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.
I heard that pessism and depression take years of your life. Sigh! Would be just sad for the What to expire before all the world’s asshats were forelcosed on for their lack of value.
“i have checked out many condos recently in williamsburg as i have 3 different friends buying right now. i bought in 2006 which was supposed to be a stronger market in theory, but from what i am seeing, the psf prices are way up across the board. there is absolutely nothing on the market in my immediate area for what we paid – everything is significantly higher. and, on the east side of the BQE, prices appear to have skyrocketed.”
Well Homeboy, I think that you and other Asshats are going to be reintroduced to the laws of gravity!
Let’s see, the unemployment numbers came in hot and Asshats are losing their jobs. 699K 2 Bedroom Condo 4200.00 a month Mortgage payment, 400 Maintenance. Income needed to support this nightmare 12,000 a month (Roughly). We not if Asshats start defaulting on their condos, what you think is going to happen to “Value??? It will be the biggest crash in a asset market in history! Condo’s are done, over and kaput!
“Who cares about condos. You can always build lots of new condos. Brownstones are a premium because the supply is limited.”
Yeah Asshats but, Dumbasses loaning money is not!
Please please prove The What wrong! Go out and “Buy Something”. Be like you broke-assed neighbor (Poser) and you will have something to discuss a diner parties…
The What (Tick.. Tick.. Tick..)
Someday this war is gonna end…
YEAH 11:43…this isn’t http://www.condoer.com
Let’s get focused here people.
Who cares about condos. You can always build lots of new condos. Brownstones are a premium because the supply is limited.
i have checked out many condos recently in williamsburg as i have 3 different friends buying right now. i bought in 2006 which was supposed to be a stronger market in theory, but from what i am seeing, the psf prices are way up across the board. there is absolutely nothing on the market in my immediate area for what we paid – everything is significantly higher. and, on the east side of the BQE, prices appear to have skyrocketed.
this is just my casual observation of the market, but the post above seems correct. also, i think that if there have been price chops off of list prices, that the list prices were probably really really high.
will say that many of the new developments i have gone to look at with my friends are extremely nice and probably have more upscale appliances and more amenities than previous developments. most of the buildings are way better than negative posts about condos on the blogs would have you believe. have friends buying at 100 N. 3rd across from the Mill, and it’s really fabulous. also saw warehouse 11 and immediately went to check out their site for myself. i would love to live there! however, as i noted earlier, a 1700 sq. apt there is about $200K more than i paid for a 2000 sq ft apt.
Biff, reality is sometimes a bitter pill to swallow.
Are some of you suggesting that real estate data can sometimes be advantageously manipulated, misinterpreted or misrepresented? I am shocked, shocked.
this info is for new condos.
we’re talking novo, etc.
not surprising…
I don’t know how relevenat a focus on changes in “list” prices is for tracking real estate valuation. If someone initially lists their property at a a ridiculously high price and then sells it a a reasonable price, they sold it a cut price.