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Manhattan Condo Market Index
Gee, it's the best since close to the peak of the market. What a steal.
According to the article - In Manhattan, buying was 20.8 times more expensive than the annual cost of renting, Miller Samuel data for the first quarter show...The multiple had climbed to as high as 26.7 in the second quarter of 2008...It’s averaged 16.3 over the past 21 years.
Time to BUY!!!!
You could easily retitle this article "Manhattan Prices Still High By Historical Standards - Buyers Should Continue to Wait"
These are the salient points:
The cost of buying relative to renting remains the highest of anywhere in New York City and surrounding suburbs, according to Trulia Inc.
%u201CBuying is slightly more affordable to renting than it was, but that%u2019s not enough for Manhattan to make buying a good deal,%u201D said Jed Kolko, chief economist at the San Francisco- based property-data firm, which cites Detroit and Oklahoma City as the top metropolitan areas where purchasing makes more sense.
Or, in other words, just because things are allegedly better for buyers (according to some people), it does not mean that buying is economically the better choice.
In Greenwich Village.
What a weird story, basically says that buying makes no sense unless you compare to a period of time where it made even less sense.
Stop making sense..
"The median price of Manhattan condos and co-ops that sold in the first quarter was $775,000, a 0.9 percent decline from a year earlier, Miller Samuel and Prudential Douglas Elliman Real Estate said in an April 3 report"
I love that the reporter quoted this fact and then a few paragraphs later quoted a buyer saying that he wants to buy because the apt will appreciate 3% a year -- and the reporter failed to challenge the basis of his thinking
And, if the MEDIAN price in Manhattan declined YOY in a quarter that saw some serious trophy condo sales -- didn't the 88Million apt at 15CPW sell in the first quarter also? Anyway, there was some serious foreign sales that really skewed the average so think about what the Median price would have dropped to without those fantastical purchases.
> Gee, it's the best since close to the peak of the market. What a steal.
Buy now or be priced out forever.
2006 ratios... and yet we are at 2004 prices...
most condos in non desolate areas are not at 2004 prices. i wish they were. i want to buy. co - ops have taken more of a hit.
i think he means 2014 price or 2024 price, just a typo
> most condos in non desolate areas are not at 2004 prices. i wish they were. i want to buy. co - ops have taken
> more of a hit
Even the streeteasy condo index shows 2005-2006 levels... and that's before taking out inflation...
Right, we've had so much inflation recently.