Home Prices Continue to Slide, and NY's No Exception
The New York region isn’t immune to the housing troubles plaguing the rest of the nation, according to data released yesterday. The Standard & Poor’s/Case-Shiller indexes found that home prices in 20 large metropolitan regions fell 6.1 percent from last October to October ‘07; year-over-year values in New York, meanwhile, dropped 4.1 percent. While the…
The New York region isn’t immune to the housing troubles plaguing the rest of the nation, according to data released yesterday. The Standard & Poor’s/Case-Shiller indexes found that home prices in 20 large metropolitan regions fell 6.1 percent from last October to October ‘07; year-over-year values in New York, meanwhile, dropped 4.1 percent. While the data covers the whole New York region rather than just the five boroughs, an S&P analyst told the Sun that the numbers reflect the city’s changing fortunes. “We track a large area where the homeowners’ livelihood ties back to the New York City economy,” the chairman of the index committee at Standard & Poor’s, David Blitzer, said. “The home prices in New York have been weak, and don’t show signs of a quick turnaround. Several New York analysts, however, believe that closings on high-end properties will buoy the city’s market—closings that are tied to Wall Street bonuses. “For New York City, the wild card will be what happens with Wall Street,” Jonathan Miller, the director of research at Radar Logic, said. “The impact on real estate will be more associated with jobs and bonuses than anything else.”
Home Prices Fell Faster in October [NY Times]
A Bearish Sign for N.Y. Home Prices [NY Sun]
Guest 7:53, I estimate the drop in FG value by next year to be 63.47%.
Sell immediately for $1 million even, and call me when you’re ready to do so.
Hope this helps you make an intelligent decision.
I wonder if Monsieur le What will comment on this…
H’mm…? Fort Greene…near the big idea that is Atlantic Yards…economy crashing…
Therefore: your house will be worth nothing!
I guess TW does not even have to comment on this…I just answered it myself!
6:59,
We bought early in the boom without family money (shunned it) and without a Wall Street bonus, just used saved money. I guess I can imagine that it must be harder for those trying to buy in after the prices went off the charts…just doesn’t make sense, these prices! Well, we could have sold last year and walked away with more dough but I guess we’ll stay put in FG barring any real disaster. I just hope the prices don’t drop by half. Would really annoy me if we found we lost out on so much gain.
What do people estimate the percentage drop will be in prime Brownstone Brooklyn?
Would houses going for 1.8 and 2.3 today go for 1.5 and 1.9 next year? Or is the outlook worse?
“i have been told by 2 different brokers that my place has increased by a minimum of 20-25%”
Fox reports henhouse is secure.
Well, if you paid attention you’d know I was speaking to those who in earlier posts said they could not afford a house even though they make salaries in the low 6-figures. So I was recommending they work up to buying a house, not sit around not buying anything because they are frustrated they can’t buy a house immediately now.
Besides, the only way you are buying houses as first-time buyers is if you have help from family, or a big Wall Street bonus. At least admit that, when you’re trying to claim people don’t need to work their way up to buying a $800,000 to $1 million (or $3 million) property. We ourselves know plenty people who own houses and make very good money AND have family money, as we did too, and we all still needed to own an apartment first. This is to avoid the jumbo loans MOST people don’t want to take on. But maybe some people have no problem with their bank owning most their house, not them.
Same here 6:07.
We bought a house from the get-go…why buy an apartment first? Is it really that necessary to go in the order of 1) apartment 2) house 3) country house?
You can get a 2BR coop on a good block in Park Slope that needs work for as little as $600K. Then do the renos bit by bit as you can afford them over a period of 5-10 years then you sell and make enough money to buy a house. Nobody gets a house as first home. Where does that even come from? I don’t know anybody who bought a house as their first home. They all had apartments to sell first. We did. The only person I know who bought a house as a first-time homeowner after renting many years, is someone who sold a company for millions of dollars. Only a windfall like that or an inheritance allows you to skip owning an apartment several years, waiting for it to appreciate. If you passed on buying an apartment and were renting instead for a long time, and now have a family and need the bigger space of a house or large condo – that was your mistake. This is exactly how being overly cautious will hurt someone in the future.
i take issue with people saying that all purchases from last year have lost equity.
it’s not necessarily true.
2 apts sold within a year of purchase in my building in the last quarter and both were for over 15% of purchase.
i have been told by 2 different brokers that my place has increased by a minimum of 20-25%, and not only that, comps in my area (williamsburg) are higher than last year for similar condo, location, etc…