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Bloomberg story says super-low interest rates from central banks aroudn the work are creating another housing bubble......
it's NOT back! at least in nyc the bubble never stopped since it started in 2005,
> at least in nyc the bubble never stopped since it started in 2005
Given we are at 2005 prices now, less in real $$$, care to revise that statement?
Unless you're saying we're about to drop even more...
Weren't existing home sales fine today?
The article is mostly about China, which in addition to the issues plaguing global real estate markets, has it own interest rate, inflation and capital controls issues which make the housing market there particularly bad and very hard to generalize to the rest of the globe.
Is it better than comparing NYC to Wayne, NJ?
Brooklyn is a lot higher than it ever was in 2005-2007
> Given we are at 2005 prices now
are you talking about florida or las vegas?
in NYC, most prices are at 150% ~ 300% of 2005 level
MYM -- are you looking at condos in prime areas?
Other than that category, I don't know of any kind of real estate in Brklyn that is higher than in 2007.
As for co-ops in prime areas, those are down slightly from the peak. And if you move out to B-type neighborhoods, prices are down considerably.
I have a friend who's in a one-bed co-op in Windsor Terrace, which is adjacent to Park Slope. She bought the apt in 2000 for $135k. (unrenovated). Around 2006, there were units with her floor plan that sold for about $360k.
But now in 2012, there is a unit with her floorplan on the market with an asking price of $300k. My guess is it will sell for a number that starts with a 2.
So in that example, values are down considerably from the peak but still much higher than before the bubble began around 2003-2004.
Of course you have to compare neighborhood to neighborhood -- Windsor Terrace never commanded the kind of prices that Park Slope or Bklyn Heights did.
But it was a sold "public sector middle class" type of area, where cops and nurses owned homes.
I've noticed prices are also down quite a bit from peak in Concord Village, another old-style middle class development right by the Bklyn bridge.
Prices also down in Clinton Hill, Prospect Heights, etc. -- all those areas that were lifted up by the bubble but that before the bubble, were considered dangerous or edgy.
I agree with MYM. I did a lot of house hunting in brooklyn heights and are finding prices have gone up significantly. Look at the recent condo developments and the prices developers are receiving per square foot. They are at record highs.
Yep, same here. MYM's comment about Brooklyn being higher than previously bears out in my experiences looking for a new home in NYC. I do agree also that it may be prime areas, like Williamsburg where smaller 1 BR and studios command strong prices sold out quickly earlier this year at Northside Piers 2 and the Edge. I was starting to negotiate the price of a $499,000 studio at the Edge down when the sales agent received a call and told me the price had just gone up $50,000 for the studio I was interested in.
Also, I noticed that there were many places in less prime areas of Manhattan, LES, UES, Murray Hill, BPC (because of hi cc) that seem to have price drops in relation to the "hot" markets of Williamsburg and Greenpoint.
Absofuckinglutely. Sprint is back