Real Estate Market's Doing Just Fine, Thanks
According to the most authoritative source of data, the city’s assessment roll, rumors of the New York real estate market’s demise have been greatly exaggerated. After a slowed rate of increase in 2005, property values around the five boroughs posted strong double-digit increases in 2006, with the Bronx and Brooklyn leading the way with jumps…
According to the most authoritative source of data, the city’s assessment roll, rumors of the New York real estate market’s demise have been greatly exaggerated. After a slowed rate of increase in 2005, property values around the five boroughs posted strong double-digit increases in 2006, with the Bronx and Brooklyn leading the way with jumps of 27.6%. While people predicted that the sales prices were coming down, they haven’t been coming down, said Martha E. Stark, the city’s finance commissioner. It might take a little longer to sell something, but actually, the prices have been holding.
Property Values in New York Show Vibrancy [NY Times]
Higher Assessments Mean Higher Taxes [NY Post]
“”Stop whining and wailing just because you were either too stupid, lazy or broke to have bought earlier and flat out missed the boat!”
What about too young? Not everyone was old enough to have purchased in ’01. How will the younger generation ever get to purchase property? It is unaffordable as of now, what happens when prices continue to climb?”
Yeah, that’s my favorite comment – no one ever contemplates that some people were too young to have bought property. Can’t wait to see how those people react when I try to sell their kids a $2 million 1100 square foot condo in 20 years. They’ll be singing a different tune. It’s just selfish “me-ness” – no thought for other’s circumstances.
anon 1:58 the bottom line is this.
If you are an existing homeowner, your house isn’t worth as much as you would like to believe it is.
If you are a broker (likely), your in for a big paycut this year.
“NYC is becoming what it was pre-1960s. It’ll take another 1960s-70s to get people to flee the city again.”
No..It just take one democratic mayor and it’s just like 1960/70s again. NYC will be liberal paradise then, with high taxes and crime rates.
anon 12:52. you’re stupid. plain and simple.
people who follow the market at all won’t just decide to put their places up in the spring if they don’t think they will get what they’d like for their place. no one is interested in your negative (just for the sake of negative) comments.
Just wait until all the sellers that pulled their homes from the market during the winter slow period relist this spring. The inventory problem is going to get much worse not better.
“Stop whining and wailing just because you were either too stupid, lazy or broke to have bought earlier and flat out missed the boat!”
What about too young? Not everyone was old enough to have purchased in ’01. How will the younger generation ever get to purchase property? It is unaffordable as of now, what happens when prices continue to climb?
What race riots? You #@%$*# idiot!!!! Know your history before you start writing garbage!!! By the way, what was the composition of New York City before the the pre 1960’s changes?!!!
Mr. B. — to suggest that the dept of finance is some sort of authoritative source on housing prices is absurd. Do you really think a dysfunctional city beuracracy can better assess market value, than say, a corcoran report? it’s just arbitrary to think so..
the truth is, there is no official answer to “how much did property values” go up this year. Even if you had every sales data, unless you had detailed of the condition, etc, of each place and was able to compare it with like data from the prior year, it wouldn’t be accurate… and none of the sources have that info.
I found this article very confusing because it seems to suggest that the NYC housing market is entirely disconnected from the national market. Has this ever happened before? Is it plausible for any local market head in a completely different direction than the national one? Aside from all the hostile nonsense on these threads, does anyone know historically if it has happened this way before?
It’s pretty important, really. Some of us are quite comfortable in our current living situation as renters, living, like Sylvia, within our means, and with enough saved to enter the market to buy. This article notwithstanding, it seems to me that anyone in the market for a condo would do well to wait 6-12 months to see what the impact is of all the new construction. Is it possible that the NYC housing market no longer obeys the laws of supply and demand? Is it possible for hundreds (thousands?) of new apartments to go on the market and yet for prices to continue to climb?
I’m truly confused.