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.
People keep mentioning to me how next year is when a lot of the effects are going to start showing – this year’s budgets were already allocated and the shrinkage of the markets will pay forward into 2010.
Wasder, I totally agree with you. Sign me up for Team Reasonable.
Chicken, thanks for posting that article, though I don’t necessarily think that the info is counter to what is in the one Brownstoner posted, which merely talks about increased deal-making, not rising prices. The article you posted is exactly the kind of analysis that makes me be on Team Reasonable. Most reasonable people value their lives and the details there-in more than the absolute price of their house and for this reason, all of the theories about when to buy and sell to “maximize” market return are just not valid for most people. When to sell or buy is almost always connected to some real world event, positive or negative, and not a market driven decision. For the very lucky few (Miss Muffett or BHO say) finances, timing and opportunity all line up (they hope) to provide the perfect storm of value. But most are not in that position, nor care to upturn their lives to get in that position.
anyone catch Bernanke on 60 minutes last night?
I felt this NY Times piece was fluffy, however most people don’t understand fluff and will beleive it and might spark people to “pull the trigger” instead of trying to wait it out.
no pete that trustafarin article is SO spot on.
*rob*
Interests rates up around .75 in the last two weeks. Wonder how negatively that effects things if it stays at this level or goes higher.
Come on, Pete. you’re no fun.
c’mon -this is a non-story just a fluff piece backed up by no data just broker quotes.
I am no ‘team bear’ but this is another one of NYTimes b.s.
pieces. ( and so is that trustafarian w’burg one).
Just go out and get quotes for some story reporter thought of. Facts and stats don’t matter. Just rely on human interest and stereotypes.
From the same paper but one day later so can we assume that the NYT changed it’s mind again?
http://www.nytimes.com/2009/06/07/business/economy/07view.html?em