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
point of that last was doesn’t really matter to me if real estate prices here go down a little, quite a bit, or even up.
tyburg – coming back to city I cross Hudson further north and toll is $1 or $2. Then come down Taconic – and can use 3rd avenue bridge to FDR and so toll really is not anything.
Although what you make here might be considered upper middle somewhere else….big ??? is if could you make that sum somewhere else. And if lost that job somewhere else is there another company that would hire you in same city.
And don’t underestimate costs in other places. Middle income earners there don’t have an easy time of it. Usually means 2 autos(and insurance),,and then another once kid reaches 16. House repairs, heating(or cooling), RE taxes not as cheap as you think.
I’m not one to think NYC is the only place to live. In fact I find it annoying when someone says that. One should be able to adapt and enjoy whatever place ends up.
For me, just 26 months to retirement, I could easily choose to live somewhere else but probably won’t. Friends are here, things are familiar here, relatives are just upstate.
(plus other 1/2 still working although could get job anywhere anytime).
“And interest rates will be up today, folks”
DIBS, you were saying…? 😉
**
Mortgage Rates at Record Low for 2nd Week
WASHINGTON (AP) — Rates on 30-year mortgages fell to the lowest level on record for the second consecutive week after the Federal Reserve launched a new effort to assist the staggering U.S. housing market.
Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.78 percent this week, from 4.85 percent last week.
It was the lowest in the history of Freddie Mac’s survey, which dates back to 1971. Rates are down by more than a full percentage point from a year ago.
Wow Sebb, I can’t tell if you’re being facetious. I’m not depressed at all, but I’m just expressing the weariness that I think most working parents in this city often feel (unless they are perhaps lucky enough to have enough money to pay people to take care of the endless things that need doing). That said, I fully realize how lucky I am in so many ways, so I’m not complaining or in any self-pitying. I’m just pointing out that, as great as this city is, I can see pretty easily how people might choose to live somewhere that is, frankly, easier in many ways. It’s not the choice we are making, and I hope, as my kids get older, that we can indeed do more and more of the cultural stuff that makes this city so great. But I really could see being happy in another city, and think that NYC is just one choice among many for lots of people out there, and often not the first choice (largely due to the cost of living).
Tyburg,
I know her exact address…
I’ve seen her at least 5 or 6 times in the neighborhood in the past 2 years…most recently at the GAP Greenmarket with her husband and kid. I find her to be one of the most underrated actresses out there.
I don’t think we hijacked…I think we had a great conversation, actually.
11217… I’m the same for his sister. I keep trying to stalk her in park slope and hoping to be the homewrecker in that scenario, but I still haven’t seen her. Plus, Maggie Gyllenhall already has a brownstone! So I’d be all set. 🙂
By the way, I’m very proud of how effectively I hijacked this thread today. I’m giving myself a pat on the back.
Miss Muffett: Your concerns closely track with the concerns of my wife and I so I can totally relate to where you are at. As you know I made a different choice than you in opting to buy at this dicy time in the market but most of the other things you describe there could easily have been written by me…
Just to give you an idea folks…Portland ain’t cheap either…
Here’s a REALLY nice looking 2 bedroom/2 bath 2300 sf home in Portland for 1 million bucks…
http://www.trulia.com/property/1032473722-836-SW-Curry-St-Portland-OR-97239
As you get farther away from downtown Portland, it gets cheaper, but if you want a home with an urban feel similar to that in Brooklyn, it’s not THAT much less expensive considering we are talking about Portland, Oregon and New York City here…
Miss Muffett: You sound a little depressed. I hope you are okay?