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.
wasd — no not at all, that was sincere, except for the thing about the wife — I worked hard to convince myself that 800ft was enough, since that’s all I can afford, and I was curious about others’ experiences. 2 floors sounds about right to me. Seriously when I see families of 4 in these 4000ft McMansions out in the fly-over states it makes me a little nauseous.
No fighting, I am back on this site ,so is What and DOW 8000 whom I guess is BROWNSTONES HALF OFF… ANYWAY I THINK MANANA IS A big day. If we can bounce off of 740 strong that is a great sign. Crazy thing is the USA is in better shape than all the restof the countries. Well at least temporarily.
joe….there are lots of places under $500 psf
I live in a 3-bed floor-through with Mrs. Jackal and two little jackals, with a third on the way. I find it perfectly comfortable. It’s a 20′ wide and very deep building, so we’re talking about more space than your average floor-through. I moved here from the suburbs, where I had almost 5000 sf, which just felt unnatural. I am more comfortable in my current space than I was in that place. Not to say I’m not in the market to upgrade once I pounce and buy. I will probably pick up something in the 1400-1700 sf range (or more, depending on how far the market falls).
joe – Depends on the hotness factor of the handyman.
Joe–I have two kids and enough space for us seems to be about 1600 square feet, at least for now. If/when we need more we will take over another floor of the house if we can spare the rental income. Although something tells me you are being snarky here….
bho what do you mean “very psychological”? you mean good? how do you figure?
hey wasder — I want a brooklyn co-op and two kids. I already have a wife and a job. what’s enough space for two little mutants? I’m kinda holding out for the brownstone duplexes to drop into the 500/foot range. Is that enough space to be confident that my wife won’t freak out, turn the kids against me, and run off with the handy man? that’s the last thing I need in a down economy.
I figured you’d take the bait on that one, BHO.