Montrosini the Great Looks Towards 2010
It’s time for our year end predictions of what’s going to happen in 2010. Has the economy bottomed? Will real estate prices go lower, or start to rise again? Will jobs return to NY, and what kind of jobs and industries are going to fuel our return to the center of the universe? What are…
It’s time for our year end predictions of what’s going to happen in 2010. Has the economy bottomed? Will real estate prices go lower, or start to rise again? Will jobs return to NY, and what kind of jobs and industries are going to fuel our return to the center of the universe? What are we going to see in our neighborhoods? Will people finally stop asking if it’s safe to live in Bed Stuy and Crown Heights, or will the conversation turn back to asking how many people are legally able to share a one bedroom, one bath, brownstone floor-through in Park Slope? Will Miss Muffet buy this year, or will DaveInBedStuy have to sell his 18th century antiques to keep the house? Montrosini the Great predicts many comments. Don’t make me have to wear this hat all week!
Image by Bxgrl.
Obama’s seeds will start to sprout, GOP will realize they have to compromise, I’ll win the lottery.
Top 5 NY Times trend headlines and (for those of us who still get the actual paper) deks:
Market Spike Puts a Quick End to the ‘New Frugality’
‘Spending Feels Good Again’ to Hopeful Wall Street Tyros
Backlash of the Carnivores
From Celebrity Butchers to the “McPounder,”
Meat Lovers Trim the Guilt and Put Vegans on the Run
God, Briefly Dead, Rises Again (and This Time, It’s Personal)
Is the Atheism Boomlet Over? Ask These Young Professional Converts to Old-Time Orthodoxy (and Their Growing Families)
The New Travel Attire: Barefoot and ‘Commando’
‘TAS Couture’ Redefines Modesty in an Era of Public Pat-Downs
“It’s Kind of Freeing,” Says a Traveler, “But I Wish The Terminals Were Warmer”
Obama Nostalgia: A New Wave on Stage and Screen
‘Recapturing Hope,’ a Poignant Thread, Unites Three Grim Tales of Post-2008
Agreed with Donatella, good riddance to 2009!
Brookjoo, my hope for developers would be that they stop making tiny 9×9 box living rooms and forcing 2-3 bedrooms in a mere 100sqft where the bathrooms account for most of the square footage. Clearly I’m dreaming though. Never gonna happen. I get trying to cram as many apts into one building as possible to get more money, but damn, at least make the layouts reasonable. (See Brooklyner thread)
My hope is that developers finally wake up and realize that all this new construction with floor to ceiling windows and open-plan living makes for noisy apartments with little privacy, but I doubt it. How doe they expect anyone to actually put furniture in these places.
More realistically: new developments sitting empty for a while, with pre-war and proven hoods at least stabilizing somewhat.
Fed will inch up rates in the Spring, assuming their last round of meetings with the banks means money starts flowing a little more readily.
Frownstoners will realize there’s little difference between Cobble Hill and Park Slope and start spreading the love..err…hate (your day in the sun is coming too, Fort Greene).
I don’t know Brokedeveloper; gotta be in it to win it…
I think housing has bottomed in miama, phoenix, vegas, etc, but here in NYC we have a ways to go. I do think we’ve reached a weird tipping point though:
if the economy does better interest rates will rise as investors flee bonds for stocks, which will force the gov’t to sell their tbills at higher interest rates (due to low demand) and that will raise interest rates which will put the brakes on a housing recovery.
If the economy remains *meh* (aka still a little scary with ireland, spain and greece threatening europe, japanese debt reaching it’s limits, etc) that will push investors back to tbills keeping the rates low enough to keep mortgage rates down, which will help housing.
In short; rates go up house prices keep going down and vice-versa. Since banks are basing their lending on classic debt/income loads again, we are back to the world where fundamentals matter. Might add not to expect any sort of rebound the way stocks did; not going to happen. Prices will crawl, not run, back up.
Nationally you have a huge shadow inventory and hordes of sellers on the sidelines waiting to get back in. Both those will tamp down any recovery as well.
Anyway, that’s how I see it! Happy New Year!~
Ok, stock market has a sharp spike in January, gold prices recover, interest rates rise for short term rates at the end of the year, jobless rate decreases slightly, financial firms begin to recover and to start rehiring (Recession, what recession?), the real estate market selectively recovers, Brooklyn brownstones stabilize in price but do not go up, new construction and condos in trouble, puts pressure on brownstone rents as more condo units become available for rentals, (i.e. tenants refuse to take shit from landlords), health care passes without public option, cap and trade gets put on back burner as politicos prepare for 2010 Congressional slugfest. The 2 or 3 silly posters on the Forum (is Crown Heights “safe”?, I need help with putting in light bulbs, does snow hurt lawns, etc. etc.) might get jobs and have less time for posting.
Happy New Year and good riddance to 2009!
I predict huge diversified fauna increases for certain tenants
Snark! How transparent! And here I thought you loved me for my slavish devotion to you, as well as my biting wit. And I dressed up (above) just for you!
I predict huge rent increases for certain tenants.