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
While I don’t think that’s a terrible deal at all given the location (82nd and Columbus is very nice!) the key word in that listing is “converted 2 bedroom” meaning it used to be a 1 bedroom and they converted it to 2.
If you look at the photos, the place is clearly tiny. I’d say 600-700 sf tops.
Still though… a better deal than my co-workers studio…that’s for sure!!! Although her place is in a luxury doorman kinda place, and this listing looks like a walk up “townhouse” as it says…
Thanks MM! I appreciate the info.
Pete, I haven’t gone looking yet cause my lease isn’t up for a bit but here’s one of the listings I saw this weekend:
http://www.streeteasy.com/nyc/rental/472116-condo-469-columbus-ave-upper-west-side-new-york
Might be a fake, might be legit? If I was in the market to move this month, I’d be calling to see the place. If it’s still around in June I’ll check it out for you. 🙂
This thread was fun to read.
Miss Muffett: Berkeley more affordable? Where in Berkeley are you finding houses for $400-600K? Because I’ll sell my house and buy one of them for cash today!
I can’t speak for the UWS, but I have a co-worker who recently rented a 1BR in the low 60s at Lex for $1650.
Ha! Yes Pete.
My co-worker just rented a STUDIO on 95th Street for $1895 a month (last week) so I’d really love to see these 2000 a month 2 bedrooms also!!
seeing ads for UWS 2 bedroom with dishwasher and laundry in bldg is not same as they exist. Real estate ads are notorious for b.s. Some ads may call 158st UWS and 2 bedrooms may be 400 sq ft.
When you actually see one and they offer you a lease…sign it and send us pics of the place .
“Seems totally weird that prices in Manhattan are becoming more reasonable faster than Brooklyn, but that’s what I’m seeing lately.”
I believe it…Brooklyn is “cool” and “hip” these days and many younger people who move to the city see Manhattan as too expensive and too commercial and bypass it for Brooklyn. Brooklyn has become a brand all its own and I only see that trend continuing for the foreseeable future as more and more musicians, dance companies, not for profits and cultural attractions make the move from Manhattan to Brooklyn, along with the people who work at these places. NYC is the culture capital of the U.S. and the center of gravity seems to be shifting from Manhattan to Brooklyn in that regard…
With that being said, I’m SHOCKED that you can find a decent 2 bedroom on the UWS for under $2000 a month. I left the UWS two years ago and was renting a 1 bedroom for just under that price. And it certainly didn’t have a washer/dryer or dishwasher.
Ho hum, Manhattan is down 11 percent, Brooklyn is down 8 percent. What’s the big deal?
Isn’t this what we were all expecting? Or rather, somewhat less than we were all expecting?