"Brownstone is down zone, says new report,"
By Andy Campbell - The Brooklyn Paper

It’s all spelled out in a new report from the real-estate consulting firm Miller Samuel, which conducts the quarterly study for the Prudential Douglas Elliman real-estate firm.

The main findings:
• The price of the average one- to three-family brownstone in so-called “Brownstone Brooklyn” — covering everywhere from Brooklyn Heights to Windsor Terrace — declined by 22 percent in one quarter, from $1.48 million to $1.15 million.

Other types of units in the same geographic area dropped in price by an average of 16.7 percent.

The good news is that the number of total sales increased by nearly 10 percent, though the number of brownstone sales was the same as last quarter.

• The only neighborhoods reporting an increase are the average price of all housing were Williamsburg and Greenpoint, where the average price increased by more than seven percent between summer and the end of last year. But the increase is based heavily on an influx of high-priced condo units, which aren’t selling well.

“It’s the new-development versus resale question — when you look at north Brooklyn, it’s 83.6 percent luxury condos,” said Jonathan Miller, president of the appraisal firm that conducted the study. “When prices slip, you’ll see more buyer activity, and affordability improves.”
Breaking down the data from apartment sales is even more revealing: Apartments with sales prices on the lowest end of the scale — say studio units for an average of $371,000 — saw their prices increase by nearly 20 percent. But apartments that sell at the top end of the housing market — say three-bedroom luxury units that sell for close to $1 million — saw their prices plummet by 10 percent.

• Values can be found right now in Bushwick and Bedford-Stuyvesant, where the average sale price for all housing dropped by nearly nine percent. People are obviously picking up bargains there, as the number of sales in the last quarter of 2009 soared by nearly 24 percent.
Overall, Miller said, it’s definitely a good time for buyers — and yet another hard year for real-estate agents. Sales are up (meaning good business), but prices are down (meaning lower commissions).

“That’s becoming the trend in Brooklyn,” he said.

Other types of units in the same geographic area dropped in price by an average of 16.7 percent.

The good news is that the number of total sales increased by nearly 10 percent, though the number of brownstone sales was the same as last quarter.

• The only neighborhoods reporting an increase are the average price of all housing were Williamsburg and Greenpoint, where the average price increased by more than seven percent between summer and the end of last year. But the increase is based heavily on an influx of high-priced condo units, which aren’t selling well.

“It’s the new-development versus resale question — when you look at north Brooklyn, it’s 83.6 percent luxury condos,” said Jonathan Miller, president of the appraisal firm that conducted the study. “When prices slip, you’ll see more buyer activity, and affordability improves.”

Breaking down the data from apartment sales is even more revealing: Apartments with sales prices on the lowest end of the scale — say studio units for an average of $371,000 — saw their prices increase by nearly 20 percent. But apartments that sell at the top end of the housing market — say three-bedroom luxury units that sell for close to $1 million — saw their prices plummet by 10 percent.

• Values can be found right now in Bushwick and Bedford-Stuyvesant, where the average sale price for all housing dropped by nearly nine percent. People are obviously picking up bargains there, as the number of sales in the last quarter of 2009 soared by nearly 24 percent.

Overall, Miller said, it’s definitely a good time for buyers — and yet another hard year for real-estate agents. Sales are up (meaning good business), but prices are down (meaning lower commissions).

“That’s becoming the trend in Brooklyn,” he said.

BED STUY ALIVE! ENDS WITH HISTORIC BROWNSTONER’S HOUSE TOUR
By Keith L. Forest
The Brownstoners of Bedford Stuyvesant, one of Brooklyn’s most active civic organizations, held its 31st annual House Tour and Bazaar Saturday, October 17. Themed “The Legacy Continues: Restore, Revitalize, Rejuvenate.” the Brownstoners once again showcased a collection of the community’s finest brownstone and limestone homes while making a declaration of the vibrant familial ambiance that has traditionally been rooted in Bed-Stuy

Prior to the kick off of the self guided house tour, attendees were able to participate in a Homeownership Workshop where they received professional advice and resourceful information on surviving the turbulent economy; weatherization; how to maintain their current home and buying smart. The annual Bed Stuy Bazaar was also in full swing offering a variety of arts and crafts while showcasing various neighborhood goods and services.

The highlight of the day was the house tour which historically draws thousands of visitors from all over providing the house enthusiasts a sneak peek into some of New York’s most lavishly restored brownstone and limestone homes. Each participant received a Tour Brochure which in addition to granting them access to the touring homes, also served as a reference tool that documents the unique story behind each home on tour. Attendees once again experience, first-hand, the luxury and sophistication embodied within Bedford Stuyvesant’s brownstone and limestone homes, many of which date back as far as the early 18th century. Participants had the opportunity to speak directly with homeowners to learn about restoration, landscaping, general maintenance and many more of the practicalities of owning a brownstone.

The mission of The Brownstoners of Bedford Stuyvesant, Inc, which has been operating for 30 years, is to faithfully serve this Brooklyn community. Dedicated not only to instilling pride in Bed-Stuy residents, this non-profit, volunteer, civic organization has performed a variety of community services which span from literacy programs to their annual Tax Lien Project. In fact, proceeds from the house tour will benefit the McDonald/Glee Memorial Scholarship Fund, which awards scholarships to college bound graduates of Boys and Girls High School. The Joan Maynard Scholarship is also benefited, which awards college bound graduates of the Historic Boys High School.

Keith L. Forest is a freelance publicist, writer and proud Bedford-Stuyvesant home owner who lives and works in the beloved community. His current blog space mybedstuy.blogspot.com seeks to celebrate the people and places that make up this great community while addressing issues such as gentrification, predatory lending and other ill norms that seek to exploit, discredit and harm the area and its people.

Brooklyn home values slide, sales up
Despite Slight Increase in Sales Bed Stuy Property Value Waivers
By Gary Buiso - Courier-Life Publications

Home values in Brooklyn continued to slide, but sales activity is showing signs of life, surging for the second consecutive quarter, according to a recent report.

The median sales price of all residential properties in the third quarter fell 6.7 percent to $476,000 from $510,000 last year during the same period last year, according to the report, issued by broker Prudential Douglas Elliman Real Estate and Miller Samuel Inc., a Manhattan-based appraiser. The number of sales declined 19.6 percent to 1,847 from 2,298 sales from the prior year’s quarter — but increased 29.3 percent from 1,428 units in the second quarter of the year.

“The jump in the number of sales from the prior quarter reflects a release of pent-up demand from an unusually low level of sales activity seen in the early part of the year that began with the Lehman bankruptcy tipping point on September 15, 2008,” said Jonathan Miller, president of Miller Samuel. “The Brooklyn ‘spring’ market was pushed forward and occurred over the summer as a result.With the increase in activity, listing inventory fell sharply but remains above typical levels.The increase in median sales price from the prior quarter caused by the increased level of sales is the first increase after seven consecutive quarterly declines,” he stated in the report.

There was a 1.7 percent dip in condo median sales price to $496,860 borough-wide compared to the same quarter last year, according to the report, released October 14. Compared to last year’s second quarter, condo sales tumbled 29.8 percent to 463 units — from 660 units in the same period last year, but 24.5 percent above the 372 units in the second quarter.
The median sales price of 1-3 family properties dropped 10.6 percent to $536,300. Sales declined 9.4 percent to 944 units, compared to last year. Still, this figure is up 31.8 percent from last quarter.

North Brooklyn, which includes Williamsburg and Greenpoint, saw a median sales price of $564,110, down 12.1 percent than the prior year quarter. Northwest Brooklyn, which includes neighborhoods such as Boerum Hill, Brooklyn Heights, Carroll Gardens, Red Hook, Park Slope, and Gowanus saw a 14.2 percent decline to $565,000. The number of sales dropped 19.6 percent to 415 units, but surged 69.4 percent above 245 units in the second quarter.
In the southern portion of the borough, sales slipped 4.2 percent to $445,479. Sales fell 14.4 percent to 1,060 units, up 25.3 percent above the 846 units in the prior quarter.

The eastern section of Brooklyn, which includes neighborhoods like Bedford Stuyvesant and East Brooklyn, saw home prices decline 3.5 percent, to $425,962. Sales fell 26.6 percent to 259 units, just 6.6 percent above the 243 units in the prior quarter.

Borough-wide co-op median sales price was up 1.1 percent, to $283,210, compared to last year at this time, while sales fell 26.5 percent, up 29.4 percent from the second quarter.
The median sales price of luxury properties, representing the highest 10 percent of all Brooklyn co-op, condo and 1-3 family home sales, was $1,210,000, down 13.7 percent, according to the report.