City Real Estate Market Rebounds Sharply in January
The lower prices and negative psychology that dominated the New York City real estate market last year went “poof!” last month as the bonus-rich and others showed a renewed appetite for residential properties of all shapes and asking prices. Overall, both prices and the number of signed contracts rose more than 10% year-over-year in January….
The lower prices and negative psychology that dominated the New York City real estate market last year went “poof!” last month as the bonus-rich and others showed a renewed appetite for residential properties of all shapes and asking prices. Overall, both prices and the number of signed contracts rose more than 10% year-over-year in January. [Buyers’] psychology has changed, said Frederick W. Peters, the president of the Warburg Realty Partnership. For almost two years, they’ve been scared that the market would plummet and they’d end up like fools who paid too much. Steven L. James, director of Manhattan sales for Prudential Douglas Elliman, calls it a “cautious exuberance.” One example: A park slope brownstone asking $2,475,000 that sold in a day. And in a further sign of strength, there is lots of demand for apartments and houses at all points in the price spectrum, not just the high end, according to Jonathan Miller of Miller Samuel.
Housing Market Heats Up Again in New York City [NY Times]
Photo by John Marshall Mantel for The New York Times
who cares about all of this stuff, lets talk about the houses. did anyone see the place in PS that sold for $2.5 ask in a day? was it nice, better than anything else ot there, etc? or was it a fluke?
“Well can you look into your crystal ball and tell me if this new depression will last longer than my 30 yr mtg? The last one sure didnt.”
No, J. Slade. Neither will your current job. But as long as you can hold on you have nothing to worry about. Unfortunately, as recent foreclosure trends indicate, not everyone can.
That was funny, Brenda. Reminded me of the peach schnapps we used to get from one of the vendors at an old job of mine. Nobody wanted it, and it made the rounds of the company, from highest to lowest. When we moved from that location, bottles were found in the back of the sink.
I don’t think there is any correlation between that and real estate, no matter how you stretch the metaphor.
Please continue speculations.
2:01 I understand now “the bear” and the forecast calls for another great depresson.
Well can you look into your crystal ball and tell me if this new depression will last longer than my 30 yr mtg? The last one sure didnt.
Regarding God stopping “condo conversions and buildable FAR” no those are acts of man.
“this is a temporary and seasonal boost”…?? Since when is the dead of winter classified as a seasonal boost? These normally occur in the spring, and after labor day. It seems those waiting are becoming more desperate, and the ‘smart money’ (those getting the bonuses), are buying.
“Do any of you REALLY know what you are talking about?
Just like the underlying venture type this website stems from…
Its ALL Speculation” – 10:53 Anonymous
Duh…. What’s your point? That’s what makes it sooooooo much fun! Nobody’s changing the world here.
” ‘NYC is still the capital of the world’
Quite an understatement–it’s actually the center of the universe :-)”
Absolutely. Even during the Great Depression.
Right you are Bob, but I decided to humble myself and not piss off the sideliners who are saving thier money for new developments on Mars.
1:21,
http://en.wikipedia.org/wiki/Image:B%26B_at_FWB.jpg
http://www.investorwords.com/443/bear_market.html
Now do you get it? Did god also stop condo conversions and buildable FAR?