Case-Shiller: November Crappiest Month Ever
Prices for homes in the New York area declined at a faster rate in November than in any other month on record. According to the S&P/Case-Shiller Index, properties within a 50-mile radius of the Big Apple declined 1.6 percent between October and November and 8.6 percent year-over-year. The news wasn’t all bad though: New York…
Prices for homes in the New York area declined at a faster rate in November than in any other month on record. According to the S&P/Case-Shiller Index, properties within a 50-mile radius of the Big Apple declined 1.6 percent between October and November and 8.6 percent year-over-year. The news wasn’t all bad though: New York prices are still up 87 percent since the index started in 2000. New York also had company in the misery department: Atlanta, Boston, Charlotte, Chicago, Dallas, Portland and Seattle all had their worst months ever.
City Sees Record Home Price Drop [The Real Deal]
Home Prices Fall at Record Pace [CNN]
NY Home$ in Record Plunge [NY Post]
Home Price Index Fell Again in Nov. [NY Times]
I think ajaxclorox @ 1:20 is a great QOTD. The problem is if these differences didn’t exist and we weren’t all so vocal about them there wouldn’t be a discussion here and there’d be no traffic and there’d be no advertising dollars and then the site would shut down.
“If you mean what I think you mean by hazy then I suppose we have at least one thing in common. ha”
I also have gotten really stoned and ridden the Cyclone.
“Not that I’m gonna stop gloating though.” REspectfully, why not? If that quote you cited was QOTD you must believe to an extent that there is something to the “we are all talking out of our ass” aspect of all of this. Why gloat about something that may not turn out the way you think it will?
If you mean what I think you mean by hazy then I suppose we have at least one thing in common. ha
BH: I was selling anyways for various reasons and was confronted with a choice as to whether to buy again or wait. I decided to rent and wait. I paid a sum total of about $5k in fees to rent my place a year and a half ago. The after-tax difference in what it costs to rent my place compared to all-in cost of ownership if I had bought in 2007 is about $2,000 a month. And I estimate that at this point I could probably save about $200,000 on purchase price as compared to what I would have spent in 2007.
I am nothing if not absolutely obsessive about numbers and finanical decisions. I very, very carefully thought about this one, and thus far I am pleased with the result and am well in the green.
Re: ajaxclorox at January 28, 2009 1:20 PM
QOTD guaranteed. Not that I’m gonna stop gloating though.
***Bid half off peak comps***
To Lechal and others who are timing the real estate market -don’t forget to incorporate all the transactions costs involved with getting into and out of NYC real estate. When you buy, transaction costs (title insurance, mortgage recording fees, mansion tax, bank fees, your lawyer etc) are significant. In my case, they were 5%-6% of the purchase price. I’ve never sold a house, but guess that when you do sell you’ve got the broker fee, the transfer tax, your lawyer etc. Figure another 5%-6%. If you’re planning to live someplace in between, you’ve got to pay a broker fee for your rental apartment. You also have to pack up and move twice. If you sell a house for $1.0 million, your going to have to buy your next house at a 15% discount just to break even.
Yeah, more than one person has died on it over the years, I believe.
It’s a great one though. And I’m usually a little “hazy” when I go also…if you know what I mean…
Makes it easy to forget…
😉
Haha the Cyclone – I won’t ride that anymore after I heard about that guy who died after cracking three vertabrae.