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]
1:37 you are exactly right. People real estate is cyclical and it goes up and down and nowhere is absolutely immune. Some areas may be less afftected but history shows us that every bubble has to burst. Houses were appreciating at 20% per year, inflation was running at 3% per year and wages were increasing at 5% per year. Come on now people if that wasn’t a bubble then what is.
the sector called americans need to stop being so damn greedy.
Agreed. That’s why I didn’t say it (that I know for a fact). I’m simply warning people to read economic history as it is likely to repeat itself. It affects Brooklyn home prices.
I base my attitude on the FACT that home prices have historically went up and down, even in Brooklyn. Let me ask you this. Which sector of the economy is likely to save us from falling housing prices?
you should not base your attitude that you know for a fact that prices are higher now than they will be in the future.
if that is your attitude, then you don’t have much scope beyond the last few years.
Your welcome 2:00. Oh I own, 1:43, and I like it. The subject is buying. If the ‘big boys’ are buying now at prevailing asks, they will be big losers.
On what should I base my attitude? Buy high, sell low? Genius.
1:37 excellent peice. Thanks for that.
1:37 watches a lot of tv and reads a lot of blogs apparently, but doesn’t like to own property….
if you base your attitudes about nyc real estate on the blogs you mentioned, i’m happy you aren’t in the game. leave it to the big boys who know what they’re doin…
12:59 watches a lot of CNBC but hasn’t read…
http://www.youdovoodoo.com/80sbubble.htm
http://www.stock-market-crash.net/
http://www.nychousingbubble.blogspot.com/
by the way folks….its a GOOD thing that banks are tightening on mortgages. not bad.
mortgage companies should not allow those can’t afford homes to purchase ones. it’s called looking out for your fellow human beings and not just about your own selfish interests. there is more to life than home appreciation.