Dog Days for U.S. Housing; Is NYC Next?
The Times is talking doom and gloom about the national housing market after stats were released showing that home prices fell 14.1 percent in March as compared to the same month last year. While primo New York City—Manhattan in particular—has remained mostly immune to the rest of the country’s housing woes, other once-resilient markets are…
The Times is talking doom and gloom about the national housing market after stats were released showing that home prices fell 14.1 percent in March as compared to the same month last year. While primo New York City—Manhattan in particular—has remained mostly immune to the rest of the country’s housing woes, other once-resilient markets are faltering. Seattle, for example, has only started posting a huge rise in unsold inventory. Some say the housing market hangover could last for another couple years. It’s like eating beyond your stomach’s capacity, said Ronald J. Peltier, the chief executive of Home Services of America, which owns real estate brokerage firms across the country. We have huge indigestion. According to an article in the Observer, though, New York City may yet have to reach for the Mylanta: Recent rises in inflation (the price of a six pack of craft beer is up $1!) and crime, coupled with lots of job losses, could very well mean the worst is yet to come.
In Housing, the Strong Turn Weak [NY Times]
Lead Indicators? The Price of Beer, Hurricane Season [NY Observer]
Photo by bburke782.
9:32 I do not think anyone would choose Miami as a Place to Live maybe as a second home but with Crime so high and the lack of Culture , I believe they would still choose NYC or go elsewhere in Europe. NYC is Pretty Unique.
does that dog house have original details?
nyc it is different here yada yada yada
south slope is a dump
The sky is falling!
Whenever you compare this housing crisis to previous ones most writers conveniently fail to consider the level of interest rates. They will be the key factor in how long it will take to bottom and how fast inventory will be cleared. rates now are a fraction of where they were in the late 70s & early 80s.
NYC is solid plain and simple. Each market is different and NYC is not Stockton California if you haven’t noticed.
Honestly the only thing that will impact New York is for second homes, cheap Miami and cheaper LA is tempting to the rich. Why pay top dollar in New York if a primo condo is available in Miami for a steal?
Fundamentals though are rock solid. New York has impressively pulled through this admittedly rocky market. New York real estate professionals have earned a solid pat on the back.
Brownstoner, it’s really easy to add plug-ins that will prevent duplicate messages, throttle the posts from one user, and limit the message length (with the option to see “more …”).
Please have your tech guys look into this. It should take no more than an hour to configure. If they are unable to add these features, please post a messages requesting help … I’m sure you have many capable readers willing to help.
The best thing that could happen to the NYC real estate market is zero appreciation and zero depreciation for the next ten years.
This is a likely scenario. Market values today are way ahead of incomes, and the economy is cooling. Therefore, signficant price appreciation is not likely.
But the market is in much better shape than it was in 1989, when there were waves of new condos and coop conversions, coupled with rising interest rates. Prices crashed everywhere. Today you can probably count the number of coop conversions on one hand. And the condo glut will be absorbed because most of the planned projects will never get a shovel in the ground. Therefore, signficant price depreciation is not likely.
inventory in Brooklyn seems very low. Not a lot on the market.
I love sunglasses on dogs