What Manhattan Prices Buy in Brooklyn
Condo and co-op prices dropped in brownstone Brooklyn neighborhoods like Carroll Gardens and Park Slope in the first quarter of 2008, according to a new report from the Corcoran Group. Manhattan owners—and those who can afford to be some day—should take note.
The average sales price of Brooklyn condos and co-ops combined dropped 10 percent from the fourth quarter of 2007 through the first of 2008 to $615,000. The median price dropped as well, 7 percent to $549,000.
And townhouse prices across the spectrum tumbled quarterly. The average sales price for a one-family townhouse dropped 8 percent to $1,390,000; and the median dropped 11 percent to $1,150,000. For larger townhouses the drops were steeper—the average sales price decreased 25 percent to $1,445,000.
These Brooklyn price declines reflect a much different reality than the one dominating the Manhattan housing market. There, prices jumped considerably. Case in point: The average sales price for a Manhattan apartment was $1,722,991 in the first quarter of 2008, according to appraisal firm Miller Samuel. By the Corcoran numbers, that means the money for an apartment in Manhattan would buy someone a fairly above-average townhouse in Brooklyn (and maybe a condo, too, for the heck of it).
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Only losers move to Brooklyn. That's why their market is going down the toilet.
5:08 you're probably a renter and have never accumulated any money to even make a downpayment. You have no clue what a brownstone and its yard offers compared to your 600 sq ft apartment in Manhattan...and the people are far more friendly...not the paranoid, neurotic Manhattan types... I know...I left Manhattan and now have a 2,800 sq ft brownstone for less money than I sold my condo. On top of it I go from $13,000 a year in taxes and condo fees to $1,650 a year in taxes...Who's the loser now???
Only losers feel the need to prove their self-worth. Chill 5:28.
Yep, I'm a loser and I love it!!!
Only schmucks coming to New York from the Midwest move to Manhattan. Enjoy your giant east coast Disneyland.
5:08 I am with you, not a loser to get more for your money and not have to kill yourself to keep it. There is nothing in Manhattan that is worth having to work 24/7 to pay for. What kind of life is that?
You're obviously very insecure to put down other boroughs... otherwise this article wouldn't have mattered to you. "Only losers need to prove their self worth?" Sounds like that was you in the first comment on this page.
I'd love to see a breakdown of where these brownstones are. I have a feeling that there's been very little drop (if at all) in brownstones in the more desirable parts of Brooklyn: Park Slope, Brooklyn Heights, Prospect Heights. That's not to say it won't happen, but I don't think it has yet.