price of a condo jumped from $467,000 to $545,000 while the median price per square foot went from $454 to $572. Co-ops had the weakest relative performance: The median price of a co-op rose modestly from $255,000 to $260,000 while the median price per square foot increased from $372 to $398. Do these numbers sound about right to you?
NYC Co-op, Condo sales prices rose 8% [Crain’s]
City Proving Immune to National Housing Slump [NY1]
it doesn’t sound like many people believe the REBNY stats…
I agree the real estate market doesnt move as fast as currency or equity markets but I suspect whatever is going to happen in the real estate market is going to unfold a bit faster than it has in the past–because people over the past few years have been treating their houses much more like financial assets than has ever been the case. The markets that have crashed (San Diego, Miami for instance) turned pretty quickly and are dropping pretty fast, about as fast as the stock market has ever crashed.
AND….THE MOST ASININE COMMENT OF THE DAY GOES TO…..WAIT FOR IT….
“enjoy your dark smelly brownstone”
enjoy your new, shoddily constructed condo.
sorry i called you an idiot.
moron is more like it.
having owned not 1, but 2, 100+ homes including a brownstone, I have some experience. thanks for calling me an idiot though – calling people names always strengthens your argument.
Right, no one who buys a condo ever gets it inspected or knows anything about construction. Great that you “know” all this. And, sure, apartment buildings just “fall down” after 40 years.
i’ll stop posting when brownstoner stops putting up articles about all the new developments and people on this site stop saying ridiculous lies.
then please go read another blog.
people who openly hate brownstones and not only read, but POST on this blog make themselves look like complete idiots. congrats condo dweller.
by the way, your condo will not be standing in 100 years. they aren’t built to stand more than 30-40 years, tops. talk to any person who knows construction and they will tell you that 70% of new construction is not made to last.
if you haven’t heard about shoddy new construction, perhaps we should introduce you to a good friend named boymelgreen…
anon 1:15pm. please plywood and duct tape? all of these lies about construction are total B.S.
sorry, but unless brownstones are gut renovated and built entirely new – like, guess what – a condo! they are shit. old wiring, old foundations, old everything… that’s the irony, the only good brownstones are the ones that have been dismantled and re-built. otherwise, you have water issues, electrical issues, etc… and unlike, my gorgeous steel beam constructed condo – no CENTRAL AIR! living circa 1880 is a big drag. enjoy your dark smelly brownstone. i’ll take my new condo any day!
Apples and oranges (w/ respect to time) – real estate and currency markets (or stock markets). Real estate bubbles don’t burst as fast as bubbles in other markets because they also don’t inflate as fast. They play themselves out in slow motion because of the slow marketing and transaction processes.
However, if you look at an instant replay of a past real estate bubble, it will damn sure look like a crash/burst, hence the term.
Whether you want to call it deflation, crashing, or bursting, the point is that prices in such events fall. With real estate, you have to be more patient.
history may show you that every bubble has to burst, but physics tells me that some bubbles slowly deflate.
the latter is what we are seeing across the u.s.
you want to see a bubble burst, go visit post currency devalued argentina.
you people don’t know the meaning of the word burst.