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.
Yoo Hoo Retards! I think the market loves the Obama Bank Nationalization Thang!
http://www.bloomberg.com/?b=0
Say Buh Bye Assheads!
Hey Dave I heard the was opening a Buttermilk Channel store in Bed Stuy…
The What
Someday this war is gonna end..
Serious question here… If you think Manhattan will drop 50%, why do you think Brooklyn will fare better? That seems, shall we say, counterintuitive.
hey lechacal & dibs — what’s the argument for brooklyn prices holding up better than manhattan? I haven’t seen it spelled out. Looking straight down at it, I would think people would generally want to move closer to work, and pick up a bargain in manhattan once they’re not priced out anymore. If there was a state of “disequilibrium”, it was that people were living further away from the city than they wanted to be. wouldn’t that support manhattan prices better?
is there some stat I don’t know? maybe the prices grew faster in manhattan than brooklyn? never heard of that though.
While we are arguing this point from what point are we talking about 50% drops from? I mean are we talking 50% down from Jan 07 (as BHO has identified this month as the “peak”) or are we talking 50% down from now? Because at least as far as the Clinton Hill market has gone prices have been going down for a while now. Therefore, dollar value wise, it means a big difference saying 50% down from Jan 07 or 50% down from now.
dave thanks. No snark taken…altho those “dummies” books have too many side graphics for my taste. My lunchtime book browsing approaches…
“We can agree that Brooklyn prices will not come down 50%. As I have said many times, prices are coming down in Brooklyn and will continue to do so for some time, but on the whole prices Broolyn prices will hold up meaningfully better than Manhattan prices.”
No not 50%, lets try 65%!!!! Take a look at this!
Nov-07 -4.50%
Dec-07 -5.29%
Jan-08 -5.64%
Feb-08 -6.62%
Mar-08 -7.47%
Apr-08 -7.95%
May-08 -7.90%
Jun-08 -7.29%
Jul-08 -7.06%
Aug-08 -6.67%
Sep-08 -7.28%
Oct-08 -7.66%
Nov-08 -8.69%
The What
Someday this war is gonna end…
“Killer Cam index?? Holla!”
Harlem! Stand up!
***Bid half off peak comps***
Pot = kettle, BHO
Agree, lechacal. Its also an issue of townhouses (brownstone, brick, limestone) vs. condos…and an even bigger issue for new construction condos by developers with less than stellar product or reputation. As we are seeing, the latter are taking a real ass-kicking.
I don’t think we’re that different in our actual views of what reality is likely to look like 6-12 months down the road.