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
tybur6…serious questions…which ones do you think will grow faster and why??
To reiterate… it’s not the suburbs or rural areas that will grow. There will definitely be a trend towards density over the next decade. But it will NOT be in New York City. Sure, NYC’s population will grow, but other cities will grow much much faster.
brickoven…you are such a fool, such a fool. Even the What understands that bonds, in particular treasuries, are the biggest bubble right now. You hold them at your peril. You’ve been warned.
I think you are right, sam. But not just “crisis times.” Smaller cities will be FAR more livable… and those smaller and medium cities (say 75,000-200,000 people) will be the ones that grow and have public services and infrastructure to support the increase. The MTA can’t build tunnels, street cars or buses quickly enough in this *packed* city to deal with an increase.
And this is all separate from the doomsday scenarios… you should listen to a presentation by the PLANYC/GREENYC folks to be scared to death. A relatively small hurricane that made it’s way into the little corner where manhattan sits… huge destruction in the form of crazy floods filling tunnels overwhelming pumping and destroying transportation, communications, and electrical infrastructure.
lechacal: I don’t like condo fees.
For those of you who think the suburbs are better and safer than NYC clearly have never lived there before. The Police depts around this country are years behind the NYPD. They have no clue on how to Police, they drive around in vehicles all day responding to 911 calls, without any knowledge on how to prevent and stop crimes.
“stock market is a leading indicator”
“every asshat with a schawb accounct”, Daveinbedstuy
You ever think maybe you are the asshat with a Schwab account? If you think the stock market is important I hope you did not pay for a private college. Got Bonds?
” ‘Consumer confidence is the killer’ ”
No. The fundamentals (the mathematically inevitible collapse of a Ponzi/Madoff economy) are the “killer”. But it’s a natural correction neccessary for a recovery. Gotta die before you resurrect.
“How do you think the Brooklyn market is faring compared to this?”
Far worse. Brooklyn is an extension of Manhattan, not the other way around.
***Bid half off peak comps***
The most interesting quote from the Times article for me:
“He said a more significant figure was the sale price of existing co-op and condominium apartments, which was down 20.9 percent, to $732,000, since the first quarter of last year.”
sam…my biggest fear in life is a DUI ticket or hitting a deer at night after coming home from dinner. I will remain within walking distance or cab/car service from bars & restaurants the rest of my life. Can’t do that in the suburbs.