Manhattan Market Frozen
The news from across the East River ain’t good: Prices and sales volume are both down, and it’s taking a lot longer for apartments to sell; inventory is up 34 percent over last year. That’s the bottom line of the First Quarter Report from Douglas Elliman and Halstead released this morning. The number of co-op…
The news from across the East River ain’t good: Prices and sales volume are both down, and it’s taking a lot longer for apartments to sell; inventory is up 34 percent over last year. That’s the bottom line of the First Quarter Report from Douglas Elliman and Halstead released this morning. The number of co-op and condo closings fell 58 percent year-over-year and prices dropped 11 percent. (Co-op prices fared worse than condos, though that was likely skewed by fewer eight-figure co-op deals; in fact, the number of $10 million deals fell 87 percent.) Consumer confidence is the killer, said Dottie Herman, president of the Prudential Douglas Elliman brokerage firm. People are scared. They have never seen anything like this. Corcoran head Pam Liebman predicted that prices will fall further as sales volume picks up, which is good—it’s the only way for the market to find its bottom. How do you think the Brooklyn market is faring compared to this?
Apartments Sell for Less if They Are Sold at All [NY Times]
Crisis Hits Home: Manhattan Massacre [NY Post]
Photo by Rob Young
when I moved, locopops was only located at that shitty little place in durham but apparently they’re everywhere now which is great. Theres a store somewhere around coney island that sells similar mexican popslices. I need to find it.
i think about moving back sometimes but I think my next move will be to charleston. The houses are cheap and need fixing down there.
Oh, Santa, cool! I think I want to move there. Except my job is here. My boyfriend moved from there a year ago. I miss Locopops.
I moved from the “triangle” 2 years ago. Its a great area and Raleigh’s growth is insane. Chapel Hill and Carrboro have a great community and pretty much everything you need in an area small enough to bike around in. If you live in the downtown area you can easily walk to grocery stores, bars, restaurants and several music venues.
You know what is even better than Portland/Berkeley/Boston and totally underrated? The Raleigh Durham area in North Carolina, specifically Durham and Carrboro. The former has a bunch of lofts and is having a culinary revolution. The latter is a small town next to Chapel Hill where life revolves around the food coop and its front lawn. Everyone has a PhD and it’s liberal without being annoying. It also smells great.
“us brownstoner readers are in a bubble. It would be like us starting a blog in LA that makes up the Santa Monica, Westwood, West Hollywood area and then saying nothing is affordable anymore, when there is a WHOLE city around us with areas that are affordable…We are in one of the most desirable areas of the city, so of course it’s expensive. Maybe it wasn’t like that 30 years ago and some old timers can’t believe that this part of Brooklyn is “cool” now, but it is. It’s a fact. Brooklyn has become a “brand” and that brand basically refers to Williamsburg/Greenpoint and Brownstone Brooklyn.”
So true, so true. Very well put, 11217.
Mopar-
I did notice that. My current “2 bedroom” apt at $2100 in bklyn is actually a 1 bed conversion also. My family already lives in a small space. If we can get an equal space for less money, why wouldn’t we do it?
That was just one example, there were many others on Street Easy and the NYT when I searched under the $2000 price point.
It will be very interesting to monitor the rent situation and see where prices are come closer to peak renting season. I can’t decide what would be better- more space or a small apt in a better school district for my son. Choices, choices.
Either way paying less in rent would be fantastic, as it means more money saved towards our goal of buying in 2 years.
Ennulator, the ad says the apt has three rooms. Usually the kitchen counts as a room. So if true, it’s a two bedroom with no living room. Or you could call it a one bedroom.
C
“Did Frank Sinatra raise his kids here?”
I don’t know – but I do know that like a lot of people he went through some difficult times, some in NYC! I doubt he would have spent his time complaining about how bad things are, though. I raised a kid as a single parent here, paying marke-rate rent, all through the late 1980s and 1990s. It was tough. Were things as bad as they are today? Nope, I gues not by some measures. But it was never easy. You have to be tough to make it here. Maybe some of you aren’t equipped to go the distance.