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.
“I voice my opinion the strongest and you think I’m insecure??”
Oh, those were opinions? I thought they were emotional, defensive, knee-jerk responses. Sorry, dave.
***Bid half off peak comps***
fair enough. Sorry if I came across defensive – I just don’t like my comments being called “stupid”.
QOTD….”My other rant for today: please everyone find a source better than TV to learn about the economy and the financial markets.”
Truer words have never been spoken.
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.
chicken…it was a recommendation for just that…the retail investor. We sell the forwards. Many friends of mine running their own personal small hedge funds use YCS now.
why does everyone feel like they have some kind of god-given right to affordable housing in the neighborhood of their choice? I don’t get it. There was an article in the times about 200K apartments in riverdale, inwood, and flatbush. what’s wrong with that? is brownstone brooklyn really that great? I think all the brownstone cheerleaders have some kind of selective vision. Drive around “prime brooklyn” and REALLY look at what you see — there are a few little spots of charm that break up a massive toxic urban sprawl. Screw it!! If I had an income of 70K I would be all over the 7 train in Queens.
My other rant for today: please everyone find a source better than TV to learn about the economy and the financial markets.
DIBS, you are often a Assheaded and Dumbasses commenter, but not when the bull vs. bear discussion is on. It’s like Dr. Jekyll and Mr. Hyde. I think you let The What bait you. He just PWNS you!
The What (Dave Blows Cats)
Someday this war is gonna end..
I’d hate to see my home go down 45% in value, (which would pretty much reduce my equity to zilch) but a part of me thinks it would be better for the city as a whole if housing were a lot more affordable. (Of course, I’d also like to see rent controls disappear as well).
We are at about 4.5 x income in our place and like the rest of the country we’re nervous as hell. I’d feel a lot more comfortable right now at 3x income, obviously, but 5 years ago the rental market was so grim that honestly, buying looked like a really good deal, even if the gains were only on paper. My problem with renting in NYC then (and maybe still now) is that most places are depressing dumps. I have a harder time spending 3k a month for a disgusting 2 br in a decent neighborhood than i do paying that much in mortgage plus a monthly co-op fee.
lechacal….I think the Bull vs. Bear discussion is “on” in almost every thread here!!!
I don’t let the What bait me. I occcassionally ask him a question for which there is never a sane answer coming and I usually point out that his cut and paste is already old news. Other than that I try to refrain from talking about his mother’s reputation and his obsession with his time in prison.
I think maybe you miss the facetiousness in many of these posts anyway.
That said, Brooklyn prices will not come down 50%.