Bank Predicts NYC Market to Fall Another 40 Percent
If a certain bank analyst is to be believed, New York real estate has a long way to go still before reaching bottom. A Time article earlier this week cites a Deutsche Bank report predicting that housing prices in the New York metropolitan area will fall 40 percent from their March levels. The major driver…
If a certain bank analyst is to be believed, New York real estate has a long way to go still before reaching bottom. A Time article earlier this week cites a Deutsche Bank report predicting that housing prices in the New York metropolitan area will fall 40 percent from their March levels. The major driver of the bank’s estimate is an affordability index that shows New York is still relatively a very pricey place to shack up.
New York Home Prices Forecast to Drop 40% [Time]
Photo by tomodea
At least he can spell mogul….
It is not a question of being surprised if the value of your home goes down by 50 percent. It is a question of how stupid a person feels for thinking that home prices could continue growing 10 percent a year forever!. You speculators were just so smart and the renters just so stupid!
Shh… corner
Dave is going to be the next Donald Trump, he read his book last year and now he can be a mogel too
Looks like we’re down to 11217 and dibs in the denial camp. The resident brownstowner “nyc transplants but claims to know everything nyc” tycoons. The former owns a hole in the wall, the other is a “Money Manager” who needs to sweep his ghetto property for his bitter renters.
El Stupido you having a hard time over there?
http://www.japaninc.com/files/images/mgz-77_subprime_real-estate-values.jpg
It’s too easy, Dave.
They are hopeless.
ROTFLMMFAO brickoven. That chart stops at 2005 so you don’t get the runup in prices from 2005 to 2008. Just like here. Also, try and learn some Spanish. it’ll help you at the bodega when you’re buying your 40s.
Prices were highest in Tokyo’s Ginza district in 1989, with choice properties fetching over 100 million yen (approximately $1 million US dollars) per square meter ($93,000 per square foot). Prices were only marginally less in other large business districts of Tokyo. By 2004, prime “A” property in Tokyo’s financial districts had slumped to less than 1 percent of its peak, and Tokyo’s residential homes were less than a tenth of their peak, but still managed to be listed as the most expensive in the world until being surpassed in the late 2000s by Moscow and other upstarts.
“I have one chart here in front of me right now…Tokyo Office rents…certainly representative of the market. I will look for a few more.
Rents were Y22,000 per tsubo in 1986 and dropped to Y17,500 in 2005. They went up to Y23,000 in 2008 and are now back at Y22,000.
I will continue to educate you at your peril.”
How are them there charts el stupido