Manhattan's Bounce Detectable in Brooklyn?


The cover story in this weekend's real estate section of the Times is about how the Manhattan market is showing signs of recovery. Brokers say that in the past couple months deals have been picking up for most kinds of properties (pricey new condos are the big exception). Still, prices are off about 30 percent from the same period last year, and there were 55 percent fewer closings recorded in public records at the end of May of this year as compared to the same quarter last year. Appraiser Jonathan Miller isn't seeing anywhere near a full recovery yet: "'You did see an upturn in activity this time of year,' he said, but 'it was not a robust spring.' Mr. Miller said that the spring did not 'undo the damage that occurred last fall' during the banking crisis, and that prices still appeared to be slipping, though at a slower pace than earlier in the year." Still, brokers say there have been bidding wars in recent weeks and that would-be buyers who sat on "the sidelines" in the past few years are now looking to buy property in Manhattan based on the idea that they can now get more bang for their buck. The question for us, unaddressed in the article: Is the Brooklyn market showing any of the same tentative signs of rebounding?
Honk if You Think It's Over [NY Times]
Photo by Amazin' Jane.

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