REBNY Report: Brooklyn Real Estate Still Rockin'
A mid-year report from the Real Estate Board of New York shows that Brooklyn real estate prices remain very strong, despite a broad market slowdown around the country. On top of that, some Brooklyn nabes are doing better than Manhattan. The average sales price for one- and two-family Brooklyn houses for the first half of…
A mid-year report from the Real Estate Board of New York shows that Brooklyn real estate prices remain very strong, despite a broad market slowdown around the country. On top of that, some Brooklyn nabes are doing better than Manhattan. The average sales price for one- and two-family Brooklyn houses for the first half of ’06 was $586,000 – a 15.6 percent jump from the $507,000 seen in the same period last year – while prices for Brooklyn co-ops and condos also continued to increase. The average apartment sold for $491,000 in the first six months of this year – up 4 percent from $472,000 for the same period last year. “Brooklyn’s always had its unique characteristics and has been a first choice of many buyers, but now more and more people are moving to Brooklyn from Manhattan because prices are cheaper and it’s a great option,” said Michael Slattery, REBNY’s senior vice president.
Brooklyn’s Real Estate Bucks Market [NY Post]
Photo by davidfg
Cobble Hill and vicinity (like Tiffany Place etc) are flooded with condo inventory *and* existing apartment sales inventory still offered at unrealistic prices.
Those properties sit 6+ months (some 12+ months…) on market, and new apartments that come to market have to be either a) rare gems or b) marked considerably down (or extremely negotiable) to move quickly.
Whats up with Cobble Hill. According to Post article, Cobble Hill, 1,2 family house homes are down 7.8%, while coops and condos down 19.9%!!
The average 2005 Cobble Hill 1,2 family house buyer is already down $139K and the average coop condo buyer is out $156K.
Meanwhile FG is about to become the 2nd priciest neigborhood in BK. Up 30%!! Go FG.
Nice picture of the pink house on Garfield though.. ain’t it?
10:41, so what did you end up buying?
The main problem with this fluff piece is that it mentions nothing about inventory (is it up or down substantially) or days on the market. In the short term (say year over year), both are much stronger indicators of a weakening market than price.
Ohh so the whole market in the United States is down except brooklyn? LoL are they kidding me. I was out there bidding and sellers were coming down $150k to $300k on the prices. Get real
Does anyone know the number of houses that traded in Brooklyn? Is there a breakdown by neighborhood? It would be really interesting to compare 2005 and 2006 in this regard. I’ve always thought it difficult to truly quantify real estate markets because the amount of product traded is so small. And the quality of what’s traded might vary by quite a lot year-to-year.
All Lies the market is down and you know it.
Typically sloppy, superficial real estate ariticle in Post that mixes two very different statistics. It says something about Brooklyn ‘bucking’ trend. But then states the trend is fewer SALES nationally compared to prior year. Then states PRICES are up in Brooklyn from last year.
Posters on this site also jumble their info. Number of sales – called slower market is not the same thing as prices falling. Reporter doesn’t say that nationally prices are down.
PS – Can’t they just write article about Brooklyn without inserting ‘fuhgeddaboutit’. Really is tiresome.