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]
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El stupido keep talking at youre own peril
http://www.japaninc.com/files/images/mgz-77_subprime_real-estate-values.jpg
Phoenix leads the US in home price declines down about 50% from the peak. These forecasts for the NY MSA are down 40% from 1Q2009. Am I wrong to be assuming that the peak was not 1Q2009 but more like 2Q2008 (ir earlier?). If that is is the case then we would also be looking at 50%+ declines in value from the peak.
There are many fundamental reasons why prime neighborhoods of Manhattan and Brooklyn would not decline by as much as boom areas like Phoenix.
Also who actually knows a renter who has moved to a comparable space in a comparable neighborhood for 20-30% less rent?? Don’t give me some bs like that NYT article about some guy moving from a 1 bedroom in Park Slope to a shoebox in the East village for $150 less per month.
11217, wwhat these numbskulls fail to understand is that you really do yourself an economic disservice if you rent your whole life. You especiially will wind up in a sad state in yoiur retirement years unles you’ve got at least $3MM to live off of at 5%. Rents pretty much always rise. Yes, they are coming off right now but that is temporary.
Yes, 4. Two mortgages at <50% LTV. All purchased before 2000 except the ghetto brownstone which was bought with ill-gotten mutant bubble gains from the Manhattan condo.
brickoven…you know nothing about the Japanese market if you believe that the LAND prices reflect what happened to PROPERTY (developed building) prices. Condominium prices did not follow that patttern.
el stupido I even posted a colored chart for you so that you did not have to read. Next time I will try to get more colors in the picture for you
Brickover rents too.
And you own how many homes, Dave? 4?
I think that speaks for itself.
Whuh, you are correct. But oven head believes that most homes in NYC were bought AS specualtion, whether or not the leverage was too high.
cornerbodega will forever be a renter.