< All Press

Sandy $torm drain

Hurricane Sandy ravaged home values in Brooklyn and Queens, with the average sale price plunging 30 percent in the Rockaways, according to new market data.

Throughout Queens, the average home-sale price — that’s counting all co-ops, condos and one-to-three family homes — was up a significant 9.4 percent, from $395,264 in the fourth quarter of 2011 to $432,503 in the fourth quarter of 2012, according to Douglas Elliman.

But the Sandy-damaged Rockaways painted a different picture.

The average sale price there plunged from $497,330 in the fourth quarter of 2011 to $348,095 in the fourth quarter of 2012.

The number of sales also plunged a dramatic 67 percent — from 93 in the fourth quarter of 2011 to 31 in the fourth quarter of 2012, the report shows.

“In the Rockaways, they got hit so badly, there’s nothing you can sell,” said Dottie Herman, CEO of Douglas Elliman.

“Unless you want to pick something up for nothing or get the hell out, you will have to wait and rebuild — and rebuild to new codes, or it will happen again — before people start buying,” Herman explained.

There was a similar trend in Brooklyn. Throughout the borough, the average sale price increased 15.9 percent — that’s from $529,640 in the fourth quarter of 2011 to $613,650 in the fourth quarter of 2012.

But areas hit hard by Sandy, like Red Hook, Sheepshead Bay and Coney Island, saw far fewer sales last quarter than usual.

In Coney Island, there were only nine sales in the last quarter of 2012 — that’s far less than the 24 home sales in the last quarter of 2011, when the average sale price was $329,925.

Because there were so few sales, there wasn’t enough information to trend the average price, said real-estate appraiser Jonathan Miller.

“There’s a lot of damaged property that people are selling at reduced prices because they want to get away from the water,” said Michael Guerra, managing director of Douglas Elliman’s Brooklyn offices.

In Red Hook, there were nine sales in the fourth quarter of 2012, with an average sale of $956,667.

In the fourth quarter of 2011, there were seven sales there, with an average price of $1.24 million.

“Markets like Red Hook have so few sales that one large sale makes the neighborhood seem more pricey than it is,” Miller said.

Get Weekly Insights and Research

Housing Notes by Jonathan Miller

Receive Jonathan Miller's 'Housing Notes' and get regular market insights, the market report series for Douglas Elliman Real Estate as well as interviews, columns, blog posts and other content.

Follow Jonathan on Twitter

#Housing analyst, #realestate, #appraiser, podcaster/blogger, non-economist, Miller Samuel CEO, family man, maker of snow and lobster fisherman (order varies)
NYC CT Hamptons DC Miami LA Aspen
Joined October 2007