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.
Investors Business Daily might be more informative about the specifics of investing and what all the ratios & jargon mean.
You should start with something that will teach you the basics. I think there’s an “Investing for Dummies” book. I’m not trying to be snarky or condescending….those books are very informative for people unfamiliar with the subject. A friend of mine wrote “Hedge Funds for Dummies.”
Thanks northsloperenter. I meet these dudes who seem to have no visual means of support, always reading Barron’s and Investor’s Business Daily. I’m like, tell me how you do it man!!
Ultrashort yen ETF? trades less than $2m a day. Why bother?
PitBull… I agree with you. I make “significantly” less than $70k, but I thought I create Mister $70k because if he can’t make it, then I’m doomed.
And I like how Maly went right to a 1 bedroom in Chelsea… Yeah, clearly a “fresh-eyed graduate” making $70k… cough… can’t buy in Chelsea. What about ANYWHERE in this city?
I guess I’m moving to Paterson. Oh wait. No I’m not. That’s not an option. Soon the NYC market is going to wake up and realize this city is becoming less and less attractive by the minute. Many of the wonderful “perks” everyone lists when asked to justify this city are QUICKLY becoming available in MANY MANY other places.
“Is Barron’s a good read for a total newbie like me?”
It’s OK if you want to make sure you get exposed to a lot of different ideas, but I find a lot of times they write articles that lay out an argument in favor of an investment rather than discussing the pros and cons in a neutral way that could help you make a smart investment choice based on your goals etc.
Obviously it is more interesting to read an article that says “Buy GM! You can get rich!” than an article that says “GM is a high risk, high return investment. You could lose all of your money or 10 years from now this could be the best investment of your life”, but unless you know enough to fill in the gaps in their analysis their articles can be dangerous if acted upon.
They assume you know what P/E ratios are and what they imply as well, so if you are completely new to markets, some of the articles will be full of jargon that means little to you. If the Wall Street Journal is interesting to you, Barron’s probably would be too.
Funny thing: my copy of Barron’s gets delivered every Saturday morning, and it just about NEVER* has my address on it. It is always someone else’s address somewhere in Brooklyn (not even in my neighborhood). If I’d been saving all those address labels, I’d have contact info for a few dozen Brooklyn Barron’s subscribers.
*I have gotten a copy of Barron’s with my address label on it exactly once. I assume my usual delivery person was sick that day.
Clap harder.
HARDER!
Tinkerbell is flatlining!
“DIBS, do you really work front office at a hedge fund? It’s hard for me to reconcile your comments with what’s going on in the market.”
Yeah scary isn’t it???!! Imagine you let this Asshead handle your money!!!!!!
“He also said, during the TARP debate, that we weren’t going to write a blank check [“include bonuses here”]. How’d that work out?”
Like this, like that!
http://www.calculatedriskblog.com/2009/02/treasury-major-us-banking-institutions.html
“Both [Fannie and Freddie] are adequately capitalized, which is our highest criteria.”
James Lockhart, director of the Office of Federal Housing Enterprise on CNBC July 8, 2008
Of course both Fannie and Freddie were put into conservatorship (edit) in September.
The What (Dave is a Asshead!)
Someday this war is gonna end…
Are there “skittle points” like mallow cups??? I loved mallow cups…can’t find them anywhere anymore.
Yes, chicken. RE prices in Brooklyn will not be down 50%. What else can I tell you??? Keep buying YCS.
And Ivy Zelman basically has it right. Remember that it was her (or her junior analyst’s) chart that woke the world to the ARM-reset tsunami that really got the ball rolling.