Red Nabes Lose: Condo Price Cuts all the Rage
All the neighborhoods in red above saw more price decreases than increases on condo units between mid-February and mid-May, according to StreetEasy numbers the Real Deal crunched. The data shows that there are more price cuts these days than price increases in both Brooklyn in Manhattan. In Brooklyn, there were cuts at 183 units, with…
All the neighborhoods in red above saw more price decreases than increases on condo units between mid-February and mid-May, according to StreetEasy numbers the Real Deal crunched. The data shows that there are more price cuts these days than price increases in both Brooklyn in Manhattan. In Brooklyn, there were cuts at 183 units, with the average price decrease totaling $42,195. At the same time, there were 103 listing increases averaging $34,660. The stats for Williamsburg are probably the most interesting: The neighborhood had the greatest number of price changes, 104, but it ends up green on the map because there were a bunch of price bumps at Northside Piers. Take Northside Piers out of the picture and there would have notched 40 decreases and 11 increases. Clinton Hill and Park Slope fared poorly in the tally, with the former lodging reductions on 24 units and increases on only 3, and the Slope seeing a total of 18 decreases and zero increases. Brokers say the numbers for the two neighborhoods may have reflected listings where brokers/developers had loose definitions of the two neighborhoods’ boundaries (Bed-Stuy and South Slope, maybe?). Overall, not the prettiest picture.
Condos on the Chopping Block [The Real Deal]
Graphics from The Real Deal.
“The What – How’s our stock market doing today?”
Well not so good but, I expect a retrace on Monday. Right now the Investment Banks are Shating the bed and the Techs are holding everything up. Apple have the Developers Conference this week and unveiling a new I-phone. I hope the bring out new Power Macs with Blu Ray. Oil is going to 150.00! There is insanity in that market and whe someone finds out there is a glut, all hell will break lose.
There are Credit downgrades coming for Investment banks and Monoline Insures. Moody and S&P is going to cover their ass and kill their homeboys. I think this fall is gonna be rough…..
The What
Someday this war is gonna end..
Disclaimer: I don’t know what I’m talking about…
drawing conclusions from asking price data alone is like judging a team’s success by its win total w/o any knowledge of that team’s loss total.
The What – How’s our stock market doing today?
“I read here how big Bed Stuy is compared to other nabes all the time. Doesn’t seem so big on that map.”
Take another look. It’s the largest stand-alone area on the map. Larger areas are groupings of smaller sections of Brooklyn.
Bed Stuy is nosediving now but when the market bounces back (many many many years and foreclosures from now), it will be an absolute HOTBED for renewed gentrification. Brownstone stock there is relatively abundant.
“The What (Tick.. Tick.. Tick..)”
That’s one helluva long life that battery in The Fake What’s clock has. It’s been ticking for quite some time now. Brenda, I think the waiter has been spilling scrambled eggs on The Fake What’s face.
Hey Brenda from Flatbush we could sing that to the tune of “The Piano Man” Billy joel
http://www.youtube.com/watch?v=rZ1_M_L_RSI
“I sure hope they turn the fire hydrants on over in Lodi, NJ this weekend when its 90 degrees. The What really needs a hosing down today.”
Nope Asshat, I’m gonna bang your wife in my air-condition crib! She is gonna come home with some knots on he forehead! I’m gonna tear out the sheetrock…
The What
Someday this war is gonna end..
Supply is 1200 units for all of Brooklyn. And Ratner’s (allegedly) building 6,400 units over the next 7-10 years.
Luckily for Ratner, the generous subsidies we’re providing will allow him to make a profit even as prices fall.
I sure hope they turn the fire hydrants on over in Lodi, NJ this weekend when its 90 degrees. The What really needs a hosing down today.
I love those diner parties, big menus, booth seating etc., very festive.
Anyway, I think the decline of bloated condo prices sounds very pretty indeed. Everybody yells that we need “affordable housing”? Hey, it’s getting more affordable! One deluxe turkey burger with fries and a vanilla shake, please, and let’s play the jukebox to cheer up that poor greedy developer sitting over at the counter, eyeing the souvlaki with a long sad face! Now, if they drop by another few double percentage points, maybe someone other than a bond trader could even afford them!