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.
cornerbodega again illustrates to us why he is such a douchebag.
Lechacal—can you answer my question? You seem to be paying attention today and I am genuinely curious to know whether or not there is any consensus as to what the peak was and therefore from where a 50% drop is measured?
lech, that makes some sense — gentrification is permanent because it re-brands neighborhoods, and manhattan (below say 100th) wasn’t gentrifying during the same boom.
but we haven’t seen a good example of the “blighting” process in decades — I wonder if it works exactly in reverse, as the “gentry” cuts its losses to keep the kids away from crime.
dibs yeah maybe if this trend of thrifty americans and a stable and growing population of “creative types” takes hold, more people will appreciate the outer borough lifestyle.
I dunno. this may sound unscientific, but I think if I had a loft in the village I’d be so laid…
There will be plenty of downward pressure on all prices in the coming years. There are a great many factors at play in each borough, neighborhood, block, and individual property. One of those many factors is the shift in popularity in favor of Brooklyn. There will presumably be some reverse flow back to Manhattan if prices there drop enough to pull back people who moved to Brooklyn based on affordability alone. However, that presupposes a sharper drop in Manhattan than Brooklyn, which is exactly my point.
And I ask again, are we talking 50% off Jan 2007 or 50% off now. That would make a big difference dollar wise.
lets see the last remnants of cheerleading, ie. dibs, bought a speculative ghetto property. Enough said…
heres another dose of reality:
http://seekingalpha.com/article/118333-predicting-60-decline-for-manhattan-property-tarp-for-trump
a statement like this, my friend, shows that you are unequivocally a retard..
Your statement shows that you have nothing to add to the discussion. If you paid attention you would know that lechacal is someone who has a very realistic appraisal of the market.
Yeah DIBS, except nobody is buying those Manhattan condos, are they?
“The reason for Brooklyn prices holding up better than Manhattan prices is a one-time shift in popularity. Brooklyn is hot. It wasn’t so long ago that it wasn’t socially acceptable to live on this side of the river. Now I have friends who come here from Manhattan on Saturday nights. I’m not saying Brooklyn is hotter than Manhattan or has the faintest hope of ever being so, just that the collective force of this one-time shift in popularity will benefit the Brooklyn market relative to the Manhattan market.” ~lechacal
a statement like this, my friend, shows that you are unequivocally a retard…