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
11217 — that’s the thing… “I don’t need a lot of space, and really enjoy living in a neighborhood and city where so many things are right out my doorstep.”
The smaller cities are becoming or are going to become this too! You don’t need to live in the suburban parts of Portland — you can live in the Pearl District (which is quite expensive… but still less so than Brooklyn) and have doorstep access to the whole city and your local neighborhood. The big difference is that NYC has lots and lots of these neighborhood “units” while a smaller city would have just a few. Work, live all in the same spot.
No need for a car, but it would be much easier to have one in another city… if only for weekend getaways (and it wouldn’t cost $12 just to get out of the city limits like it does here!!)
Hey What…i found Eubie Blakes address. right across the street from Solomon’s Porch. I found a copy of a letter to him online and I’m going to give it to the Porch.
Thanks
I totally get and hear what you are saying Tyburg. And it’s part of the reason why I seriously thought about moving to Portland.
In the end though…I decided that a small space in a more prime neighborhood was the right solution for me. I don’t need a lot of space, and really enjoy living in a neighborhood and city where so many things are right out my doorstep.
Simplifying my life 2 years ago has increased my quality of life tremendously. I have taken quite keenly to living in a small apartment, and the idea of a house and car in Portland is no longer so attractive to me as it once was.
I get that not everyone wants that though…
That’s fine for the renters What but you can’t buy a brownstone in Manhattan for anywhere near the price of Brooklyn, even BH.
I’m going to paint my door a rainbow of Skittles colors before my block gets landmarked.
11217– You’re right about the creative industries to some extent. Many of these firms “need” to be in NYC… and this need outweighs the negatives. This isn’t the case for many/most other endeavors.
And I would suggest that this isn’t even the case for the creative industries… let’s take Advertising. Is there a *need* to be on Madison Avenue anymore?? Or can the firm simply maintain a “presence” in New York to be accessible to their clients… but have the bulk of the operation in Aspen or Chicago or North Adams? And given the competitive environment, will these firms be able to demand the rates adequate enough to maintain “NYC Wages”?? Or would a 20-40% discount on the payroll outweigh having a Manhattan or Brooklyn address?
Hiya Dumbasses! So this means we are finally waking up???
The funny is Brooklyn housing market is in big trouble! People will move back to Manhattan this summer as rents and prices fall. Part of “Brownstone Brooklyn” is going to get smashed! You can rent a 2 Bedroom in Tribecca for under 3200 a month (with one month of free rent) and be at work (if you still have a job) in under 5 minutes. The novelty of Brooklyn is wearing off, the retards are running out of pixie dust and sometime this fall the walls of Jericho will fall down…
The What (Obama Skittle stimulus plan)
Someday this war is gonna end…
“11217 Brooklyn will go back to wat it was 30 years ago and may old timers like me will love it. You can continue going to get your free breakfest at Ikea and 99. cent Starbucks”
I don’t know what I’m even responding, but I absolutely despise both Starbucks and Ikea. I don’t shop at either. I do 99% of my shopping at local mom and pop and 2nd hand/vintage/thrift stores all over Brooklyn. It’s a very rare occassion that I feel the need to shop at a large scale retailer.
Just like I don’t pretend to know you, how about you not make assumptions about people/things you don’t know anything about. I chalk your statement about wanting Brooklyn to be what it was 30 years ago to ignorance. Nothing more, nothing less. People who can’t accept change are not people I wish to engage too much time with.
I agree to an extent, Tyburg, but for me the comment about “but it’s not NYC” does indeed apply. I’ve been to every state in the U.S., and I would not want to live anywhere but here and possibly Portland one day. Otherwise, I’d leave the U.S.
Part of that is because I genuinely love and appreciate NYC, it’s energy and it’s diversity, but a larger part is that for what I do for work, this is the best (and basically only) place to be.
There are a lot of people who work in creative industries who really need to be in New York. These creative fields are going to be expanding as financial services contract I think.
I appreciate your optimism about Michigan being in transition, but I don’t think I can be quite so optimistic. Michigan has been on a decline for 50 years, with no end in sight. The current administration is going to be pumping the majority of dollars into cities in the next 4-8 years, and NYC is going to be on the receiving end of a lot of the investment, I believe. While some cities like Portland, Providence, Baltimore, etc will most certainly rebound and show strength in the future…places like Cleveland, Detroit, Cincinnati, are on a very fast downward trajectory.
I’m nervous about the huge boomtowns in the Southwest too…Phoenix, Las Vegas etc…I don’t know what’s in store for them. As someone who has lived in one of those cities, I can say for certain that if I never set foot in Phoenix again, it would be too soon.
11217 Brooklyn will go back to wat it was 30 years ago and may old timers like me will love it. You can continue going to get your free breakfest at Ikea and 99. cent Starbucks