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
It’s an eveyday activity for some of us tybur6
DIBS, previous comparisons don’t necessarily hold true in this economy. Besides the slashing of prices of autos is far steeper than the moderate decreases in housing prices in many areas.
“it’s the only way for the market to find its bottom.” That just sounds dirty to me today for some reason.
I am keeping track of several very attractive offerings near my home. Nothing is moving. People come to the open houses, but they are not buying. Springtime should usher in a little more optimism on the part of buyers and perhaps more realistic expectations from sellers.
In the next 10 years you will see NYC on top as Global warming food shortages and high gas prices push people out of the Suburbs and into this great city.
lechacal, you and I both know that any change in sentiment among the economists as to when GDP will recover will be based on the broader, national numbers. For once, NYC doesn’t actually matter. That’s whats driving the stock market.
And interest rates will be up today, folks.
NYC is decoupled from the national market. National sales will rise (perhaps in correlation to auto sales) well before NYC sales recover.
On another note, yesterday’s release of 9.9 MM Seasonally Adjusted Annual Rate of auto purchases was well above expectations and is a highly correlated leading indicator to home sales.
I will try and publish the graphical correlation in the Forum.
where Manhattan leads, Brooklyn will follow.
Any credit for Team Bear please?