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Manhattan Condo Market Index
I noticed a lot of units in certain prime neighborhoods (West Village, Chelsea, Brooklyn Heights) are selling like hotcakes even though they're overpriced comparatively. It seems like even just 1 to 3 months ago, the prices were more reasonable, and buyers even negotiated prices down.
I'm new to NYC real estate. Could the market be this fickle? Could only a few months make such a big difference? What do you think is the cause? Thanks.
The market has changed radically in the past 6 weeks, or at least that's been my experience in my small corner of it. The biggest change seems to be that places are not sitting long, and you need to offer above list price for any place you really want. This is just my experience.
Insanely, insanely busy in the starter market. Many customers who probably should have bought a year ago have simultaneously decided that the time is now -- I think some of that is that the pressure of rising rents has gotten worse, so buying seems relatively "cheaper."
DG Neary Realty
I don't know if it's true or not but if it is I think it's probably due in part to the amazing run the equities market has enjoyed. First, the wealth effect. Secondly, the feeling among many that stocks are now over-valued. So, with interest rates so low that bonds are yielding so little, the question becomes: if you have money, where do you put it?
...not to mention the low interest rates.
Right: there is a double effect of Bernanke's low interest rates: it makes bonds unattractive and housing attractive.
It's the first night of the Jay-Z concerts at Barclays.
Concert-goers, black and white have taken the subway here.
From what I've seen all are happy to be here, as doors open for the 8pm show-time.
Good NYPD presence in the surrounding neighborhoods.
Hope all goes well outside, so Barclays will be a plus for Brooklyn.
Great shows coming up for other artists.
I feel the need to post this comment. I want to post this comment.
So I just did.
I think it is also a reflection of the fact that Midtown and above are now undesirable for youngish people. The other thing that I've noticed is that quite a few places that were supposed to be condos have gone rental and screwed people who then are desperate. There just is not much out there> When I bought it was at an open house. Went, saw and by end of day made offer as I knew that that was the way things were swinging. (I had learnt by losing out on about 3 places that all went for well over asking).
I've noticed things going very quickly into contract and then ... the deal falling through.
There is clearly a reason Truth is greyed out.
When the Central Banks around the world choose to print money and in the case of our own CB, announce that they will do so indefinitely, it is truly the time to own hard assets. Bernanke has created a put in the stock market precisely so the wealthy can make money in the stock market and bolster the housing market. And it appears to be working. However, it is not really a time for speculators as prices in NYC are high. If deflation kicks in -- which is possible given the world situation-- it would be much better to take your considerable profits in the market (up 17% ytd which cannot necessarily be said for NY RE) and see if there is a better time to buy in the coming year. That is my plan. But for people who are buying an apartment to live in for a lifetime, the profits from the market combined with low interest rates are probably too good to resist.
I wonder how many are paying cash. Mortgages are ridiculously difficult even for those with near perfect credit. I also wonder if foreign buyers are still fueling the market.
Did Truth ever call the police on her spouse?
I thought apt23 doesn't read my comments, even though after she stated that' and that I "would be forever greyed on her boards", she was still reading my comments and commenting on my comments, the very next day.
and, evidently she still is now today.
apt23 has 99 problems but Truth isn't one of them.
Barclays is rocking!
With permission from Tyler/Perry:
"Mr.apt23's got a gun,
Mr.apt23's got a gun
Mrs.apt23's whole world's come undone
from lookin' straight at the sun
What did her husband do?
What did he put her through?
...tell me now it's unTrue
What did her husband do?..."
It is only starting to get hot. People getting comfortable that housing prices are going up nationally. So much for wall street bonuses on decline, which sadly is somewhat true but people still buying - two income couples who do not want to commute, trust fund kids who want to live in NYC, tech money with google growing in NYC and the famous foreign money. Offer me 50 percent above my purchase mid last year to make me move. Realize that it is not the market but you get the mindset.
Big mistake to bet against prime Manhattan real estate. Where are all the perma-bears now? There is a lot of foreign interest in condos at the moment. We'll continue to see tight supply. Agree with mercer. But for me, you'll need to offer me more than 50% over my purchase price in 1Q2009, when I bought Forma freaked-out wall street punk who was scared sh$# the world was coming to an end.
More than 25% profit even for pre-Lehman contract even after you deduct 7-8% expenses!!
Previously Listed in StreetEasy, already in contract, by Related Sales at $7,125,000.
Related Sales Listing sold.
Previous Sale recorded for $6,275,323.
Listed by Corcoran at $9,000,000.
Also Listed by Brown Harris Stevens at $9,000,000.
Brown Harris Stevens Listing is no longer available.
Sale recorded for $8,550,000.
without factoring in the leverage!!
oldgrey: The bears are still on this site. Anyone with a sense of history can follow this bubble in NY RE and know it will come to an end someday. Reversion to the mean has an ironclad history. That doesn't mean that bubble prices won't continue while people make profits. But there will be pain eventually. Did you ever read the complete history of RE by Schiller. If so, you will know price appreciation like this apt at 279 Central Park West can not be sustained. And btw, I have been in this apartment and the noise from the street is substantial.
Previous Sale recorded for $1,714,250.
Previous Sale recorded for $2,700,000.
Previous Sale recorded for $3,880,000.
Listed by Brown Harris Stevens at $8,000,000.
Hey Truth: Do you think that all those famous names that you endlessly drop as "friends" would like to see your extremely racist comments that you have posted on this Real Estate blog. I am sure that some of those bold faced names who sing about peace and justice might be very alarmed at your venomous, vulgar, pornographic, comments that would only be acceptable at a skin head reunion. And even skin heads would be ashamed to make those comments about children as you did. Are your friends aware of your racism and vulgarity? You subject all the readers on this blog to that poison. Why shouldn't we share it with your "friends" to see what they think?
I am surprised SE hasn't banned you from this site. Have you ever made a comment about real estate.
And foreign money. A friend of mine on Wall Street says that Russia and China are very politically unstable. One day your a billionare; the next day the gov't takes it away. They throw cash at real estate feeling even if they overpay by 20% at least they have a hard asset out of the governemnts reach
what eriegel said is true. our government helped destroying russia and china's once good system, and made the criminals rich. of course the rich criminals are in fear sometimes
Eriegel, is that what Obama is going to do?
about 2 hours ago
Member since: Jul 2009
ignore this person
>Hey Truth: Do you think that all those famous names that you endlessly drop as "friends" would like to see your extremely racist comments that you have posted on this Real Estate blog.
vs your comments about Asians and Latin Americans?
>I am sure that some of those bold faced names who sing about peace and justice might be very alarmed at your venomous, vulgar, pornographic, comments that would only be acceptable at a skin head reunion. And even skin heads would be ashamed to make those comments about children as you did. Are your friends aware of your racism and vulgarity? You subject all the readers on this blog to that poison. Why shouldn't we share it with your "friends" to see what they think?
How would you share it with her friends? Would you first call the police, falsely accusing your husband of committing a crime, and then use that as a pretext to get your way on another matter than, while wrong, is not illegal?
Hey, apt23: Stop reading my comments, you posted a comment that you would grey me from your boards, forevermore.
My friends don't care about you or your opinion of me and my comments.
I have posted comments about RE on se.
If you don't like me, don't read my comments.
My comment on this thread was not addressed to you. I wasn't talking to you.
I wasn't talking about you.
Yet, you posted a comment and started it by making a statment about me.
apt23 can't tell the truth.
She can just not unhide my comments and keep me greyed out on her boards, forever more.
She thinks my friends care about her and her opinion of me and my comments. LOL!!!
She also thinks that your friends sing about peace and justice, instead of realizing that they sing about whatever makes them the most money.
My anus feels hot to the touch.
Rectal flame away! Buy buy buy more real estate!
Oldgreypubichair 'my bond appreciated because interest rates went from 7% to 3%!'
Thanks for stating the obvious. Flmaozz.
Good Pre key Sherpa day re humpers. I see the usuals are pumping each other as usual.
They sing the songs that they write (and sometimes do covers of other songs).
They are honored by their peers in the music industry with awards.
Some have received Humanitarian honors. All have performed for free at charity benefit concerts.
The Queen of England has given some of them honors and titles.
Some have been invited to The White House and performed for the President.
Their fans love them.
They make most of their money from live shows and touring because they are professional musicians and they sing and play music for a living.
apt23 thinks they care about her opinion of me and my comments on se.
She knows nothing about professional musicians.
She should go and wipe w67th's burning tukhis with soothing wipes.
Then she should blow her snotty nose in the wipes.
Obama had Wall Street by the throat in 2008 and let them off the hook. When push comes to shove he backs off every time. We bailed out wall street- and while they paid that back there were trillions in bad debt assets we (the US) purchased sight unseen. That will never get paid back
Why in the world did we do this? OBama was no tougher on Wall Street than Bush
Wall street was bailed out because the WORLD economy was on the brink of collapse. The administration couldn't very well bray about their decision without causing panic -- a run on the banks, etc. Most of the bailout has been paid back to the govt at a profit. AIG has unwound most of their obligation. GM is another matter but should eventually pay off so that coupled with the fact that the decision saved an enormous American industry will prove to be a good decision.
We did it so your bank account would not be worthless.
Truth: your vanity and conceit knows no bounds. Do you really think that anyone on this board cares that you know famous people. And btw, I know many of the people that you refer to and not as a lackey publicist. And I am sure they would disown you if they read your vile racist comments and your pornographic comments about children. And yes, I will fight the kind of perversion that you express anywhere I find it.
apt23, haven't you made racist and xenophobic comments?
>And btw, I know many of the people that you refer to and not as a lackey publicist.
What a surprise, apt23 is an even bigger bigshot than Truth, and has to come here and tell us all about it. So much for discretion.
OP: they're overpriced comparatively
If they are selling, then in my view they are by definition not overpriced. They aRe selling at market rate. It is what they are worth.
As for the RE market and the presidency, puh leez. I did fine under clinton. I did fine under bush (when i sold in 2007). And now i am Doing fine under obama. No one will convince me that bush's stewardship of the economy was better than what we got in the last 4 years. Markets dislike uncertainty more than anything. I say 4 more years. My equity portfolio is performing quite well thank you.
Bailing out the banks and allowing them free reign are two different things
And again, the amount of the direct bailout pales in comparison to the bad paper the goverment assumed. That is not being paid back; but is owned by the USA. It is not considered in the bailout price. The US nowowns tons of sub-prime bad dept
huntersburg: apt23 is still reading my comments.
She gave me a "btw".
She knows them!
She's not "a lackey publicist"!
They are going to disown me!
Hey, apt23: They won't "disown" me because they don't own me.
Friends don't "own" each other.
w67th's tushie is still burning.
Go soothe it for him.
Keeping fighting "perversion" anywhere you find it!
It's not in w67th's tushie, so don't lecture it as you wipe it.
His tushie is only burning.
Apt23: you are the laughing stock of many SE readers due to your addiction to hyperbole and exaggeration.
Watch out for apt23.
She knows famous musicians.
She will force them to disown you. LOL!!!
Jay-Z sang a song with the word "nigga" in the lyrics last night.
apt23 is on the phone to Obama, who is going to "disown" Jay-Z any minute now.
It's 6:15pm on Saturday night, 9/29/12, over 2 HOURS since apt23's threat to expose my se comments to the many friends and people I work with,
who "btw" are also people she "knows".
I'm sitting here right now with many of my local NY musician friends.
They have their phones and e-mail charged-up and have been waiting for apt23 to contact them.
Nothing from apt23, who "knows" them (so she must have their phone numbers and e-mail contact info.)
I have my phone and my e-mail inbox does not contain even one message from any friend/person I know/work with, who has "disowned" me.
Nothing from my friends and people that I know/work with who live on the west coast.
Nothing from my friends and people that I know/work with in Europe.
apt23 is full of shit.
what are you full of?
Truth you are a perverted racist. SE wiped out your vile bile. And you are crazy as a loon as many, many posters on this blog have pointed out. You have an extremely exaggerated sense of your self. And your commentary is juvenile. Most posters on this board would like to leave this board. You add no value. You only get responses from trolls. I have never posted to you except to try and get you to stop your slander and racism.
Really now: Everyone knows you are the troll hunters berg.
The staff at streeteasy know exactly who I am.
They "wiped out" your troll friends' comments, which "BTW" sound very much like the bull you are posting.
I get responses from many posters who are not "trolls" and get along with me on streeteasy.
"Most posters on this board would like to leave this board".?!
What's stopping them?
I have only one log-in on streeteasy: Truth.
You are a BSer.
Your most recent BS, of over 4 hours ago, is more proof of your lies and BS.
You know about "slander", because you engage in it, as did your friends on streeteasy.
They haven't been on se for a few days now. You are here, towing their line.
You are a liar.
You can't even keep your own BS straight.
Keep me on ignore and stop trolling me.
truth....its the internet....
its so sad.
Truth: No, did I mis state my intent? Here it is: most posters on this board want YOU gone from this board. Do you really think the very intelligent, worldly people on this board don't know famous people? But no one would be so crass as to opine about how many famous people they know in every single post. I have very politely asked you to desist from your racist comments for your own good but you seem unable to understand that your slander and racism is offensive.
I don't tow anyone's line and have never had a problem with anyone on this board in the many years I have been posting here except the troll, huntersburg, who stalks me. You, however, have engaged the wrath and disgust of a multitude of posters who are fed up with your disgusting bile. I will always stand up against racism and anyone who promotes pedophilia as you did on the thread. I reported it to SE and it was soon deleted. It is a pity that the author cannot be as easily deleted.
You have been very forthcoming with personal information on an anonymous board. It would take only minutes to find out your identity because you have been so loose with your self serving boasts. Tell me, as a publicist, do you think it would be a problem if your clients read your disgusting posts about sex and children? Not to mention your racist rants. And your vulgarity? They would be appalled as is everyone on this board who has been subjected to your unrelenting venom.
I will not stop reading you because all racist pedophiles should be chased off every public board, Leave this board Truth. Let the people that want to talk about real estate have the board back without your posturing about all your famous friends and connections and your rants about undeserved persecution by posters on this board. People who make slanderous comments about sex between children especially with spurious racial overtones deserve to be persecuted.
You are not worth my time. But no one should turn away from the racism you spewed on this board. Bury yourself. No one wants you here.
>I have never posted to you except to try and get you to stop your slander and racism.
Well, as long as you only post when you get to make yourself feel good.
>Here it is: most posters on this board want YOU gone from this board.
Apt23, you speak for most people on this board?
>It would take only minutes to find out your identity because you have been so loose with your self serving boasts.
Go ahead, what's a few minutes of your time?
>You are not worth my time.
Oh fair enough
>I will not stop reading you
Now I'm confused, she is or is not worth your time?
>all racist pedophiles
What even is that?
>Tell me, as a publicist, do you think it would be a problem if your clients read your disgusting posts about sex and children? Not to mention your racist rants. And your vulgarity? They would be appalled as is everyone on this board who has been subjected to your unrelenting venom.
How come you haven't called the police on your husband in order to try to get Truth to stop?
It's 11:25pm on Saturday night, 9/29/12.
You are on a crusade against me, here on streeteasy.
You have been on here for hours with your slanderous, unrelenting, false and misleading comments posted against me.
I have never "promoted pedophilia", neither here on se, nor anywhere else.
My clients would not read "disgusting posts about sex and children", as I have not posted comments
about that. So it would not "be a problem".
I have not posted "racist rants".
You and your se friends have posted "vulgarity" and "unrelenting venom".
I am not a "racist pedophile".
I don't care if "the worldly people on this board" "know famous people".
I don't "opine" on the famous people I know "in every single post".
So, stop threatening me about exposing your imaginary interpretations of my posts on se.
Your imaginary "persecution" of me is an online cyberspace component of your trolling of me.
You claimed that you would "grey me on your boards forever more".
Now, you claim that you "will not stop reading me"...
and accuse me,with malice and with intent to intimidate me, into chasing me off of streeteasy.
You can bury yourself, apt23, but you will never bury me.
Speak for yourself and your se friends.
You can not speak for "everyone on this board".
You have made intentionally false, misleading and malicious comments about me,(in the above comment and other comments) about me being a "racist pedophile".
You are spewing self-serving boasts.
The "famous people I know" are my friends and we work together.
You are trolling me with lies, maliciously posted by you with the intent to bully me and force me to stop posting comments on streeteasy.
"I don't tow anyone's line and have never had a problem with anyone on this board in the many years I have been posting here except the troll, huntersburg, who stalks me"
I know nothing about hburg. And that quote is a blatant lie beacuse a number of posters have conflicted with apt23 on her wacky analysis.
>I know nothing about hburg.
Thank you for your efforts to support me in the ongoing trolling by "apt23" on this discussion thread.
I have reported "apt23"'s false and intentionally malicious comments about me to streeteasy,
and have also cc'd my report to a newspaper journalist in the real Press.
Please allow streeteasy to resolve this issue.
Thanks again for your support,reallynow.
When you consider the how absurdly low mortgages rates are, the destructibility of interest and taxes risk free rates of interest and official inflation of around 2% and unofficially higher than that buying a home is a no-brainer if you can get to the cost of servicing the debt, and other expenses close to a rental. Home prices in Manhattan do not seem to be cratering, but quite the contrary firming.
Prices have plunged in condo market over past ten years when priced in gold ounces per square foot. So cheaper dollar makes prices go up. As QE infinity takes place, prices in paper fiat should rise, but not necessarily in gold. Buy or die!
Good morning Riversider.
As far as sales in the neighborhoods surrounding Barclays center, I think they will pick up as new restaurants
and shops are going to open.
The areas around the Barclays center were very safe for people attending the first Jay-Z concert.
The new subway station there was also safe and there didn't seem to be any big traffic jams as most people chose to take the subway.
There was a small protest outside, against Forest City Ratner. Some Occupy protesters attended but it was mostly peaceful.
I know a former home-owner on Dean Street who was bought out by Forest City Ratner and made a very good deal which provided him with more than enough money to buy a house in a nearby area in Brooklyn, along with his tenants. They love their new home and neighborhood and were able to walk to the concert.
Upcoming concerts at Barclays will include: Barbra Streisand, The Who, Bob Dylan, Neil Young.
Many great shows there.
I think Barclays will be good for Brooklyn.
"I don't know if it's true or not but if it is I think it's probably due in part to the amazing run the equities market has enjoyed."
Yes, up 30% in the last year. And the normal September season as folks are back from the summer. Are folks really surprised? And then will they be surprised again when winter tanks?