From Crains NY:
Brooklyn housing boom pushes sale prices and rentals to new highs
Rents and home prices reached record levels in Brooklyn during the second quarter of 2015, according to a market report released Thursday.
The average sale price for a Brooklyn home reached a record $788,529 during the second quarter, according to a report by Douglas Elliman Real Estate. The price inched above the previous high-water mark the same time last year by $5,233. Historically low inventory, a lack of new product being built and tight credit conditions contributed to the increase.
As a consequence, many people who would have purchased a home continued to rent, especially in popular Brooklyn neighborhoods. That pushed median rent in the northwestern portion of Brooklyn, which runs from Greenpoint and Williamsburg down through Park Slope, to an all-time high of $2,964 a month.
“Whether you’re renting or buying, you’re looking at higher housing costs,” said Jonathan Miller, chief executive of Miller Samuel, the firm that prepared Douglas Elliman’s report. “As a general rule, this is not necessarily a good thing for a city that is creating jobs, because the people who fill them might not be able to afford to live here.”
Granted, Brooklyn did record a 35% increase in the supply of for-sale homes compared with the same period last year, according to a report from the Corcoran Group. But those apartments came on the market after three quarters of declining inventory, and were being snapped up at a historically high pace, only sitting on the market for an average 71 days.
Meanwhile in Manhattan, the median rent rose 2.1% to $3,369 a month in the second quarter, according to the Douglas Elliman report. And just last week, a flurry of market reports noted that the average sale price there also reached an all-time high.
Good Morning New Jersey
Good Morning Mike
From HousingWire:
Home sales reach 8-year highs but what comes next?
Housing activity has strengthened in recent months, as gains in both new and existing home sales in May pushed total sales up to their highest level in eight years.
Analysts say a combination of job creation growth and an overdue upturn in mortgage lending, along with high levels of consumer confidence should ensure that this strength continues.
But for how long, and what could change it? What’s it mean for the rest of 2015?
“From 5.4 million in 2014, we expect total home sales to average at least 5.7 million this year, before rising to around 6 million by 2017. That would be the strongest performance of home sales in 10 years,” says Ed Stansfield, chief property economist for Capital Economics.
Stansfield says events both domestic and abroad are either good for housing, or won’t have any negative affect.
Market felt as though it was going to go into a summer slow down as we approached 4th of July weekend. This week the pace appears to have picked right back up to what I was seeing in June. Yesterday I had multiple offers on 2 properties and both are now in attorney review.
Anecdotally, have seen a number of what I thought were relatively overpriced properties move very quickly into AR (within days of listing). Two in particularly locally were closed within 30 days of listing, which was very surprising to me. This is just local neighborhood perspective.
well, exactly, socialize it 100% like Medicare
or the like the Army…a government run institution which is the envy of the rest of the world
jcer says:
July 9, 2015 at 3:12 pm
our healthcare system is worse than socialized, it is a heavily regulated industry dominated by a few major players. It functions nothing like the free market and unlike socialized medicine where the government really has total control the current system is somewhat byzantine where everyone is doing their own thing.
6- Anon, good point.
@ianbremmer: Unfettered pursuit of money is “the dung of the devil.” – @Pontifex
I’m pretty sure Medicare isn’t the envy of the world.
Whites are now officially a minority in California
[6] anon
Putting aside the fact that medicare is not, by any political metric, 100% socialized (ask your God, Ian Bremmer if you don’t believe me), you present and interesting juxtaposition: soc1alism and the military.
I submit there is a darker side to your soul than you let on, and that you would gladly join President Sander’s Red Guards if given a chance.
Some more of anon’s kind of legislators:
http://news.investors.com/ibd-editorials/110813-678648-democrats-would-force-doctors-to-participate-in-medicare-medicaid.htm
I do believe that when Obamacare, single payer and public option were being discussed, I posited that this would happen. It hasn’t, but as Curly famously said in “City Slickers”, “the day ain’t over yet.”
True? or is it just that they have slipped from being the majority to a plurality?
Alex says:
July 10, 2015 at 8:49 am
Whites are now officially a minority in California
Some sage advice for the beach this summer.
http://www.myfoxdetroit.com/story/29482085/shark-attack-advice
This one steams me….these people have no idea about bad things were….
There’s a new homeless shelter in Alphabet City — Tompkins Square Park.
The East Village green space has become an encampment for the surging number of city vagrants, with many sleeping through the day amid dog walkers and moms with strollers.
“I really don’t enjoy the beauty of the park anymore because I’m too scared to walk through it,” said NYU student Christine Gal, 19, who lives nearby. “I would say it has doubled in the last six months.”
Gal added that she has been verbally harassed by “aggressive” bums and now avoids the park at night.
A parks worker called the urban oasis “scary,” saying it’s riddled with bums who have drug problems.
“There are a lot more homeless than there was,” the worker said. “There is a shelter nearby, but many of them don’t want to go there.”
One woman is worried about bringing her 6-year-old daughter to the park.
“Some of them are junkies. They’re standing there almost falling down or sitting there slumped over,” the 39-year-old woman said. “My daughters asks, ‘Mommy, why are the men sleeping?’ And that’s not something you want to explain to your child.”
Modal Trigger
On Thursday afternoon, a herd of homeless people sprawled across the lawn.
Three men shared a cardboard-box bed for most of the afternoon. One haggard man ventured onto the streets around noon, leaving his makeshift bed behind.
A few feet away, hobos sought shelter under a cluster of trees, snuggling up in sleeping bags.
It was a similarly seedy scene across town at Washington Square Park, where one homeless woman spent the night in the fountain and about a dozen others camped on benches or on the ground.
“I’ve been coming here since the ’70s, and I see more homeless people here now than ever before,” said artist Phillip Solomon, 61. “It’s terrible that people should be living in a park without anywhere to live.”
Park-maintenance worker Anthony Drapper, 22, blamed the city for not doing more.
“If they were better taken care of, I don’t think they would be in the park, just lying around.”
Mayor de Blasio admitted Thursday that he is worried about the homeless problem.
“I think it’s a real concern, and I share the concern of my constituents who have said to me they’re worried that there are homeless people on the streets,” he said.
@ianbremmer: Unfettered pursuit of money is “the dung of the devil.” – @Pontifex
Says the hypocrite who owns the 7 million dollar brownstone on Downing Street.
Anon = moron
Chi…I mentioned here that almost immediately after the lesbian lover took office, walking through Penn Station reminded of the late 70s Port Authority. One literally had to play Frogger to get down the steps and through the hallway that connects the NJT Transit waiting area with the LIRR to avoid stepping on the homeless. I don’t doubt for one minute that a directive was issued from DiLousyo that told the police to stop moving the homeless to shelters.
Chi…I mentioned here that almost immediately after the lesb1an lover took office, walking through Penn Station reminded of the late 70s Port Authority. One literally had to play Frogger to get down the steps and through the hallway that connects the NJT Transit waiting area with the LIRR to avoid stepping on the homeless. I don’t doubt for one minute that a directive was issued from DiLousyo that told the police to stop moving the homeless to shelters.
Ian Bremmer gets paid 30K to 50K to speak. Perhaps he should be doing it for free?
http://www.eaglestalent.com/Ian-Bremmer
[15]Pumpking, anon, and glutmax were having a GTG
Three men shared a cardboard-box bed for most of the afternoon.
DeBlasio could always ask Guliani how he addressed homelessness. I’m pretty sure it involved the SI Ferry and depositing them in Newark or buying them greyhound tickets to other cities or maybe it was train tickets to Newark Penn.
you guys lost once again
@nytimes: Closing a chapter on a symbol of the Deep South, South Carolina lowered the Confederate battle flag
Who are you guys? I don’t think a single person here supported the flag flying on the statehouse. You have a sickness.
[21] If they remake the Dukes of Hazzard again the car will be called The General Mao.
Who are “you guys”? I didn’t know anyone here liked to wave the Confederate flag.
This should help raise a different flag:
http://tinyurl.com/daisydukeforanon
anon (the good one) says:
July 10, 2015 at 10:32 am
you guys lost once again
Anon- Go f!st yourself.
Guliani forced the homeless into shelters. It was that simple. The vast majority of them are mentally ill. The floor of Penn Station is not doing them or me any favor.
I remember a few years back, a NJ Transit customer was killed by a homeless person during the evening rush in the bathrooms in the NJ Transit waiting area. But better to leave these mentally ill in public waiting rooms than in shelters where there’s security and occasionally help.
26 Yep whatever it is I don’t like the increase homeless population around nyc.
https://www.youtube.com/watch?v=EQXE2geQ7lg
[21] anon,
You lost too.
http://www.dailymail.co.uk/news/article-2567388/Stunning-map-reveals-100-statues-Lenin-toppled-Ukraine.html
anyway, the reason I poked my head in this morning.
Omar Sharif<Vigoda
12
Comrade,
Saying this with as little antagonism as possible… do you ever link to your previous prognostications?
Seriously, I will pay for the extra security and their drinks if anon, fagian and footrest show up at a GTG so we can heap scorn on them.
I already know what the leprechaun looks like, but I’d be curious to see if anon and footrest are as pathetic as the mental images I have of them.
[31] joyce,
No, and here’s why.
First, I am not so technically proficient that I can easily search for them.
Second, I find that others are, and have been (on occasion) motivated to do so.
That said, I have a brief break in assignments and should give it a try.
My Dad goes to the VA a lot. If that’s government run healthcare, I want no part of it.
anon (the good one) says:
July 10, 2015 at 8:01 am
well, exactly, socialize it 100% like Medicare
or the like the Army…a government run institution which is the envy of the rest of the world
[31] joyce,
For example, I ran a search that should have shown my post today but it said nothing found. Perhaps I am doing something wrong but insofar as this doesn’t seem to be working for me, I’ll not devote more time to it.
and we’re now using the US Military as a shining example of a well run organization?
Yeah, I guess with a trillion dollar budget and zero oversight, they’ve gotten pretty good at blowing things up. And if a few hundred billion dollars goes unaccounted for every now and then… no big deal.
Yup. True.
The Original NJ ExPat says:
July 10, 2015 at 11:01 am
https://www.youtube.com/watch?v=EQXE2geQ7lg
Comrade,
Are you using this site’s search function, google, or something else?
I wonder when the market implodes and the Repugnicans get back in control, will Anon and Otto have as much faith in letting the government run everything?
[38] Joyce,
I used the site’s function. It wouldn’t even return my name.
But you got under my skin and I used Google. Problem is, that’s a lot of work, but for you Joyce, I made an exception just this once:
“Comrade Nom Deplume says:
September 20, 2011 at 9:17 am
(14) Ag
The dem goal is single payer. Obamacare is intended to do what you say, and dems are counting on backlash to squeeze-out to get there.
If they can’t get it, the dems will conscript the medical community by forcing doctors and hospitals to accept gov patients. Docs that don’t will lose their tax deductions, licenses and hospital privileges, and hospitals will lose tax exempt status.”
[40] redux
That was nearly 4 years ago. And I am sure I said the same thing at other times, but I haven’t the time to cull google. If you do, have at it.
Salt mine beckons . . .
As long as a key word you’re searching for isn’t too common if you know a key phrase, it’s fairly quickly and easy.
White people may be a minority in Cali but wait till the Latinos hit their 2nd and 3rd generations, all the light-skinned ones will be born-again white folk and racial balance will once again be restored to the Empire (for the time being).
I was saying good point to the public run military. It’s a govt institution that is the envy of the world.
Ben says:
July 10, 2015 at 8:46 am
I’m pretty sure Medicare isn’t the envy of the world.
Are things so bad that now the Latinos don’t want to be white?
40- nom, nice job….looks like you might be spot on.
[42] Joyce
“As long as a key word you’re searching for isn’t too common if you know a key phrase”
That’s part of the problem. Generally, I don’t remember precisely word for word what I said so I use general terms.
Also, Google links me to the day’s thread, not the actual post. So I have to scan the entire thread. And if someone else used that term, I may be scanning an entire day when those terms showed up in different posts, written by different people. Thus, while the words I used may be in that thread, they are just words and I went on a wild goose chase.
In sum, it is still a lot of work to search through the google results and I really do not have that kind of time, something I get chided for saying but there it is. I have my priorities and this place is pretty far down on that list (nothing personal Grim).
True. Mostly all the Latino countries are run by the “white Latinos”. The ancestors of the Creoles.
horibavyontoshiba says:
July 10, 2015 at 12:27 pm
White people may be a minority in Cali but wait till the Latinos hit their 2nd and 3rd generations, all the light-skinned ones will be born-again white folk and racial balance will once again be restored to the Empire (for the time being).
48 – Racist
If you say so. I have no problem speaking the truth. How that makes me a racist is beyond me.
D-FENS says:
July 10, 2015 at 2:17 pm
48 – Racist
You realize a good majority of the Latinos are white, right? If they are not poor, chances are they have skin just like mine. Pointing that out makes me racist?
“As of 2010, 50.5 million or 16.3% of Americans identified as Hispanic or Latino.[1] Of those, 26.7 million, or 53%, also identified as White.”
https://en.m.wikipedia.org/wiki/White_Hispanic_and_Latino_Americans
Aha, I think I caught Anon and company in the act. Grim, do Anon and D-FENS have the same IP?
My son plans to identify as black in sympathy on his college applications. Cause college should be free for all. At least that’s what Obama and Sanders say.
[46] pumpkin,
Thanks but it wasn’t much of a stretch to predict the possibility of the issue. As I noted, it hasn’t come to pass (yet).
But here is a more robust version of my thesis, published two years later.
http://www.forbes.com/sites/merrillmatthews/2013/11/25/when-will-the-government-start-forcing-doctors-to-see-obamacare-patients/
[55] redux
And lest we forget, there are very imaginative lawyers out there, working for the progressive cause. Want to force docs to accept more medicaid patients but don’t have the legal authority to compel them? Come up with something else.
http://www.amednews.com/article/20070723/government/307239984/6/
[55] redux
And another state legislator takes up the mantle, this time in Oregon
https://www.thelundreport.org/content/trillium-pushes-bill-force-lane-county-doctors-take-medicaid
Oh ok I see. So you’re saying only the brown ones are poor. I gotcha.
The Great Pumpkin says:
July 10, 2015 at 2:31 pm
You realize a good majority of the Latinos are white, right? If they are not poor, chances are they have skin just like mine. Pointing that out makes me racist?
58, what Pumpkin is saying holds in Latin America but in the US brown folks through their hard work and effort can achieve success and wealth. I know quite a few latinos with clear Amerindian or Afrohispanic background who have earned success and came from poor backgrounds so in the USA that doesn’t necessarily hold as it does in LatAm where the rich white land owners continued the encomienda system long after it was technically abolished.
[55] redux, fin
But remember, the ultimate goal wasn’t to make medicaid acceptance mandatory, it was to make it unavoidable. This from 2011:
“but the way to really force [doctors] to accept less is to expand Medicare and Medicaid, to make it such a big actor in the market that it cannot be avoided.”
http://firedoglake.com/2011/09/21/the-dangers-of-cutting-medicare-and-medicaid/
Nice
http://www.nj.com/news/index.ssf/2015/07/webcams_recorded_us_in_the_sex_club_we_accidentally_rented_couple_alleges.html#incart_river_mobileshort
I forgot to hit send early this AM on this post. oh well.
All City of Boston RE is now *selling* at all time highs.
The bad neighborhoods are now selling at 15% above their 2005 peak and the better and good neighborhoods are selling 19%-30% above their 2006 peak.
Can someone with GSMLS access let me know what the projected closing date is for 590 Ridgewood Ave in Glen Ridge?
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