Where and When Will The Market Bottom?
Most people interviewed in this weekend Times article about New York’s real estate market finding its bottom seem to agree that prices so far have come down about 25 percent; how much further they have to fall is a matter of more varied opinion, though it sounds like 10 or 15 percent would be a…
Most people interviewed in this weekend Times article about New York’s real estate market finding its bottom seem to agree that prices so far have come down about 25 percent; how much further they have to fall is a matter of more varied opinion, though it sounds like 10 or 15 percent would be a consensus range. Which means we could be closer to the bottom than past cycles would suggest. Even if the New York market were to end up being 35 to 45 percent down, he said, to the degree we’re seeing deals done at 30 to 32 percent down anyway, it’s not very far away. What may happen, some speculate, is that the correction, however brutal, could be accelerated into a shorter time period that last go-round. It’s possible that rather than seeing price declines spread out over a six-year period, this time it could be concentrated in a two-year period, said Ingrid Gould Ellen, co-director of the Furman Center for Real Estate and Urban Policy at NYU’s School of Law. That possibility, along with the fact that there are plenty of folks waiting in the wings wanting to buy, has the brokerage community cautiously optimistic that the real estate business may avoid having a lost decade. After all, what broker’s need to get paid are transactions more than high prices.
Looking for Bottom in N.Y. Real Estate [NY Times]
Photo by simplerich
Jebby congrats!
wish you much luck with your new purchase! People ARE out there buying and selling – maybe not at the frantic pace of a year or so ago – but people are getting deals done and hopefully both sides feel they are coming out of it a winner – that’s what you want in a real estate deal. Am sure Jebby feels he got a bargain and I hope the seller does too
it’s karma people – karma.
Agreed, go sweep your stoop!
“Get outside and sweep the sidewalk in front of where you live, water a tree, do something.”
HEY! I SWEPT my sidewalk this morning!! Get off my case!
Kidding. Congratulations on the new place. Don’t go away from here thinking everyone is on the ledge waiting for the end. Not nearly the case.
It’s SO obvious BHO’s comments come from pure jealousy.
Don’t take them seriously, Jebby. He’s in the same category as The What, Hannible and Cornerbodega.
If you skip their posts, you’ll be just fine.
And no, not because they are doom and gloom only, but because the way they bring the “information” to us, you’d guess they are missing a chromosome.
Congratulations, jebby. Pay no attention to the loons. They can’t afford anything anyway.
BHO, This is the market peak????? You have no idea what I paid.
“Think this will be my last Brownstoner post as I find it really depressing.”
I don’t blame you. I’d feel the same way if I just paid close to ask near the market peak in the face of a massive price collapse, “La la la…I’m not listening…”
***Bid half off peak comps***
Wasder, Thank you. I read this whole thread and couldn’t believe this was going on while the world is on edge. We all need to get real in all areas of our lives and this was getting me bummed. Thanks again.
I hope Jebby’s becomes our Quote of the Day, because it’s really important for everyone to read what he/she wrote and let it sink in.
Thanks and welcome to the neighborhood. You’ve picked a fantastic spot!
Congrats, Jebby. Your point about the tone of economic debate here is well-taken and has been made by many regulars. Not a good source of thougtfulness or insight.
Are you doing any renovating? If so, don’t ignore this site’s forum just because of the nastiness on the homepages. Still a good source of advice.