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June State O' the Market Report: Recovery Alert at Code Orange

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Happy June! As usual, a new month means it's time to consider the big issues facing the city's real estate market (yeah yeah, it's June 7th; sorry, our power nap went on a bit long). The quandary: whether there's something to all the chatter about market recovery. The Post finds some fairly high-end properties that have seen bidding wars recently, like a 2BR at 75 Prospect Park West that sold for $1.55 million after being listed for $1.095 million. Proclaims one broker, "There is very little fear in the market right now." This week's New York also checks in with some struggling new developments and finds some positive signs.

One possible exception? Northwest Brooklyn. Recovery in Williamsburg, Greenpoint, and, uh, Red Hook could be six months or more behind Manhattan, according to a report cited by Crain's. But the tally of development and conversion sales in those Brooklyn neighborhoods so far this year stands at $22.3 million, an improvement over the numbers from this time last year. Do you feel the good vibrations, or all these tests of recovery bringing back false positives?
· Bidding wars for select properties in NYC [NYP]
· How Six Successful Developers Clawed Their Way Back Into Business [NYM]
· Slower rebound for battered NW Brooklyn [Crain's]