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.
“Wow the Assheads are waking up!!! That coma was a bitch huh??”
ROTFLMMFAO
Of all the many insulting things that What has written over the years this does not strike me as worthy of the ROTFLMMFAO designation. Your standards should be higher BHO.
I ask these questions not to suggest that I think prices won’t continue to drop because it is obvious that they will but to find out whether or not people think at least a chunk of this big drop has occurred already or not.
“Wow the Assheads are waking up!!! That coma was a bitch huh??”
ROTFLMMFAO
***Bid half off peak comps***
BHO–so you are saying 50% down from “peak” as defined by Case Schiller, which means Jun 06. In that case haven’t prices come down fairly substantially from June 06? Seems to me they have. Also, what about what DIBS is saying re C-S being national numbers rather than NYC specific?
“is there some stat I don’t know? maybe the prices grew faster in manhattan than brooklyn? never heard of that though.”
No no. Even if people wanted to BS and say they prefer Brooklyn over Manhattan because of the rawness, prime Manhattan still has the allure of a higher ROI. Despite what owners say about only wanting a place to live, 99% of buyers are banking on a return.
Also, especially for brownstone customers, preference is biased by affordability. Of course you prefer a Brooklyn brownstone because even in your most wildest dreams that’s all you could afford below Central Park North.
***Bid half off peak comps***
Dave tries to pass his Jekyll/Hyde thing off as insouciance; it’s not, it’s panic. Dave does not manage anyone’s money but his own; it’s obvious from his comments he is an odd lot-trader with no depth of financial experience. As to the This Week’s Biggest Sales, the zombie banks, if you didn’t notice, gave out bonuses, so cheers, you “bitter renters” out there helped pay to keep prices unaffordable –though for some reason Panic Dave chooses not to decry white collar welfare.
Peak to trough, prices down 40% in premuim Brooklyn. All ask, no bid in Bed Sty. Panic Dave, where will you move the goalposts then?
Yep, that’s right CornerB.
By the sound of every post you’ve ever written on this blog thus far, sounds like you could stand to have a few more life experiences of your own. They are what life is all about, you know…
Ask your mom to let you out and play, will ya?
11217 with more of his “life experiences” to explain why housing is a buy in bk
lech – OK I’ll buy that. you know what else supports your arg? the euro and the ruble. I read that 1/3 of 07 sales in manhattan were to foreign buyers, and now USD looks a lot more expensive to their friends (and they have made a currency gain that offsets the RE loss, so they can still sell at a profit. Also, the fact that more of manhattan depended on non-fannie-eligible jumbo mortgages.
did you know that some of these lehman folks and others are going to be taxed on stock grants using the value at the time they got the stock? (of course the stock is worth 0 now)
for all you banker-haters, careful what you wish for!!