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.
“there had to be 20 broker quotes in that article. really, what a disappointment for anyone who has tried to find real information, and from the Times too.
I got more value out of the Duane Reade coupons.”
Brokers AND dibs!
there had to be 20 broker quotes in that article. really, what a disappointment for anyone who has tried to find real information, and from the Times too.
I got more value out of the Duane Reade coupons.
“Honk if You Think It’s Over”
[sound of crickets chirping]
***Bid half off peak comps***
NYTimes is on Team Bullsh*t. Until prices are more reasonable (relative to income & savings) and job security restored – aint going to believe this crap of things are good,….
pssst DIBS, wanna buy some Gamma?
Ever hear of first and second derivatives, cornerbodega? No, I thought not.
“we’re not talking about maximizing return so much as avoiding avoidable financial ruin.”
Good points Joe and I totally see what you mean about our parents generation rather than ours. But many of the same factors still apply. Yes, its more extreme in NYC these days with huge shifts up and down but still many of the same real world scenarios still apply (or at least they did for me).
Typical of Dibs to be a bull on “getting worse more slowly” news. What an idiot.
I slogged through that whole Times article looking for anything of substance at all and was totally disappointed.
wasder I believe your logic is relevant to my parents’ experience, not mine…
back in the day you didn’t have prices randomly tripling in ten years, and then wiping people out going the other direction. If prices just rise 2 or 3 % a year, it’s easy: you’re always better off than renting in the long run, and as long as you stay at least a few years you can ride out any bumps. Buying a house used to be more like reaching puberty — different times for different people, but it’s gonna happen and you’ll end up fine.
different times now. You could STILL buy and get your whole equity wiped out, and then be bum-rushed out of the NYC job market. we’re not talking about maximizing return so much as avoiding avoidable financial ruin.