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
“did say is that I don’t appreciate that he chooses not to take part in the debate that multiple parties – not just I – were engaged in, in a civil manner.”
WWWHHAATTT?????? NOP is one of the sweetest guys on Brownstoner. He states his opinion and leaves..
Benson you just a old bag of wind and I see why you don’t want to engage me, just pick on the other kids huh?. Asshead!
“If anyone reads the below posts and thinks that the two posters involved are not one and the same person let me know.”
Wasder give it a rest!!!! BHO and The What are two different people! Go shovel the snow or paint your house or something…
The What (Benson tasted the rainbow)
Someday this war is gonna end…
Wasder, I think you’re onto something. I addressed one of my posts to the two of them a while up the thread because I thought they were saying the exact same thing, but didn’t do the math you did.
Whuh;
I am not trying to disparage NOP, nor did I say that his counsel is imprudent. What I did say is that I don’t appreciate that he chooses not to take part in the debate that multiple parties – not just I – were engaged in, in a civil manner.
If anyone reads the below posts and thinks that the two posters involved are not one and the same person let me know. I say this not to disparage anyone as many people have multiple logins it would appear. And I appreciate that the BHO persona acknowledged his lack of empathy, but I think that I owe it to the community to point out that there are far too many similarities between the POV, the location (Clinton Hill) and the goals of these two to discount the notion that they are the same person.
“the fear tactics of Team Bull are just as objectionable to me as the callous glee of some members of Team Bear”
I know…I know. Sometimes my glee gets the best of me. I should be more empathetic but it’s hard.
***Bid half off peak comps***
Posted by: Brownstones Half Off at March 9, 2009 2:07 PM
” but the fear tactics of Team Bull are just as objectionable to me as the callous glee of some members of Team Bear. ”
Whoa whoa whoa… I’m sooooooo sorry that I’m not feeling magnanimous toward the Assheads, Asshats and dumbasses who got caught up in the Kool-Aid of the Mutant Asset Bubble! hey you know what, I had to head that crap for years (RE never goes down) and other nonsense! Now you want me to feel *COUGH* sorry for those retards???
I say Feck ’em let them all lose everything so we can get back to normal business environments….
The What (Taste the rainbow)
Someday this war is gonna end..
Posted by: Return of The What at March 9, 2009 2:12 PM
“I do not appreciate that NOP addresses his post to “Brownstoner”, as if any particular post on the opposite side is not worth addressing.”
Hey Benson If I call you Asstard will you respond to me????
The What (Oh Brother..)
Someday Benson is gonna end…
Take my have my mother, a 62 year old former NYC public school teacher who owns her own condo in Long Island who will sell it for a solid profit from when she bought in 1988 and is looking to buy a condo or 1 family here in Brooklyn to be closer to me. We went to an open house for a 1 family in Windsor Terrace 2 weeks ago where this un-renovated 2 BR shack deep into WT is being offered at the insane price of $695K. We pull up, view the place(nothing special) and she astounds me with – “Should I offer my bid today to the broker”?
HUH – what? – um No ma – let me do the talking and please no offering anything
my point is – there are loads of people not tied to the finance world who beleive now is the time to buy because the rates are low and there is perception you are getting a bargain because you can offer less than the asking.
My mom bought when her mortage rate was 13.5% in 1988. She bought then becuase she beleived her condo would appreciate in time and she was right, yes she had to buy at a time where the rates were astronimical, but prices were lower. Am sure people back then were screaming – don’t buy don’t buy
“Nostalgic on Park Avenue”
NOP NOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!!!!!!!!!!!
You don’t know what your talking about!!! Real Estate always goes up!!!!!
My friend Dave move from the UES and brought a Brownstone in Bedford Stuvesant in 2006! It’s worth double the price he paid and it will be worth 8.9 million in 2011.
NOP you are jealous of us and you are a hater, right Dave! We show him!
The Insanity
Someday the meds are gonna end…
Benson –I think everyone has the freedom to post according to their own lights –unless this somehow became a thread defined by only your parameters. NOP is the voice of reason and calm; I knew someone would find a way to disparage him, because he is counseling prudence.
Whuh and all;
Actually, I have to say that I don’t appreciate NOP’s post, for several reasons:
a) we’ve been having a fairly civil discussion on today’s thread. I appreciate that most folks have addressed each other by name, and responded to their points. I do not appreciate that NOP addresses his post to “Brownstoner”, as if any particular post on the opposite side is not worth addressing.
b) we can all throw anecdotal information back and forth. This does not make for a debate. Can we present some data, be it historical and/or of the present market, as I requested way up at the beginning of this thread?