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2010 Ends With Downward Sales Slide in Brooklyn and Queens

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At the end of the third quarter of 2010, it was the Brooklyn and Queens market reports that reminded us not to get too excited about the alleged real estate rebound. Now, following reports of normality for Manhattan's fourth quarter, the Brooklyn and Queens reports from Elliman and Corcoran once again keep our feet on the ground for the end of 2010. In both neighborhoods, prices went up year-over-year, but the number of sales dramatically declined. For this we can thank the expiration of the federal tax credit, a shrinking of inventory, and the return to seasonal market patterns. But of course, Brooklyn and Queens are not the same, so let's break this down by neighborhood.
In Brooklyn, median sales prices were up 6.2 percent, to $475,000. But the number of sales fell by 29.9 percent from the same period in 2009?at least on average. Greenpoint and Williamsburg, the Elliman report's North Brooklyn, once again remained above it all, with 5 percent dip in sales prices from 2009 but a 21.1 percent increase in the number of sales. Brownstone Brooklyn did okay for itself, too, with a 30.6 percent increase in the number of sales (and a 7.4 percent drop in median prices). Analysts tell the Journal and Crain's that sales doubled in Brooklyn's over-$1 million market from 2009. Not that worries about that particular market segment were keeping us up at night!

Over in Queens, median sales prices rose both year-over-year (by 5.4 percent) and from the third quarter. But the overall number of sales plunged 41.7 percent from the same period in 2009. This decline showed up even in Northwest Queens, where LIC, Astoria, and their new development condos are to be found. Those new condos made up only 23 percent of all sales in the fourth quarter, compared to 34.9 percent one quarter earlier. Maybe an auction will boost those numbers for next time.
· Market Reports [Elliman]
· Market Reports [Corcoran]
· Market Reports coverage [Curbed]