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i also thought the rebny numbers may not reflect my reality, but that does not make them inaccurate. i would like to know more, like average condo price vs co-op price in each naborhood (i heard condos are 20-30% more valuable).
so i calculated my own building’s sales. we are an 8-unit condo, nothing fancy, between 4th and 5th avenues near the union street station. i was the first buyer in august 04, and i bought for $640/sf. the 7th unit went recently for $780/sf. that’s a 21.875% increase from 04 to 05. i did these calculations by dividing the sale price by the square footage (about 500 sf for each apt).
…about the numbers…The City of New York only in very recent history migrated paper data to electronic data. real estate sales data is still less than perfect and there have historically been services that got away with selling questionable and incomplete data. Property Shark is the latest [applause] service to final get a whole lot closer to getting it right here in NYC. Housing stock is not a weighted and measured commodity. There is so much that is unique and intrinsic value also goes into the price that one is willing to pay for a house or apt for that matter.
One has the original detail one does not, one faces south the other east, view no view, etc. Raw date mined from the city does tell you how you will feel when you walk in the door. How you feel about a property is a much bigger factor than most are willing to admit. Even the coldest investor has to consider (after the numbers make sense) how a tenant will feel which will have a direct impact on rental value.
Don’t crucify any entity making a genuine effort to reflect values. There will always be unique homes and unique data that may skew the averages.
That’s all you can ask for is the averages.
At the end of the day you either seek out a pro or rely on your own research.
To all the Anon critics – how exactly did you “run” your numbers?
Let’s get real – share something useful to your neighbor, share an opinion or thought, hell go ahead and be a constructive critic which may actually help. But for the sake of all, if you just like to rant – find another subject – real estate remains the largest investment most will ever make, and that’s no joke.
REBNY is not a joke. REBNY is the only entity protecting the consumer and regulating the reputable broker. If you hire a broker or work as a buyer with a broker that is not a member of REBNY you’re getting exactly what you deserve.
Brooklyn has long suffered from the neighborhood crooks calling themselves brokers who are entirely void of ethics.
Anon 11:03 is either one of these hold out crooks or not a real current RE consumer/seller.
Educate yourself before you open your proverbial mouth. http://www.rebny.com
I just ran some numbers from my own real world sales. A friend just sold his PS house on a park block for $692 psf, my PS house between 5th & 6th ave sold for $530 psf, and the house I bought in BR went for $306 psf. And after looking in BR for almost a year $300 to $320 pfs looks like the going rate for a place that does not need a gut reno.
Now if only the NYTimes and rest of media would question realtors and such on their claims, figures/methods, etc that they release…instead of just being a pawn in their p.r. game.
Well, I guess you don’t want to offend one of your big advertising cash cows by being journalists.
Glad here on Brownstoner people question the accuracy.
Not high or low, just impossible to track this really. The amount of sales that are handled inter-family is high and at low prices. So if those sales are in the mix, it’s skews the rest of the numbers.
Looks like apples and oranges to me here — these are median prices, meaning there are as many above as there are below, vs. yesterday’s figures, which were averages.
Could have something to do with why the median townhouse price in PLG is above that in Clinton Hill in both years – I’m sure there were fewer sales overall in PLG, and split between million dollar-ish homes in Lefferts Manor and less-expensive ones in the rest of the hood.
And, yeah, why no Kensington? Too small a sample size? And detatched houses in Victorian Flatbush probably don’t qualify as townhouses.
i also thought the rebny numbers may not reflect my reality, but that does not make them inaccurate. i would like to know more, like average condo price vs co-op price in each naborhood (i heard condos are 20-30% more valuable).
so i calculated my own building’s sales. we are an 8-unit condo, nothing fancy, between 4th and 5th avenues near the union street station. i was the first buyer in august 04, and i bought for $640/sf. the 7th unit went recently for $780/sf. that’s a 21.875% increase from 04 to 05. i did these calculations by dividing the sale price by the square footage (about 500 sf for each apt).
…about the numbers…The City of New York only in very recent history migrated paper data to electronic data. real estate sales data is still less than perfect and there have historically been services that got away with selling questionable and incomplete data. Property Shark is the latest [applause] service to final get a whole lot closer to getting it right here in NYC. Housing stock is not a weighted and measured commodity. There is so much that is unique and intrinsic value also goes into the price that one is willing to pay for a house or apt for that matter.
One has the original detail one does not, one faces south the other east, view no view, etc. Raw date mined from the city does tell you how you will feel when you walk in the door. How you feel about a property is a much bigger factor than most are willing to admit. Even the coldest investor has to consider (after the numbers make sense) how a tenant will feel which will have a direct impact on rental value.
Don’t crucify any entity making a genuine effort to reflect values. There will always be unique homes and unique data that may skew the averages.
That’s all you can ask for is the averages.
At the end of the day you either seek out a pro or rely on your own research.
To all the Anon critics – how exactly did you “run” your numbers?
Let’s get real – share something useful to your neighbor, share an opinion or thought, hell go ahead and be a constructive critic which may actually help. But for the sake of all, if you just like to rant – find another subject – real estate remains the largest investment most will ever make, and that’s no joke.
REBNY is not a joke. REBNY is the only entity protecting the consumer and regulating the reputable broker. If you hire a broker or work as a buyer with a broker that is not a member of REBNY you’re getting exactly what you deserve.
Brooklyn has long suffered from the neighborhood crooks calling themselves brokers who are entirely void of ethics.
Anon 11:03 is either one of these hold out crooks or not a real current RE consumer/seller.
Educate yourself before you open your proverbial mouth.
http://www.rebny.com
REBNY is a joke!!
I just ran some numbers from my own real world sales. A friend just sold his PS house on a park block for $692 psf, my PS house between 5th & 6th ave sold for $530 psf, and the house I bought in BR went for $306 psf. And after looking in BR for almost a year $300 to $320 pfs looks like the going rate for a place that does not need a gut reno.
Now if only the NYTimes and rest of media would question realtors and such on their claims, figures/methods, etc that they release…instead of just being a pawn in their p.r. game.
Well, I guess you don’t want to offend one of your big advertising cash cows by being journalists.
Glad here on Brownstoner people question the accuracy.
Not high or low, just impossible to track this really. The amount of sales that are handled inter-family is high and at low prices. So if those sales are in the mix, it’s skews the rest of the numbers.
Co-ops and condos would have a truer read.
Not to mention Bay Ridge — it’s not exactly tiny and obscure.
Looks like apples and oranges to me here — these are median prices, meaning there are as many above as there are below, vs. yesterday’s figures, which were averages.
Could have something to do with why the median townhouse price in PLG is above that in Clinton Hill in both years – I’m sure there were fewer sales overall in PLG, and split between million dollar-ish homes in Lefferts Manor and less-expensive ones in the rest of the hood.
And, yeah, why no Kensington? Too small a sample size? And detatched houses in Victorian Flatbush probably don’t qualify as townhouses.