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[When Brooklyn Was The World] 4Q 2008 Brooklyn Market Overview Available For Download

The 4Q 2008 Brooklyn Market Overview [1] that I author for Prudential Douglas Elliman [2] was just released.

The President and CEO of Prudential Douglas Elliman, Dottie Herman [3], is a big believer in publishing market data to create more transparency for consumers in the market her firm serves – Manhattan to Montauk.

Other reports we prepare can be found here. [4]

Customized tables for the 4Q 2008 Brooklyn data [5] and a series of updated charts [6] are available on our corporate site.

A report excerpt

…The median sales price was $490,000, down 7.5% from the prior year quarter result of $530,000 and down 3.9% from the prior quarter result of $510,000. The year over year change in quarter median sales price has declined for 5 consecutive quarters beginning in the fourth quarter of 2007 when the decline was 0.9%. Subsequent quarters resulted in declines in this metric of 1%, 1.9%, 5.6% and 7.5%. In addition, this is the first time the indicator fell below $500,000 since the first quarter of 2006 when the median sales price was $499,500. Average sales price for the quarter was $559,338, down 5.2% from the prior year quarter average sales price of $590,169 and down 2.8% from $575,287 in the prior quarter. Brooklyn showed declines in median sales price more than a year ahead of Manhattan…

The media coverage of the report is available here [7] as they were obtained (in no particular order). In addition, the headlines and respective links to articles listed below are a fun way to see how the media interprets the report content since every outlet was working off the same information.


Brooklyn Apartment, Home Prices Drop 7.5% as Recession Hits [Bloomberg] [8]
Brooklyn Housing Boom: Dude, It’s So Over [New York Observer] [9]
Q4 Brooklyn Reports Show Bloodletting, Except Brownstones [Curbed] [10]
Brooklyn housing market still suffering [Crains] [11]
Brooklyn apartment sales prices fall 7.5 pct -report [Reuters] [12]
Brooklyn Real Estate Begins to Collapse, Too [Gothamist] [13]
Brooklyn apartment sales prices fall 7.5 pct -report [Forbes] [14]
Brooklyn Real-estate Market Reports: More Sobering News [New York Mag]
Elliman: Condos Down, Co-ops Flat, Brownstones Up in 4Q [Brownstoner] [15]
Brownstone Brooklyn prices unscathed in fourth quarter [The Real Deal] [16]
Brooklyn Housing Market Hit [WNYC] [17]
Experts: Real-estate boom about to go bust [The Brooklyn Paper] [18]


4Q 08 Brooklyn Market recap [WNYC Radio]
Brooklyn Housing Market in 4q 2008 [Bloomberg Radio]