Source: Prudential Douglas Elliman

A sharp drop in national mortgage rates coupled with a barrage of weak economic news in the fall drove down the overall average prices of property sales in both Brooklyn and Queens in the fourth quarter of 2011, according to reports from Prudential Douglas Elliman and Brown Harris Stevens, released today.

In Brooklyn, home prices overall declined largely due to a jump in the volume of sales of lower-priced co-ops. The average sales price dropped by 7.5 percent to $529,640 in the last quarter of 2011 from $572,892 in 2010, while the number of total sales increased by 6.1 percent to 1,558 from 1,468, according to Eliman’s report. Meanwhile listing inventory decreased 4.8 percent to 5,908 units from 6,203 the year-prior quarter. [more]

The Hamptons residential market showed signs of life in the fourth quarter of 2009, according to the quarterly market report from Town & Country Real Estate (click here for the full report). The Bridgehampton area market, which the firm considers Bridgehampton, Water Mill and Sagaponack, led the recovery, with sales volume up 266.4 percent over the same quarter a year earlier, to $136.11 million from $37.15 million. Of course, it wasn’t all coming up roses in the Hamptons this winter. East Hampton Village saw its home sales volume drop to $34.81 million from $53.27 million, a 35 percent decline. [more]

Despite a rise in revenues, Vornado Realty Trust reported a steep loss in the fourth quarter of 2008. In the final quarter of last year, the Paramus, NJ, real estate
investment trust recorded a net loss applicable to common shares of
$216.8 million compared to a net gain of $90.9 million in the same
period a year earlier, Vorando said in a statement released today. At the same time, however, revenues rose 5 percent to $696 million in
the fourth quarter from $657 million in the year-earlier period, the
company said. The company recorded $283 million in fourth-quarter charges, including
a $100 million write-down for its investment in New York real estate
investment firm Lexington Realty Trust, and $135 million in write-downs
for development costs in wholly and partially owned projects. For the full year, the company reported a net gain of $337 million
compared to a net gain of $568 million in 2007, and it showed a slight
revenue increase to $2.7 billion in 2008 from $2.4 billion in 2007, the
company said. [more]