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Brooklyn home prices hit record highs; Condos are up 23%
Topic Started: 13 Jan 2017, 07:16 PM (3,940 Views)
Bardon
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Ripple effect.

We’re barely two weeks into 2017, but there are already a plethora of market reports coming out to offer some depressing news about real estate in New York. Namely: it’s more expensive to buy in Brooklyn than ever before. According to the Douglas Elliman report, the median sales price hit $750,000—15.4 percent higher than last year and a new high for the borough.

“We’ve seen median sales set a new high four times in the last two years,” says Jonathan Miller, who prepared the report. Overall, he says, there’s “lots going on” in the Brooklyn market these days, including rising prices, falling inventory, and more sales in general.

Miller found record price indicators across property types and regions. The median price for a condo is $895,000, 23 percent higher than last year, while the median for a co-op is $385,000, 6.9 percent higher than a year ago. One- to three-family properties have a median of $830,000, 9.3 percent up from a year ago.

http://ny.curbed.com/2017/1/12/14246718/brooklyn-queens-sales-market-reports
Edited by Bardon, 13 Jan 2017, 07:26 PM.
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Dean.Collins
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As someone who actually lives in Brooklyn (been living in different parts of NY for 10 years now but a Sydney boy and will return sooner than later)......this post is bullshit for the following reasons.

Yes property prices are higher than ever however......
1/ its primarily due to the type of buildings now being built in Brooklyn (30-50 level mirvac style apartments....with doorman/pools/gyms etc) much different from the existing properties there, basically Flatbush Ave area east of Downtown Brooklyn is crazy busy.....its good as the area was a dump but its the primary reason for avg price increases in the last few years

2/ its out of date. Since the trump election property in Brooklyn has stopped on a dime and NOTHING is selling in the $2-3m range (my ppor is in this range so its what I keep an eye out for), so here we are 90 days after Nov 8th and not a single property has sold......think about that for a moment.

I'd say its not entirely Trumps fault and 50/50 due to uncertainty around trump however its also that the 30 year fixed shot up 0.6%+ and people are having sticker shock about what that means for monthly nut they have to come up with.

(something that investors in Sydney should beware of based on recent RBA murmurings.....)

Anyway that's my 2c feel free to ask questions.


Cheers,
Dean
(btw 30 year fixed mortgages rock.......3.5% fixed for 26 more years :) and never have to worry the bank might screw me by upping rates).
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stinkbug
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Dean.Collins
25 Jan 2017, 04:27 AM

(btw 30 year fixed mortgages rock.......3.5% fixed for 26 more years :) and never have to worry the bank might screw me by upping rates).
Can you imagine what finance like that would do to property prices in Australia??

BTW, thanks for the post, very interesting and informative.
---------------------------------------------------------------

While it's true that those who win never quit, and those who quit never win, those who never win and never quit are idiots.

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stinkbug
25 Jan 2017, 08:31 AM
Can you imagine what finance like that would do to property prices in Australia??

BTW, thanks for the post, very interesting and informative.
https://www.marketplace.org/2010/09/15/business/how-30-year-mortgage-came-be
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Dean.Collins
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stinkbug
25 Jan 2017, 08:31 AM
Can you imagine what finance like that would do to property prices in Australia??
I hate to say it but I think we are about to find out.......

eg Sydney mortgage rates have creeped up "out of cycle" with RBA and I think people are "over extended" enough that an additional 1 to 1.5% interest rate is going to bring things to a screeching halt......wont fall like it did in the USA (basically the USA fell because of mobility eg you can move to 100 different cities.......no one is moving to Adelaide from Sydney because Sydney property prices fall.

to be honest I'm a 20-40 year investor so what happens for the next 5 years from now I could care less though I know some of you on the board would flip your grandmothers for $200 and a carton of beer so will be interesting to see what happens.
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Bardon
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A Townhouse Sells In Brooklyn. And It Could Be A Record Real Estate Deal

Overall, Brooklyn home sales continue to climb as inventory dwindles.

Home purchases in New York’s most populous borough rose 22% in the fourth quarter from the same year-earlier period, according to appraiser Miller Samuel and brokerage Douglas Elliman Real Estate. The median price of those deals climbed 15% to a record $750,000, the firms say.

The rise is being fueled by falling inventory. The number of homes for sale at the end of December dropped 31%, the fewest since Miller Samuel and brokerage Douglas Elliman started keeping the data in 2008.

http://www.forbes.com/sites/troymcmullen/2017/01/26/a-townhouse-sales-in-brooklyn-and-it-could-be-a-record-real-estate-deal/#70d989c34f4e
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Bardon
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$15 million Dumbo flat sets new record for Brooklyn property prices

Estate agents in Brooklyn are celebrating after the sale of the most expensive flat ever to change hands in the borough.

The three bedroom penthouse in the waterfront district of Dumbo sold for $15 million (£12m), after spending four years on the market. The flat, at the top of a clock tower, features four 14-foot clocks set into the windows, ceiling heights measuring up to 50 feet, and a private glass lift.

It also has views of New York harbour, the city’s bridges and the Statue of Liberty.

Posted Image

http://www.telegraph.co.uk/property/news/15-million-dumbo-flat-sets-new-record-brooklyn-property-prices/
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Tommy
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Bardon
1 Apr 2017, 10:11 AM
$15 million Dumbo flat sets new record for Brooklyn property prices

Estate agents in Brooklyn are celebrating after the sale of the most expensive flat ever to change hands in the borough.

The three bedroom penthouse in the waterfront district of Dumbo sold for $15 million (£12m), after spending four years on the market. The flat, at the top of a clock tower, features four 14-foot clocks set into the windows, ceiling heights measuring up to 50 feet, and a private glass lift.

It also has views of New York harbour, the city’s bridges and the Statue of Liberty.

Posted Image

http://www.telegraph.co.uk/property/news/15-million-dumbo-flat-sets-new-record-brooklyn-property-prices/
BOOM BOOM !
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Bardon
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A better borough but worth a peek.

Manhattan Townhouse Sells for a Record $79.5 Million

The 20,500-square-foot (1,905-square-meter) property, at 19 E. 64th St., had been owned by the Wildenstein family, billionaire art dealers whose gallery was located at the site for more than 80 years. The previous record for a Manhattan townhouse was the $53 million paid for 4 E. 75th St., in 2006, according to appraiser Miller Samuel Inc.

Posted Image

https://www.bloomberg.com/news/articles/2017-04-05/manhattan-townhouse-fetches-79-5-million-setting-price-record
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Bardon
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Demand still increasing.

House Prices in Brooklyn Hit a Record High
Median sales price increased 16.2% to $770,000 in first quarter of 2017

House prices in Brooklyn have hit another record high as the New York City borough’s housing sales market is showing no signs of running out of steam.

The median sales price in Brooklyn increased 16.2% to $770,000 in the first quarter of 2017 compared to a year earlier, according to a report by appraisal firm Miller Samuel on behalf of Douglas Elliman Real Estate released Thursday. This was the third consecutive quarter the borough had record median prices.

MORE: Landlord Sweeteners Remain Key in Manhattan’s Rental Market

Much of this was due to demand continuing to outpace the chronic lack of homes coming to market. Indeed, the number of sales jumped 46.2% to 2,800, while listing inventory fell 19.9% to 2,290, its second-lowest total in nine years.

http://www.mansionglobal.com/articles/59961-house-prices-in-brooklyn-hit-a-record-high
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