Manhattan's Bounce Detectable in Brooklyn?
The cover story in this weekend’s real estate section of the Times is about how the Manhattan market is showing signs of recovery. Brokers say that in the past couple months deals have been picking up for most kinds of properties (pricey new condos are the big exception). Still, prices are off about 30 percent…
The cover story in this weekend’s real estate section of the Times is about how the Manhattan market is showing signs of recovery. Brokers say that in the past couple months deals have been picking up for most kinds of properties (pricey new condos are the big exception). Still, prices are off about 30 percent from the same period last year, and there were 55 percent fewer closings recorded in public records at the end of May of this year as compared to the same quarter last year. Appraiser Jonathan Miller isn’t seeing anywhere near a full recovery yet: “‘You did see an upturn in activity this time of year,’ he said, but ‘it was not a robust spring.’ Mr. Miller said that the spring did not ‘undo the damage that occurred last fall’ during the banking crisis, and that prices still appeared to be slipping, though at a slower pace than earlier in the year.” Still, brokers say there have been bidding wars in recent weeks and that would-be buyers who sat on “the sidelines” in the past few years are now looking to buy property in Manhattan based on the idea that they can now get more bang for their buck. The question for us, unaddressed in the article: Is the Brooklyn market showing any of the same tentative signs of rebounding?
Honk if You Think It’s Over [NY Times]
Photo by Amazin’ Jane.
At best we are at the bottom and we will flat line for the next five years. At worst we have another 20% to go. Horrible, horrible article.
sam — thanks grandpa but no one’s really comparing our lives to our parents’ here. that was just an illustration to show why it may be more important to keep the economics in mind these days when you are looking in to real estate.
every generation thinks they have it worse than their parents and of course the exact opposite is true. The past may seem like a bowl of cherries from our vantage point but if you were there then, you would face as many problems, and probably worse problems, as today. There was never a sure bet, never a time devoid of uncertainties. Today, as ever, you just have to make your best bet and hope you are not hit on the head by a falling safe on the way home.
I don’t think you understand what “tangent” means either. This is a really sad commentary on our education system, or it could just be your inability to learn.
BTW, that was “going off on a tangent.”
Forget it, joe. cornerbodega is here to maintain the far left tail of the intelligence bell curve.
oh, right — then you’re supposed to go: “stick this in your inflection point, biotch”
cornerbodega, here’s a hint, below: A) the last 12 months of year-on-year NYC housing price changes by case-shiller. B) the differences between the respective changes. You are supposed to answer whether prices are falling faster than before, slower than before, by the same rate, or rising in any of those three ways.
A
-8.0%
-7.7%
-7.0%
-7.0%
-6.6%
-7.1%
-7.7%
-8.6%
-9.2%
-9.6%
-10.2%
-11.8%
B
-0.3%
0.3%
-0.5%
-0.1%
-0.9%
-1.0%
-1.6%
-1.7%
-1.2%
-1.7%
-2.7%
Lol dibs, your opening post furthers your credentials as the alpha retard (nickname courtesy of What;) ) on this board. Keep going off on tangents you idiot!
You never answered the question about derivatives, bodegaboy.