Novo Takes a Nosedive
What’s the matter? Don’t buyers know they’re going to have a brand-spanking-new dog run in their backyard? Novo [StreetEasy] Curbed PriceChopper: Everything Left at Novo Park Slope [Curbed] GMAP
What’s the matter? Don’t buyers know they’re going to have a brand-spanking-new dog run in their backyard?
Novo [StreetEasy]
Curbed PriceChopper: Everything Left at Novo Park Slope [Curbed] GMAP
I’ve been saying it for two years now.
Co-ops will fare better.
Condos will do more poorly.
We already saw how condo maintenance fees are skyrocketing.
While people in co-ops have 6 months to a year of money in a savings account (a prerequisite for most co-ops) and have seen almost ZERO zo-ops fall into foreclosure because of it.
The old standby, your friend and enemy the co-op will prevail.
yes – I am talking about appearance – I do not welcome or encourage inflation – it was essentially an aside (b/c here people are talking about nominal prices in condos), not an economic analysis arguing the benefits of inflation.
What are you talking about? Inflation raises long-term interest rates. Higher long-term interest rates do not help housing prices.
Do you mean that inflation will make it look like the price of houses has risen even though, in inflation-adjusted terms, they’ve stayed flat or fallen? If so, it’s a pretty stupid definition of helping housing prices.
You’ve actually got this exactly wrong. Inflation hurts housing prices, but helps home owners — at least ones with fixed-rate mortgages, since they get to pay off their debt with cheap money.
Actually the Fed’s intervention does not necessarily add to debt – it depends on how the market values the securities that the Fed is assuming over the next few years – I may be mistaken but the Resolution Trust Corporation that was formed to deal with the last housing bust/S&L crisis actually made $ for the treasury.
That being said- there is no question that in totality, the Fed/Govt moves are inflationary. But even if so – inflation will help housing prices (although not home owners)
“Wow, Park Slope co-ops tanking.”
Condos.
“Please keep in mind that today’s “bounce” comes at a price. The Fed’s intervention was paid for through debt…”
Yes, which will ultimately come out of everyone’s pockets through taxes.
Wow, Park Slope co-ops tanking. Just like I said they would. And this is only the beginning. Hold on to your strollers Slopers, its going to be a bumpy ride.
Goldman’s revenues were down a third, its profits were down by 50%. Lehman’s profits were down 57%. Lehman is firing 5500 employees. How do you figure that Goldman’s bonuses are going to be huge when, in its CEO’s words, market conditions remain “clearly very weak”?
Oh, I forgot — all news is good news for NYC real estate.
i am going to buy one of these units, then fill it with concrete.