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.
“not a lot of good will come of it”
But some good, like brownstones half off. Again, it’s a means to an end.
“nobody knows what the peak is”
Because they can’t comprehend it to be either the peak Case-Shiller reading per nation, per city, or the peak comp for whatever it is you’re trying to buy. When I say “peak” I’m talking about the set of peaks or an average of all sets. You have to look at the context. We can talk about national home prices, Brooklyn brownstone prices, or Clinton Hill prices. Depending on the scale or scenario of what we’re discussing, there’s a finite peak price point from which to measure a collapse. Got it?
***Bid half off peak comps***
“You’ve become tedious, BHO, repetitive and tedious. Nothing new, nothing to add. Pathetic, really.”
I know. Multiple warnings about the markets and Team Bull still doesn’t get it. Sad. Oh well, repetition is key. One asshat at a time.
***Bid half off peak comps***
Sorry lechacal–not trying to bust your chops. glad you guys are set there and I really send out my best to you on the new kid! Boy or girl?
BHO–your tagline is not that specific because nobody knows what the peak is, that is the point. If sales declines were 50% off 2006 pricing I would feel pretty OK about my house declining to that point. If it were 50% from now that would be pretty tough (ie “bid half off wasders comp”). And you can be as smug as you want to be but I know you are cramped in your house. That is your choice, just the same as I made a choice to buy rather than to rent. They both have strengths and weaknesses.
hey bho I guess you meant dow 6000 is good cause you are on team bear? b/c not a lot of good will come of it….
I have to go — thanks everyone for helping me torch another day.
You’ve become tedious, BHO, repetitive and tedious. Nothing new, nothing to add. Pathetic, really.
“bho what do you mean ‘very psychological’? you mean good? how do you figure?”
No, I mean bad. Very bad. Very fearful. A lesson in the markets is a lesson in psychology. That of crowds.
***Bid half off peak comps***
I would be inclined to go after the guys who work for the contractor.
“I figured you’d take the bait on that one, BHO.”
Better that than a $920K Bed Stuy brownstone.
***Bid half off peak comps***
snark watch out for my post in a few years
“seeking fat handyman. must have seriously funky breath, like the medical issue kind that can bring down a whole subway car. warts a plus. fix-it skills not important”