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]
From 10:31’s NY Post link,
“The North Shore showed the largest decline in overall prices but was the only market to show an increase in the number of sales.”
REBNY conveniently left out changes in numbers of sales.
Buy a home if you are very wealthy or have found a “steal” (-25% prevailing asks or better). Don’t buy because you are misinformed.
Who is the REBNY? Answer: http://rebny.com/about_who_belongs.jsp
“Only thing that’s gonna slow it down is when the big banks stop giving out mortgages.”
um, yeah, i think what’s in the newspapers lately. sub-prime collapse, tightening mortgage standards, investigations of appraisal fraud, foreclosures now hitting the prime mortgages, etc. all of that reduces easy credit and liquidity, making it harder to get a mortgage.
not to mention that interest rates are the highest they’ve been since 2002.
yeah…the brownstones….those are gonna go down, but those beautiful new condos being erected with plywood and duct tape….THOSE are really going to hold their value well!!!
The talk to prices going downward blah blah blah blah, it ain’t gonna happen In NYC. In any market place prices are set by supply and demand, this in NY demand is always increasing. Only thing that’s gonna slow it down is when the big banks stop giving out mortgages..This is NY if you can’t afford a house keep renting cause house prices will keep rising disproportionate to your paycheck.
On second thought, the only prices that are gonna fall is thos over priced Brownstones in you know where, so if you wanna buy a brownstone just wait…
Re: 12:29
Non-flippers care about these reports, because it helps to know whether to buy now or to wait until prices drop significantly. Given that right now the cost of renting is usually much less than the carrying cost of a comparable apt, there’s very little reason to buy if there are strong indications that the market is going down. Buy cheaper next year…
If you are a flipper, or you plan to sell within the next 3 years, then you should pay attention to these kinds of reports sure, you might have reason to be wary. But if you’re buying a place to live for 5 years or more (or for your whole life) then who cares what happens to the real estate market in the near future. Seriously, who cares. Over the long term, it will always be a good investment in NYC. Not even the most conservative investors dispute that.
Okay everybody back to work and get on with your day.
i wish people got HALF as pissed off about the deception and propaganda that our president and government have subsisted on as they do about nyc real estate prices.
what’s a measly war and an increase of a few degrees when we have REBNY to be held accountable!!!
how long will that be 11:53?
probably about the same amount of time it’s been since you’ve been praying for (and predicting) the demise of the ny real estate market?
bitterness is not very attractive, you do realize?
I can’t wait til Spitzer breaks up REBNY and exposes the web of deception and propaganda they’ve built their reputation on.
It’s coming and the truth about the NY RE market will blow your minds.