On this day the real estate boom died and was officially buried, we also have analysis of how the death march is going to make its way across Brooklyn, Queens and, of course, the other boroughs. It may not be pretty
Slower sales, for one thing, a sluggishness that’s dragged from the summer into an uncertain fall. With this could soon come price tumbles. And with that, from the Bronx through Queens, Brooklyn and Staten Island, the decade’s first real buyer’s market. It’s all thanks to the calamitous financial events in Manhattan.
1) Statistics: Per Jonathan Miller, Brooklyn condo sales dropped 11.3 percent in the second quarter, from 778 to 690, according to Miller Samuel. Prices are still going up, but the average condo sales price increased just 4.9 percent from the previous quarter, compared to 8.6 percent fin the same quarter last year.
2) Slowdown: At One Hanson, which sold 80 percent of its units before the market slipped into critical condition, the sales director says that "the lookers" seeking a second or third property "are gone" and that “we have seen a slowdown."
3) Not 'catastrophic': "We probably haven’t seen the September that we wanted to," says Highlyann Krasnow at the Developers Group, "but we’re still doing sales. So it’s not as catastrophic as the media wants to see it as. The sky isn’t falling as far as we’re concerned."
4) Brooklyn Developments: At One Brooklyn Bridge Park, 30 to 40 percent of the 449 units have sold since April 2007. At the Edge in Williamsburg, about 20 percent of the building’s 575 units have sold in five months, but the condo is 15 months from opening. Viridian, at 110 Green Street in Greenpoint "has sold fewer units than expected since opening in June."
5) Queens Developments: The developer of the 1,100 unit Sky View Parc in Flushing is "unconcerned" and sales are said to be "moving tidily" as of, uh, July 31 when the second of six towers went on sale.
6) Bronx Developments: The Riverdale developments are doing so-so. For instance, the Arbor had sold 13 of 127 units in May and Columbia University has offered to buy the building and convert it to rentals for faculty.
For more stories from Curbed, go to curbed.com.