Report: Investment Sales Mostly Hanging In There
Property Shark recently released its first-quarter investment sales report for 2008, and the numbers for Brooklyn show a market that’s certainly seen better days but isn’t completely tanking. The report tracked the sales of two-, three-, four-, and five-or-more family dwellings/mixed-use properties (so no condos, co-ops or other commercial/industrial buildings). Basically, the worst trend in…
Property Shark recently released its first-quarter investment sales report for 2008, and the numbers for Brooklyn show a market that’s certainly seen better days but isn’t completely tanking. The report tracked the sales of two-, three-, four-, and five-or-more family dwellings/mixed-use properties (so no condos, co-ops or other commercial/industrial buildings). Basically, the worst trend in Brooklyn—and this was true for all the boroughs—is shown in the graph above: There was a 37 percent drop in the number of sales as compared to the first three months of 2007. In fact, every borough did worse than Brooklyn on this score, with Manhattan posting a 49 percent year-over-year decline in sales volume. The median price per square foot and median sale price on investment properties in Brooklyn didn’t change much in recent months or over the past year. The median price per square in the first quarter this year was $237, down 3.6 percent from the same period in 2007, and the median sale price was $665,000, up 2.3 percent from the first quarter in ’07. The only big drops in median prices between 2008 and 2007 were seen in transactions involving large (4-family and bigger) properties. It’d be interesting to know the extent to which big-ticket brownstone sales are keeping us (barely) afloat.
First-Quarter 2008 Investment Sales Report [Property Shark]
here we go again,
so our country is “wiped out”, lol. I live here in nyc, as I have all my life, I have yet to see a “wipe out” even in the dark days of the 70’s here in NYC we weren’t “wiped out” whatever that means. now as far as being an “extremist”, I have to laugh again, now I am an extremist because I state some facts in this feast of pure reason. This is the typical left wing for you folks^^^^^, read it and weep. I simply asked you to consider the facts as they are, and I am hit with everything from conspiracy theories to the “wiped out” country to the all too predictable unsupported assertions about how everything from apples to zebras are worse than ever.
Let’s talk health care, since one of you brought it up. I have stated here before, we are not in a healthcare crisis at all, we are in a political atmosphere in which we are told that there is a crisis. The fact remains, we are living longer more prosperous lives than ever before, and I mean as a WHOLE, not as a single elite few, not as a semi-socialized northern european small country of 5 million. I mean the largest group of disparate, heterogeneous, multi-social, multi-cultural people in history. Is there a healthcare crisis? I mean, do we have a sudden epidemic of health problems not being addressed? or is it that you folks have been told that the government owes you more and more and even more, and you have become so accustomed to the victimization role that you actually feel entitled to having everything and more. And don’t even start about the “poor”, the poor have medicaid. they are covered, the middle class have a choice; get health coverage through an employer, buy it or open a health savings account, move up the ladder or down, that’s what the extensive freedoms of this nation allow. the current health plans are on sliding scales, so you CAN afford them, I know, I have one, most people just don’t want to PAY for them.
Just don’t expect everything for free, we have seen socialism around the world, and it does not work, go to Cuba, it’s third world. Got to china, they finally figured it out,they are going towards a free market, as are most of the prosperous 1st world nations. you want everything free? check out Chavez’s Venezuela or Ahmedinajaad’s Iraq, your only sacrifice will be your free will.
yadda, yadda, asshats, yadda..yadda…electric boogaloo…Yadda, Jay-z
-The fake what
11:18 – what a theory – the market is shrinking because YOU are not buying.
Hmm – I am buying and buying more than I ever have. I think that there are massive deals out there and there has never been more upside and less competition to buy.
I like that there are a lot of people out there like you. Please send me your rent check on time.
11:13 is right on the money!
it’s always somebody else’s fault, the republicans, or the commies, or the floridians.
the very rich are richer than ever.
the rest of us are struggling and not about to buy pricey real estate. the market therefore is shrinking. not in price for the most expensive properties but in depth and breadth.
“these numbers look very good to me. It is a positive sign if we are not in negative territory.”
Uh, the chart lists sales, not change in sales. It goes from 0 to 2500. There is no such thing as a “negative” sale. You need to look at the slope of the line if you wish to determine market trends.
What would be interesting to see, actually, is # of properties on the market v. # of sales. Since prices have been stable, I would guess the # of properties on the market must be declining or the sellers are being very patient.
Anyone know what the historical annual sales volume numbers are for different property types? Sales volume has fallen because it has been above the mean for some time now. I think we are trending toward a sales volume which is closer to the historic average and more sustainable. A sustainable market place is better for both the short- and long-term value of assets.
How long before “Sell now or be stuck with this property forever!” replaces “Buy now or be priced out forever!” as the new broker battle cry?
Hey What, I see your back from your interview tour after the New York Magazine article about you. What did you think of that article?