City condo sales head south

Just finished reading this Crain's article. Thought others might be interested....enjoy.... April 07, 2009 3:45 PM City condo sales head south Number of sales down 61% in Brooklyn, not far behind Manhattan’s 63% plunge. Queens and Bronx: sales volume down 58% and 50%, respectively. By Amanda Fung [+] Photo by Buck Ennis Related Stories » Manhattan condo sales plummet Condominium sales in the... [more]

Just finished reading this Crain's article. Thought others might be interested....enjoy.... April 07, 2009 3:45 PM City condo sales head south Number of sales down 61% in Brooklyn, not far behind Manhattan’s 63% plunge. Queens and Bronx: sales volume down 58% and 50%, respectively. By Amanda Fung [+] Photo by Buck Ennis Related Stories » Manhattan condo sales plummet Condominium sales in the boroughs outside of Manhattan plummeted in the first quarter, but several neighborhoods are still faring better than others, according to a report released Tuesday. While Manhattan saw a 63% decline in condo sales in the first three months of 2009 from the year-earlier period, Brooklyn wasn’t far behind, with a 61% drop in sales volume. Meantime, sales in Queens and the Bronx were down 58% and 50%, respectively. The data come from a quarterly study conducted by ResidentialNYC.com, a web site operated by the Real Estate Board of New York. “The declines were to be expected given the economy,” Steven Spinola, REBNY’s president, said in a statement. “However, we must keep in mind that for a time New York City remained insulated from the housing market declines in other parts of the country.” Despite the sales volume drops, average sales prices held up in Queens and the Bronx as well as in a few Brooklyn neighborhoods. Indeed, the average condo price in Queens rose 21%, to $486,000, from the year-earlier period, while the average price in the Bronx increased 4%, to $269,000. A number of first-quarter closings in new developments, such as 50-09 2nd St. and 10-40 46th Rd. in Queens and 53 Beacon Lane in the Bronx, contributed to boosting average prices in the boroughs. Brooklyn neighborhoods Park Slope and Greenpoint also recorded increases in average sale prices for condos for the period studied. Condo prices in Greenpoint were up 7% year-over-year in the first quarter, to $543,000, while prices in Park Slope were up 6%, to $698,000. “Park Slope has been an established neighborhood for some time now,” said Michael Slattery, senior vice president at REBNY, noting that new developments did not skew results in these two Brooklyn areas. “There will be continued interest in these neighborhoods.” Citywide, average condo sale prices fell 10%, to $1.2 million, the report said. Prices in Brooklyn recorded the largest percentage drop compared with other boroughs, tumbling 12%, to $516,000, from the year-earlier period. In Manhattan, average prices fell 5%, to $1.7 million. Filed Under : Commercial Real Estate, Economy, Residential Real Estate [less]