Brooklyn, NY – Finally, a glimmer of hope in Brooklyn’s reeling real-estate market.
Although sale prices across the borough remain down compared to the prior year much like the rest of the city, Brooklyn co-ops and condos saw modest increases from the first to second quarters of 2009, a new study shows.
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Median prices of condos sold improved by 2.6 percent to $475,283 while co-op sale prices jumped by 4 percent to $249,500, according to Prudential Douglas Elliman’s report.
“While all markets are seeing fewer sales than in the previous spring, there was a larger-than-seasonal increase in sales activity since the beginning of the year, caused by the release of pent-up demand that began accumulating in the fall,” when the market fell, said Jonathan Miller, of Miller Samuel Real Estate Appraisers, which helped prepare the report.
He also attributed the increases to “historically low” mortgage rates and first-time homebuyers taking advantage of new tax credits offered by the Obama administration.
“First-time buyers have a different perspective in that they look at the economic downturn as a discount,” he said.
I guess that’s one way of looking at it. (Is anyone who peruses Vos Iz Neias buying a condo in Brooklyn?) Another way is that the average sales price for the entire Brooklyn market declined in Q2 by 8.5% from Q1 and 15.9% (!!!) year over year. For the 1-3 family unit market, 11.2% decline from Q2 to Q1 and 13.1% year over year. Eep.
and yet i still cant afford a home in flatbush or bp…why?
buy now before it shoots up again dont say i didnt warn U
Reply to genious #1
The article was published in the NY Post and quoted from very reliable sources, including Prudential
most of them are ugly as sin. they are tiny expensive and built shoddily. These ultra sheek condos will become ultra sheek crack condos.
Can anyone tell me from where the picture of the condo for this article was taken? it looks very familier to me.
There are still thousands of unsold overpriced condos along Ocean Avenue from Kings Highway to Sheepshead Bay. The speculators who built them will soon lose everything unless they rent them out. A half million for 2 bedrooms in these buildings is ridiculous.