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Manhattan Condo Market Index
Couldn't find an existing thread dedicated to UD's trackers and commentary.
Anwyway, I found today's post interesting: http://www.urbandigs.com/2012/08/our_first_glimpse_of_rising_pr.html
Inventory depressingly low and pending sales quite high (though starting to tail off, probably due to seasonality and the impact of lower inventory). Not shocking that there's been some temporary price uptick. The bear in me does not expect it to last, at least not on this kind of trajectory.
Im just curious if the current market will be able to keep pace with the lagging pipeline of strong deals yet to filter through. The SE condo index is at least confirming what Ive discussed since March/April. I would think it lasts at least another 3-4 months, and the index pushes close to 07 levels when all is said and done. Who knows when that is with the lag in acris filings
Put it in perspective, though. Even if you like the index (Miller Samuel has shown a greater decline) - the index is at August 2005 levels.... in real terms, subtract another couple years.
"the index is at August 2005 levels"
Or another way of looking at it, it's back where it was in 2009. The point is the trend is up.
The index was at 1,980 in Feb 2007. Its at 1,970 now and trending at a lag to the Manhattan marketplace. The trend we see now the past 3-4 months, was the Manhattan market in Feb, March & April. We still have May, June, July & Aug deals to filter through the pipeline and impact the SE Index. Wherever the index is in Jan, likely represents the current market. By then I would expect it to have topped out at a higher # then current 1,970, and prob starting to tick down. To me, May/June was the peak of activity and frequency of multiple offer situations -- so by Sep or Oct's print, I would think the index caught up
Blah blah. Blah. If you see a trend by all means buy bf others see the trend. Go on. W67 double dares ya.
I see trends too...... Look at sprint. It's trending past $5.50. If it breaks $5.93 (a high from 2yrs ago bf the fears of bk), w67 is thinking it'll shoot straight up to $15. But I'm out at $10 bc I think making more than $2.5mm on a $800k investment is obscene.
Or another way of looking at it is re borkers are financial retards. W67 is not a key Sherpa.
c I think making more than $2.5mm on a $800k investment is obscene.
Frick and Frack again.
Hey Frick did anyone ever tell you, you make no sense. LOL!
Frack, keep tailing Frick, he may drop some $$ along the way. LOLMZB!!
LOLMZB with $1mm gain on sprint.
That sounds better.