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
You shouldn’t be posting on a thread about real estate if you don’t understand the differences between home ownership, investment purchase and speculation. There is also spec construction, which is different. Get them sorted out, brickoven.
I bet you did not break 500 on the English part of the SAT dave.
kannerr now that’s a real article. enjoyed reading that again.
brownstoner can we post a permanent link to that so we don’t have to repeat the argument every time someone says that prices will stay up because everyone loves NYC?
Jackass.
Within the context of real estate it means that you’re investing in the property solely for the purpose of investment return and not as a primary residence.
The movement in prices has nothing to do with the definition of speculation.
A further 40% drop in prices is a conservative estimate.
Rents are nearly back to where they were ten years ago.
Prices will keep falling until there’s some rational balance between rents and mortgage payments.
Everything else is hogwash . . .
It should be noted that the GS study only speaks of _apartments_. No question there is an oversupply of new condos. Not too many 1-3 family houses built in this boom tho.
The process of thinking or meditating on a subject; A judgment or conclusion reached by speculating; An investment involving higher than normal risk in order to obtain a higher than normal return
en.wiktionary.org/wiki/speculation
Do you know what speculation means Dave? Brownstones up 400 percent in ten years Dave. This would not meet the def. dave? Must not have done well on the English part of youre SAT Dave?
M4L — I’m a little more aware of the Hoboken market than Jersey City (know some people who own a condo and tried to sell and ended up renting it out after multiple price cuts failed to sell it).
Not sure what the bottom is. Hoboken just raised property taxes too.
An interesting blog (done by a realtor):
http://hobokenrealestatenews.com/
I find her weekly summaries interesting:
————-
* 578 active Hoboken condo units today – 590 last week.
* 36 price reductions vs. 55 a week ago
* 18 dabos (under contract) vs. 8 last week
* 7 sold vs. 9 last week.
* 27 new listings vs. 43 last week
* 3 expired listings vs. 6 last week
* None withdrawn vs. none last week
—————
578 on the market, 7 sales, 29 new listings, 36 price cuts
denton, so this is good, right? I don’t understand why it’s bad when the white people move in, but also bad when they move out.