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IronBalls – at last, something we can agree on – that the NYC housing market will take a hit. I suppose in inflation adjusted terms, 50% is not implausible. Again, I give the example of our friends who bought a prime townhouse in prime PS for $1mil in 2001 which this past spring was valued between 2.6-2.8, so indeed about a 300% increase. But if they sold next year for 1.3-1.4, they would still have done OK. Presumably, anywhere else they move to would also be cheap so it’s not like they wouldn’t have other good housing options.
FSRQ,
I disagree. The market is acting rationally considering how badly the housing crisis is hurting our economy and basically putting a stop to the credit markets.
On a micro scale townhouses prices in Brooklyn will lose at least 50% of their value by the time this thing hits bottom.
But why not? They’ve increased three hundred percent in the last decade.
Are you two retired BrooklynGreene? If not, you have jobs here in the city right? Why make the commute even worse??
I think a lot of people are really letting this get to them. If your house isn’t for sale now because of whatever circumstances and you can stay there for another 3-10 years then don’t sweat it!!!
Um, I think I could get $750K right now for my Brownstone, BrooklynGreene and I’m in Bed Stuy. You want $750K for your rowhouse in FG??? Where’s that guy who rants about wanting to buy a brownstone in Brooklyn Heights or 3/4 of a million? You could probably sell to him pretty easily right now for your asking price. But why would you want to?
IronBalls – are you acting out of pure fear of having your own taxes raised by Obama? Even Warren Buffett (no market dummy) supports increased taxes on the wealthy (and Obama). And it seems like many, many other smart economists & business people are supporting Obama. Oh, I forgot, it’s useless to engage in discussion with you since you just hurl insults and have no substantive points to back up with facts. Despite the occasional drivel on this list, I’m grateful to hear more measured voices like 11217 (whom I’ve not always agreed with) and wasder, who seems like just the kind of homeowner that will deal with this crisis well. And by the way, I agree with Ringo’s analysis of who will be fine and who will get hurt in this market – hopefully, most people will be fine (since they are suffering just a paper loss, will still sell at a decent profit from their original purchase price, or will sell at a loss but trade-up to a cheaper place anyway). It’s true that some people will not be so lucky, and I feel for them, though realistically, some of them had no business buying a place beyond their means in the first place.
We’re still doing the Chelsea galleries this weekend.
A lot of people looked rather glum on the streets of Manhattan today.
Last night we drove past a lot of restaurants that were brimming with revelers. Morandi on 7th Avenue (not my cup of tea) looked full (granted, we whizzed by).
Saturday night we (actually) managed to get a cab at Great Jane/Bowery rather on the late side (for me). The young people seemed oblivious to it all. There were mobs of party goers/bar hoppers.
Hhh… I knew all this mess would happen. I wish someone would come along and offer us a clean $1m for our FG rowhouse. I think we would just take it at this point and permanently move to the country. I guess we’ll get $750 for it next year. What do the guys in finance on this blog think?
Will there be a market next year at all? We’re getting to the age where I don’t relish the idea of hanging in 10 years.
This is pure panic selling and mass redemptions – it has ZERO to do with such reasoned analysis as to what an Obama administration will look like next year.
Frankly you can just as easily say that the sell-off reflects the fear of what will happen in this country if the “Bradley effect” makes McCain president. – of course that is as speculative and baseless and Ironballs post.
“The Obama Effect has started and it’s effects will do damage for decades unless a miracle happens and he loses the election.”
Sarah Palin could get a brain transplant.
shorter ironballs: there’s a new sheriff in town and all the criminals are shaking in their boots.