NYC Real Estate Market 'Most Challenged'
“When we look at New York City, we look at a price-income ratio that historically has been four times income, versus three times nationwide… If you want simply to get back to the median, it would be a 46% correction…If I had to pick one market in the country with the most challenge and the…
“When we look at New York City, we look at a price-income ratio that historically has been four times income, versus three times nationwide… If you want simply to get back to the median, it would be a 46% correction…If I had to pick one market in the country with the most challenge and the most substantive rate of decline [ahead], it’s New York City. It has the greatest number of job losses among the higher earners.” — Ivy Zelman, a former Credit Suisse analyst, in Barron’s via Curbed.
NorthHeights…that’s the big problem….there doesn’t seem to be brownstone specific data compiled anywhere. The Brownstone Brooklyn data includes all sorts of condos too but they do break out single and two family homes.
the other three were bought in 1992, 1998 and 1999. There are no mortgages on any of them and the 1992 property I still have an offer for it (I’m not selling) at over 6 X what I paid for it.
How you doin cornerbodega???? Those aisles getting cramped with all that shit you gotta sell to make ends meet and pay your rent????
Anyone have any brownstone-specific pricing stats? Someone above mentioned that Halstead thinks Clinton Hill townhouses are down 15% (period unknown). Prudential Douglas Elliman mailed me a report last week that said townhouse prices in “Brownstone Brooklyn” (exact boundaries not defined) were up Q4 2008 over Q4 2007, but volume was down. Anything else out there?
whos the retard that used this “life experience” as to why bk real estate is a buy?
“I have seen people swarming like vultures around the listings for sale in the windows of real estate offices on 7th and 5th Avenues.”
Oh it was the pseudo intellectual 11217
right on! cornerbodega
quote of the day
“OMG!!!!!! Your quote was to support Dibs but instead you’ve made him look IMPOSSIBLY more retarted!!!!!! Bed stuy -75% is enough humiliation, 3 others?”
LOL
right on! cornerbodega
quote of the day
“OMG!!!!!! Your quote was to support Dibs but instead you’ve made him look IMPOSSIBLY more retarted!!!!!! Bed stuy -75% is enough humiliation, 3 others?”
LOL
Don’t get me wrong, Joe. I still think prices are going down in a substantial way, but I think it has some impact.
Prices always overshoot on the way down just like they do on the way up.
It all seems to be boiling down to confidence right now. The majority of people are still employed and the actual numbers of people laid off in the Finance industry are not horrific yet. They really aren’t.
The media is creating an environment where it seems negligent to buy a pack of gum right now, much less a house, but I suspect many people are aware that a lot of this is about perception. I think I already mentioned this once before, but I have a friend who works for a major news outlet and they are all but banned from running any “good news” stories right now, because that’s not what’s going to bring in the viewers. Sad, but true. We are in a spiral of only wanting to talk doom and gloom, and personally I think it’s counterproductive in addressing the real issues and problems facing our country and the world.
The U.S. needs to change its ways substantially in the coming years. Hopefully most of us can agree with that. If you do, in fact agree with that, then you must recognize that NYC is in a great position to prosper in the mid-long term.
dibs you have a sweet pad. if you ever want to sell it you can buy another one cheaper anyway, so don’t let these haters get you down! how cool is it not to have a landlord!
11217 I do agree — I was just putting out a base case based on raw numbers — I think you can layer on a lot of arguments in both directions. those case-schiller numbers are for the whole metro area. Brooklyn Heights will probably do a little better at yonkers’ expense, why not..
The only person on here who “looks retarded” is you, Cornholedbodega.
Want us to take a vote?