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]
dirty hipster – I don’t think I can quote figures or statistics, if that’s what you are looking for. If you moved a lot in social circles that include lots of potential buyers, then you would probably understand. It’s intangible. I guess you’ll just have to take my word for it. Or don’t. I frankly don’t give a wet slap either way.
Actually the same thing will be true of Bed Stuy in about 3-4 years. And then I won’t be the stupid underwater Asshat that bought at the yop for a quick flip that you all know and love.
I’ve already stated before I like park slope – but if someone could please provide me some real reasons that it will fare better then the rest of brownstone brooklyn or manhattan real estate in the current economic climate other then pure speculation and the fact that 8 people from manhattan moved there then please go ahead.
Honestly dirty hipster…no one is saying that everyone loves Park Slope except you. I don’t understand why anytime someone brings it up, you have a sarcastic remark to say. It makes no sense. If you hate Park Slope, that’s great. But why do you feel a need to make the same snarky remarks about it?
Lechacal,
I can count at least 8 people I know also looking to leave Manhattan for a move to the Slope.
I have 5 friends who have bought or rented here since I left Manhattan in 2006 and moved to Park Slope. They had never been…came to see my place and moved.
I was really lucky and formed a really terrific group of friends within the first year of moving to NYC, and we ALL used to live in Manhattan back in the day (2000-2005) and every single friend of mine (but 1) has since moved to Brooklyn.
Not all Park Slope, of course, but it gives you a sense of the changes that have taken place in the last decade. They all feel like I do in the sense that they want to stay in NYC long term but have zero desire to move back to Manhattan.
“Right on. Why will PS do better than Manhattan?”
Surely you know PS is the center of western civilization. Easy access to Prospect Park, wonderful architecture, steps away from the Q train. The restaurants on 5th avenue are second to none, and there are enough bars to sustain slopers favorite hobby, binge drinking. Everyone that lives there loves it, and everyone who doesn’t wishes they could live there. Buy now or be priced out forever.
Park Slope prices will hold up better than Manhattan prices in the next few years because Park Slope is hot. If I had a dollar for every one of my Manhattan friends who is considering a move to the slope I would almost as many dollars as friends, and could treat myself to a cappuccino or a small frozen yoghurt. PS isn’t hot enough to avoid a big drop in prices, but it’s hot enough to do comparatively better than some of soulless, grotesquely overpriced stuff I see in Manhattan (new condos in Tribeca, just for example). But as my banker friends say, you can’t eat comparative returns, and thus here I sit on the sidelines, clutching a few hundred thousand in down payment money and patiently waiting.
Right on. Why will PS do better than Manhattan?
I’m sure I have posted my views several times before, but I guess I haven’t repeated them enough to gain muffetesque notoriety. I sold in fall 2007 and now rent and wait to buy again. The short version is that prices will come down substantially in the next few years. Park Slope (my focus) will do meaningfully better than Manhattan but all NYC markets will come down substantially. I’m not sure exactly when the right time will be to buy, but I will know it when I see it.