Manhattan Housing Prices Take a Dive
Tough times across the river. The grim first quarter stats—volume down 60 percent, average co-op prices down 24 percent—may only be the tip of the iceberg. Particularly hard hit is the high end of the market, where 350 listings clog the slow-moving pipeline of $10 million-plus properties. (Official condo sales price numbers held up, but…
Tough times across the river. The grim first quarter stats—volume down 60 percent, average co-op prices down 24 percent—may only be the tip of the iceberg. Particularly hard hit is the high end of the market, where 350 listings clog the slow-moving pipeline of $10 million-plus properties. (Official condo sales price numbers held up, but that’s only because of long-standing contracts finally closing; condos still on the market are at a virtual stand-still.) Those who need to sell are having to resort to massive discounts: One philanthropist recently had to cut the original asking price on her 17-room West End Avenue apartment of $13.5 million by 46 percent to get a deal done, and even then she had to chop the space up into two apartments to find buyers. Jonathan Miller points to the lack of available credit for big purchases—any loan above $729,750 is harder to get and more expensive than conforming loans. It certainly doesn’t bode well for more expensive properties in Brooklyn, but at least we have more condos and co-ops that can be bought using conforming loans!
Housing Slump Hits Manhattan [NY Times]
Photo by yujie
Let’s take it to the OT
> “benson, do you really know what that song is about???”
Yes, it amuses and confuses me that straight people insist on playing this song at wedding receptions, etc.
dave,
tell us what that song is all about.
I assumed it was about a police officer, construction worker and indian chief seeking safe, economical acommodation at the Young Mens’ Christian Association.
I’m banking on those Man condo profits to cash me out of my place when I sell. I’ve been dying to sell since last June but had a huge obstacle – ie the WIFE is not on-board with my sell, rent, buy later plan. Should’ve asked for veto power when I gave her da rock
DIBS;
Yup!
benson, do you really know what that song is about???
dave,
very few folks in Manhattan will sell right now unles they absolutely HAVE to sell, ie: they are in over their heads and will not make anything on the sale. It is wishful thinking to think someone sitting on a lot of equity in a Manhattan co-op or house will sell at the low-point of the market so as to fulfill their lifelong dream of moving to Brooklyn. Am I being too cynical? Where are these golden people? Most people with tons of equity in Manhattan are old-timers most of whom still think that Brooklyn is quite a few rungs beneath them socially and economically.
It’s fun to stay at the Y…..M……C..A !!!
more4less…i agree with you on who the BK buyers will be. Suffice it to say that there are still thousands of manhattan 1 & 2 bedroom condo owners with huge profits even at reduced prices.