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NYC Square Footage and Median Price Differentials: Brooklyn August 6, 2009

Posted by John Watch in AccuriZ Reports.
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A new AccuriZ report titled “Square Footage and Median Price Differentials,” highlights the property data and  sales activity of New York City and the differnces between median sale price and price per square foot. Below is an excerpt from the Brooklyn section of the report. To see the full Brooklyn report, as well as the additional boroughs, CLICK HERE

Real Estate is like a set of Russian Nesting Dolls.  Analysts tend to focus on the entire market, with minimal effort given to the underlying components.  As you examine various segments of the markets, different pattern emerge. Generally in real estate there are three rules:  Location, Location and Location.   And in the current market, if you do not have to sell you don’t.

Real Estate comprises of three elements:  Cyclical, Seasonal and Emotional. The present market comprises of all three, which is extremely rare.

Source: AccuriZ.com

Source: AccuriZ.com

Public records and statistical analysis show that unlike Queens and the Bronx, Brooklyn appears to be experiencing more of a valuation decline in the two and three family market, as well as properties with residential units with a commercial component.  Single family residences are declining at a lower rate than the Borough as a whole.

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