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.
Ouch, that’s gotta leave a mark.
Serious question, cornerbodega: Have you actually come to the conclusion after reading my posts that I consider Brooklyn real estate to be a “buy?” If so, you honestly don’t belong on this board. Different viewpoints are fine, but failure at basic reading comprehension is not. Even The What seems to at least understand that my basic thesis is that Brooklyn prices are falling and will continue to do so. And if you fall below him in the pecking order of Brownstoner contributors you might want to pick up your toys and go play somewhere else.
“…from when do you measure the half off?”
It’s in my tagline.
***Bid half off peak comps***
Mission Control we have 1 hour of Oxygen left… Please Advise….
U.S. Stocks Fall, Sending Market Below Lowest Close Since 1997
http://www.bloomberg.com/apps/news?pid=20601087&sid=aPvaYKTd90pQ&refer=home
“Feb. 23 (Bloomberg) — U.S. stocks fell, sending the Standard & Poor’s 500 Index below its lowest close in 12 years, as concern that the deepening recession will erode earnings offset the government’s pledge to give more capital to banks.”
I just love the retards. The S&P 500 is at a 12 year low and Brownstoner Asset Prices will hold up in Asshat Hill. Gentrification is on life support and Guess what, Assclowns? People are starting to move back to Manhattan! Wait until the spring when those “Condo Developments” go rental, offing Free Rent, Flat Screen TV, Gym Membership and other goodies just to rent out the imploding Condo Development!
Whuh, Your assetmentt of Dave is spot on. This retard trades his own money!
BHO I thinK your PWNING WADER! Wasder I thought you brought your house as not an “investment”? So why go after BHO?? maybe you see panic….
The What
Someday this war is gonna end…
“Will prices drop for only 3 years this time (2006-2009?) or will it be longer?”
The bigger the boom, the bigger the bust.
***Bid half off peak comps***
11217 I agree with all that and NYC rocks the f-ing world and always will. I’m only bearish for the 5-10 horizon. I’m still raising my kids here.
there was one thing that kind of understates the financial problem though — the layoffs. true we’ve only lost 10% of financial jobs, but we’ve lost probably 50% of related income. my total compensation for example has been cut to a third of its former level (that’s a real ball-buster if you’ve never had that happen to you). the other thing is that SO many people had been paid in stock — they have all lost previous years’ income as well. a lot of people are broke and bummed. the supply of “good jobs” by their own definition of “jobs that pay what I made in 2007” has been butchered, and they can look forward to the government setting their future pay. it’s a real bummer.
but to your point, it’s all a confidence thing and maybe people are a little overly glum. I don’t know if you’re a financial person, but if you really believe that, go buy some stocks!
> “snark, why do you have to go and be serious for once?”
I… I… I don’t know what came over me. Must be low blood sugar levels.
cornerbodega calling someone a psudo intellectual…NOW THAT”S REALLY FUNNY…..
Didn’t say they were buying anything Cornerbodega. I said they were looking. If I had no money like you, I wouldn’t even be out looking.
See my point…?
You don’t see how idiotic it is to call someone “retarted” and not even spell the word RETARDED correctly?
Neither of which is an especially PC term these days, mind you.