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]
Whee! The What’s trenchant testicular commentary begins!
1) 11:09 is absolutely right! Stop your whining, people and COMPROMISE!
2) Kuroko, you have a point, but I’m a 5 minute walk to Metro North and it doesn’t take me any longer to get to the UES from Beacon than it did when I lived in Coney Island (that was years ago). YOU may live within 30 minutes to your work place, but let’s admit that each scenario is different.
3) I think I’m in love with The What.
so well said kuroko!!! I couldn’t agree more. I say this as a person that has thoroughly considered the brooklyn vs. suburbs dilemma and i have to say for the most part there is price parity when you consider factors like commute, taxes, cost of a car and school quality.
new home sales down 9% MoM vs. consensus of negative 1.6%. brokers, please spin. nyc is different, right? foreigners will save us? not many “new homes”? long-term trends (young people want urban), etc?
So I know I am a little late to the discussion but I always love it when someone compares a commute from Westchester to anything from the five the city. They always say, “It is only 40 minutes to Grand Central!”
Yeah accept that you have to drive to the station early, find parking, wait for the train, and then you are at Grand Central…where you have to transfer to the subway to get to where you really work.
Anyone who tells you their total commute from Stamford is less than an hour and a half is lying.
Door to door from Brooklyn I am at work in less than 30 minutes.
Clinton Hill is a shithole and is not convenient to subways.
If you think either situation will change soon, keep dreaming.
Thank you 1:40, exactly.
i’m sort of in the market hoping to find a 3 family w/ a nice owner duplex in a borderline area….
I think current prices are nuts. I get park slope but cant fathom 300% increases in neighborhoods like Clinton Hill.
yes, You can get something for less than 800k in Mill Basin, or Sheepshead Bay, or Canarise in Brooklyn.
And as a Middle Class person that bought their first house out in the boonies, you’ll never be allowed to post on brownstoner again.
Sucks to be the Middle Class poor in NY