Miller Samuel Report: Sales Down; Bstone, Burg Prices Up
Brooklyn has left the stone age behind, or at least joined the ranks of Manhattan, Queens and Long Island in finally having a Miller Samuel residential market report to call its own. The inaugural report from Jonathan Miller & co. for Elliman is based on public records and breaks down the borough into four regions,…
Brooklyn has left the stone age behind, or at least joined the ranks of Manhattan, Queens and Long Island in finally having a Miller Samuel residential market report to call its own. The inaugural report from Jonathan Miller & co. for Elliman is based on public records and breaks down the borough into four regions, which shows how diverse Brooklyn’s market it is and more or less only finds one commonality among all the neighborhoods in the second quarter: Sluggish sales volume. The number of sales was down 43.6 percent from the second quarter in ’07. “The market is weaker than it was a few years ago simply because of the lower level of activity, but depending on the submarket we’re looking at, we’re certainly seeing a lot of sales,” says Miller Samuel CEO Jonathan Miller, who attributes the big drop in sales mostly to the tighter credit market. “For example, sales in brownstone Brooklyn are still half of what they were last year. Part of that is dearth of credit, but there’s also not much inventory.” About that brownstone Brooklyn: The report found the median sales price was up 7.5 percent in brownstone neighborhoods, to $673,101, over the same time last year, even though the number of sales was down 34 percent. Click through for some of the other takeaways.
CONDOS: Median sales price of a condo this quarter was $514,725, up 8.1% from last year at this time. New development condos sold for $649 per square foot, up 27.5% from the prior year quarter, while re-sale condos sold for $496 per square foot, up 7.4% from the same period last year. (Read: There’s been a lot of closing activity on new developments)
1-3 FAMILY HOUSES: Comprise more than half the sales in Brooklyn. Average sales price, $654,614, was basically unchanged from this time last year.
WILLIAMSBURG AND GREENPOINT: Overall median sales price of all property types was $508,402, up 9% from the same period last year.
SOUTHERN BROOKLYN: More than half of the total sales in the borough were in this area. Median sales price slipped 2.6% to $477,500 from the same period last year, the lowest median price of the four market areas.
EAST BROOKLYN: Median sales price dropped 10.9% to $673,101 this quarter, the weakest price trend of the four market regions.
Already local banks are looking for much larger downpayments on jumbos. This will cut out plenty of high income people who could buy with a big mortgage but don’t have infinite cash.
Meanwhile, the high asset crowd has problems of its own — the stock market is plunging, the Manhattan RE market is plummeting in volume suggesting that prices will soon follow, and all the European RE bubbles are popping.
So where does the demand come from?
what is right. even if the govt. backs everything, the demand for conforming loans will disappear if these two go away (or even if they raise dilutive capital). then banks will have to keep them all on balance sheet. most banks these days have very little capital to drop on loans that have a high probability of having problems. they will want to get paid for taking on the risk and tying up the capital. therefore, take rates you can get today and double them. what does that do to prices that no one can afford to pay even now right here in good ol brownstone bkln?
NYC grows, upstate cities shrink
The population in New York City grew by 23,960 people in the 12 months ended July 2007, while upstate cities continued to lose residents, according to the latest Census data.
July 10. 2008 10:31AM
(AP) – The Big Apple is getting bigger as the largest cities in upstate New York continue to lose more people, according census estimates released Thursday.
New York City grew by 23,960 people in the 12 months ending July 2007 for a population of 8.27 million, according to the yearly estimates from the U.S. Census. The city has been steadily growing for years and remains a magnet for immigrants and young people.
Population growth in New York has been centered for years in the metropolitan area. Some suburban villages north of the city in the Hudson Valley were among the fastest growing in the state over the 12 months, including Wurtsboro (7.9%), the Hasidic enclave of Kiryas Joel (5.2%) and Wappingers Falls (4.8%).
The story was different around much of upstate New York, where the largest cities showed slight losses in the annual estimate. Buffalo’s population of 272,632 was down 0.93% over the year; Rochester, at 206,759, was down 0.40%; Syracuse, 139,079, down 0.78%; Albany, 94,172, down 0.46%, according to the estimates.
The numbers reflect a long-term trend of population losses in upstate areas as manufacturing jobs dry up and people settle in the South and the West. California and Texas each had five cities among the 25 fastest-growing cities in the census estimates released Thursday. Politicians in New York are particularly concerned about the exodus of young people just out of college, the so-called brain drain.
Among the upstate cities that grew over the year were Saratoga Springs (up 0.68%), Plattsburgh (0.16%) and Ithaca (0.14%).
Census estimates released earlier this year showed the state’s population nudged up over the
Dave, ever stop to ask yourself why, with the exception of Biff, no one on this site likes you? It has nothing to do with your sexuality, by the way.
Doesn’t it ever have you scratching your head?
Could it be that you post too frequently, that you don’t back up any of your contentions with arguments or facts, that you don’t “spell it out completely”?
That the tenor of most of your posts are basically petulant?
Just wondering.
I just figured it out , The “What” does not live in a trailer park but in a East New york Studio apt . He looks like the Son Of Sam Hair messy unshaven. He might have Section 8 so he wants prices to drop. He might have a small dog that he uses for a toy whenever he gets horney. He probably drives a chevy nova. He likes to eat Spam in a can. His apartment is Filthy. I think we should alert the Authoritys to this Freak , He might Endanger himself or Possibly others. His Blogs are making me worry he is about to hurt himself. Did i say Freak, I am sorry What.
“because Brownstone Brooklyn was not financed by F&F.”
While you are jerking off Dave, let me remind everyone that Brownstones was within Fannie and Freddie guidelines 2 years ago. This is before thing got out of hand. The reason why things got out of control is because if this “implied backstop” but, when everyone see that the Government can’t and wont do it, the gates of hell will swing open.
The Fannie Mae and Fedddie Mac stories are huge. If they implode you will interest rates of 14%, trust me and the good ole days of barbecuing your house will come back in style.. Dream on Asshats..
I was born and raised here and you don’t want to return to the Brooklyn I know..
The What (Some one get these Asshats out of here!)
Someday this war is gonna end…
2:20 & 2:22 you are clueless. Who will you be registered as tomorrow so I can watch out for who needs thing spelled out? Debt, Sr. Debt, Sr. Convertible Debt, Preferred Stock, Convertible Preferred, Equity…it all must be mind-boggling to you two!
I think Aussie is arguing against you to a certain point, there, Dave. Shall we completely spell it out for you?
No, dave, you don’t have the acumen or attention span to completely spell it out to “him.”