Williamsburg Brokerage Owner: Prices Down '10 to 12 Percent' in '07
but infirm apartment houses.
The owner of one of Williamsburg's biggest brokerage firms, Aptsandlofts.com, said that the Corcoran Group's 2007 market report was "wrong" in estimating that the average price of a condo in the neighborhood had increased 8 percent since 2006.
David Maundrell told The Observer on Friday afternoon that "there was no way" that the average price of a condo in the Williamsburg market had risen from $817,000 in 2006 to $880,000 in 2007, as the Corcoran report concludes.
"Their data is wrong. We've seen the market come down 10 to 12 percent across the board since it peaked in the beggining of 2006," he said.
"Prices were astronomically high, even inflated so they had to come down," Mr. Maundrell explained of the causes for the slump. "Plus there has been a lot more development and competition, and sales were also impacted by [interest] rates, which helped the rental market in 2007."
Overall the Williamsburg/Greenpoint condo market is doing "OK," according to Mr. Maundrell. There was still demand for apartments in large-scale developments and luxury condominiums in 2007, he said, buyers were just taking more time to close. Meanwhle apartments in buildings with fewer than 20 units fared poorly in 2007 and co-ops in the neighborhood remain "very difficult to sell."
The housing market was comparatively strong last year, and Mr. Maundrell said townhouses in Williamsburg and Greenpoint were undervalued in 2007, because people are attracted to the amenities offered at luxury residential buildings.
"Buying a townhouse in Williamsburg is a fantastic deal, but there’s just not a lot of inventory," he said. "We just sold a three-family townhouse on the second stop of the L for $1.35 million."
More residential development in Williamsburg could even push prices down, said Brooklyn blogger Jonathan Butler, founder of Brownstoner. "You would think Williamsburg would be feeling more pressure now," he said. "Why come in now, when you know that a lot more apartments are coming?"
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David Maundrell is still young and has yet, a lot to learn. The only broker that believes that Mr. Maundrell illustrates experience and know-how is himself and his press agency. The angry stories, first from the brokers, and lately from Williamsburg residents arrive in my e-mail box weekly. I'm pretty sure that executives from Prudential Douglas-Elliman, The Corcoran Group and Kline Realty will all agree that he is giving "Brokers" a bad name. For business owner that operate this way, it's just a matter of time.
David Maundrell is still young and has yet, a lot to learn. The only broker that believes that Mr. Maundrell illustrates experience and know-how is himself and his press agency. The angry stories, first from the brokers, and lately from Williamsburg residents arrive in my e-mail box weekly. I'm pretty sure that executives from Prudential Douglas-Elliman, The Corcoran Group and Kline Realty will all agree that he is giving "Brokers" a bad name. For business owners that operate this way, it's just a matter of time.
The market seems to be doing well though--when I dealt with these guys in august, they didn't have an apartment until $3000 a month to show me.
Paying such absurd prices for Brooklyn rowhouses -- people need their head examined.
Long way down:
http://graphics.nytimes.com/images/2006/08/26/weekinreview/27leon_graph2...
Figure 30% declines and a "bottom" in 2012.
Is the first comment a threat, or is it written so poorly that I can't figure it out?
david maundrell sold my hard to sell co-op in Greenpoint and absolutely knows what he is doing.
im not sure how old david maundrell is but he has created a very powerful brand in brooklyn. He is competing with large manahttan firms on a daily basis and continues to grow and run an honest business. to include kline realty with their 3 agents in your comments shows you really have no clue about the brooklyn market. From what I know he is an honest, hardworking person who has been in the business for 10 years. is it because he didnt work for a large manahttan firm the reason you feel this way? he deserves alot of credit. - also, he just sold my 1 bedroom which i had listed with one of the above mentioned firms who over shot the market. btw, corcoran tried to buy aptsandlofts.com and their offer was turned away by david maundrell
The whole NYC RE market in the 5 boroughs is all inflated. Prices still need to drop another 40% to be affordable. It's the biggest joke to see all these defaulting loans as their's a sucker born every minute. Anyone who purchased during the bubble deserves to be ripped off. Has anyone heard of DTI? When home prices go beyond 40% DTI, homes are unaffordable!!! Bend over America, here it comes...........