The Wall Street mess has crashed into Hamptons home prices.
Third-quarter median home sales price for the Hamptons and North Fork plummeted by 17.3 percent from a year ago and 10.8 percent from the preceding quarter, the biggest drops in more than four years, according to the Manhattan-based Miller Samuel appraisal firm.
The $729,000 median price is a far cry from last year's $882,000, which represented a 23 percent increase from the third quarter in 2006, according to the report, commissioned by Prudential Douglas Elliman Real Estate. There were 355 sales in the third quarter, a decrease of 16.9 percent from a year ago and 34.4 percent from the preceding quarter, data showed.
Thursday, October 30, 2008
Sunday, October 19, 2008
Real Estate: Brooklyn home prices tumbled 5.6%
Brooklyn Home Prices Drop as Banks Cut Jobs and Curb Lending. “Real estate appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate: Brooklyn home prices tumbled 5.6% in Q3 as Wall Street job losses reduced demand for real estate in the New York borough across the East River from lower Manhattan. The median sale price for a home in Brooklyn fell to $510,000 from $540,000 a year earlier. The number of sales tumbled 38% to 2,298.”
Monday, October 13, 2008
Crisis squeezes NY property market
Property developers and financiers - including Israeli companies that have invested heavily in everything from trophy office buildings to Brooklyn residential renovations - are being whiplashed by the spreading credit crisis, which has brought New York's real estate market to a screeching halt.
Some are rushing to draw down credit lines before they are withdrawn, while others, following the example of Israeli billionaire Lev Leviev, are chasing down rapidly disappearing capital to shore up their balance sheets.
Longtime players in the market said they expect a protracted shakeout as the nosedive on Wall Street and the paralyzed global economy erase demand for every kind of real estate, from luxury condominiums to sparkling new office towers - at a time when Israelis own more of both than ever before.
Some are rushing to draw down credit lines before they are withdrawn, while others, following the example of Israeli billionaire Lev Leviev, are chasing down rapidly disappearing capital to shore up their balance sheets.
Longtime players in the market said they expect a protracted shakeout as the nosedive on Wall Street and the paralyzed global economy erase demand for every kind of real estate, from luxury condominiums to sparkling new office towers - at a time when Israelis own more of both than ever before.
Tuesday, October 7, 2008
Manhattan real estate: Pricey but headed for a fall
NEW YORK (CNNMoney.com) -- The crisis on Wall Street hasn't hit the high cost of Manhattan real estate, but the economic slowdown has curbed the number of deals in the Big Apple, according to reports out Friday.
Sales figures from four major New York real estate agencies showed the average price for a Manhattan apartment rose in the third quarter over last year. At the same time, the number of apartments sold in the quarter declined sharply.
"The events of the second half of September in the financial markets and Washington have not shown up in the market data for the quarter, aside from the lower level of sales activity compared to last year's record levels," said Jonathan Miller, president of New York real estate firm Miller Samuel.
Sales figures from four major New York real estate agencies showed the average price for a Manhattan apartment rose in the third quarter over last year. At the same time, the number of apartments sold in the quarter declined sharply.
"The events of the second half of September in the financial markets and Washington have not shown up in the market data for the quarter, aside from the lower level of sales activity compared to last year's record levels," said Jonathan Miller, president of New York real estate firm Miller Samuel.
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