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For all you dyed in the wool renters:
"Sales in the sizzling Manhattan apartment market hit a post-boom record during the third quarter, according to a Wall Street Journal analysis of public sales records.
There may be uncertainty in Washington and high unemployment in New York and across the country. But in the past few quarters, more and more Manhattan buyers have been competing for a dwindling numbers of listing, brokers say.
Overall sales in the third quarter were up 9.3% from a year earlier, the highest sales pace since the third quarter of 2008, when a financial crisis was triggered by the collapse of Lehman Brothers.
Laura Lawrence, a broker at the Corcoran Group, said that high Manhattan rents and low mortgage rates were driving sales higher. "The market is phenomenal for sales, rents are ridiculous," she said.
The strength of the market extended from lower-priced buyers to those seeking luxurious apartments selling for $1 million to $4 million.
Median prices climbed 2.1% from the second quarter and were up 2.7% from the year-ago third quarter, but average prices were down, the analysis found. The decline in average prices reflected improving sales of lower-priced apartments and more sales of co-ops, which tend to sell for less than otherwise comparable condominiums.
Noah Rosenblatt, a broker who tracks market trends on the website Urbandigs.com, said that with strong contract-signing activity in recent months and shrinking inventory, he expected pricing to continue to strengthen in the fourth quarter.
The strong sales in the Manhattan market occurred as housing markets around the country also have shown signs of recovery, after a long wave of foreclosures, with prices still nearly 30% below their peak nationally.
Manhattan was spared that foreclosure wave, and prices are much closer to the peak, down about 10% as of the second quarter, according to figures compiled by Gregory J. Heym, an economist at Brown Harris Steven.
Dolly Lenz, a top broker at Prudential Douglas Elliman, said that many buyers looking at Manhattan real estate see it as a safe haven for their money. These buyers, especially affluent ones, "commonly recognize and believe that real estate will be a secure store of value—a gilded safety deposit box."
Shhhhhhhhh. Shhhhhhhhhhh. Shhhhhhhhh. Stfu? There are those of us that are quietly buying POS re. Just stfu. Keep the fact Nyc re is booming quiet and do as w67 doez. Just put $30k down lever up and buy many more. Shhhhhhh. No wonder you are just a pos re Borker. Stfu.
There just aren't reasonably priced apartments out there in Manhattan. Rent or especially buy.
Yes listen to fake boob lenz and Noah, the failed day trader.
Shhhhhhhhhj. Shhhhhhhh. The rats are coming to whole foods. Shhhhhhh
R u done with that w67.
Nahhhh. Let me grunt out another set of 595lbs squat. Wait your turn you pansy re Borker.
"Dolly Lenz, a top broker at Prudential Douglas Elliman, said that many buyers looking at Manhattan real estate see it as a safe haven for their money. These buyers, especially affluent ones, "commonly recognize and believe that real estate will be a secure store of value—a gilded safety deposit box."
You got to spin it to win it!
Spin Dolly Spin!
The smell of silicon does not disturbe me.
Something sexy about fish tanks...
Poor, poor, Frick, read it and weep. LOL!
Love that the facts drive you crazy.
Lots of luck with S, Flmaozzzzz, Ha Ha Ha..........
Took you all of 10 minutes to spew your B.S., surprised from such a busy guy like you. Flmaozzzzz. LOL!!!!
so things are selling faster and cheaper.... makes sense to me
Love the look of em falco. But looks weird when your 45yo wife got bigger ta tas than realestateny.
Why does w67 who is up $1.2mm in 4 months on sprint need any luck. Luck should be given to realtards that think pos bought during 2003 - 2014 will double post the greatest bubble known to man. Flmaozzz. Goodz luck with your realtard career gig.
Hahahjajajajajajajajaaaaaaaa. Call me mr trick.
Busy? Why would a retired banker be busy? Hold on gotta do some 315 dead lifts.
"average prices were down, the analysis found. The decline in average prices reflected improving sales of lower-priced apartments and more sales of co-ops, which tend to sell for less than otherwise comparable condominiums."
Makes sense to me. Lower the price, Apartments sell...
so if you have to lower the price to sell an apartment why does this RE Borket sau this? "he expected pricing to continue to strengthen in the fourth quarter." when average prices are down?
The Oracle Frack arrives, how are things up in the Bronx?? Flmaozzzzz!!!!!!!
"the average price was $1.36 million, down 3.6% from the same quarter last year and 5.2% below the second quarter. The analysis is based on closed sales filed with the Department of Finance six days before the end of each quarter."
"Manhattan was spared that foreclosure wave, and prices are much closer to the peak, down about 10% as of the second quarter, according to figures compiled by Gregory J. Heym, an economist at Brown Harris Steven.
Dolly Lenz, a top broker at Prudential Douglas Elliman, said that many buyers looking at Manhattan real estate see it as a safe haven for their money. These buyers, especially affluent ones, "commonly recognize and believe that real estate will be a secure store of value%u2014a gilded safety deposit box.""
Let me get this straight, if you followed the "buy now or be priced out forever" advice 5 years ago you would only be down 10% right now (and 20-30% a few years ago). But you should buy because it is a safe haven?? Two consecutive sentences that don't coincide.
So what happens if more inventory gets built? or incomes decline? And what happens to an asset during Financial Crisis II if everyone happened to try to hide in the same asset class?
I am not trying to be snarky. These are real questions one aught to be asking if you are going to invest millions in NY real estate. (Or maintain your investment).
Funny the broker ahill manuel must say, "omit all facts about prices dropping".. RENY continues to be the biggest broker shill.
Shill manual.. ..
"I am not trying to be snarky. These are real questions one aught to be asking if you are going to invest millions in NY real estate. (Or maintain your investment)."
be snarky..all brokers will always tell you to buy. that is their job..Prices will drop.. there are tons of forceslosures that have not his the NYC area.. Prices will continue to fall.
4 BR's vs Studios are completely different is so many ways
"Median prices climbed 2.1% from the second quarter and were up 2.7% from the year-ago third quarter"
Median prices are a much better indicator of what's happening than average prices. Outliers affect the average, not the median.
That's true even in the Bronx. Flmaozzzzz!!!!!!! LOL!!
Hey Frick, Whole Foods was mobbed this afternoon. More importantly the 60 story condo that will be coming online in 2014-2015 will bring in lots of high commissions. Prices by then should be at an all time high. Flmaozzzzz!!!!!!!
down 10% + closing costs in 5% + closing costs out 7% = 22% down.
i'm not a stock picker, but even i can do better ;)
"Prices will drop.. there are tons of forceslosures that have not his the NYC area.. Prices will continue to fall."
Talk about delusional, he's been waiting for the bargains since 09, listen to him. LOL!!!!!!!!!!
sounds like my delusions have been right on!
Sounds like you missed this article too. http://www.bloomberg.com/news/2012-09-18/new-jersey-housing-suffers-as-defaults-exceed-nevada-mortgages.html
In New Jersey, where about 60,000 foreclosures started since January 2008 still await resolution, borrowers in the foreclosure process haven’t made a payment for an average of 934 days, according to Lender Processing Services Inc. (LPS) New York, at 953 days, and Florida, at 938 days, are the only states with longer time frames. The U.S. average is 742 days
Median is the preferred price metric to follow because it is not impacted by the outliers as much, but still it is impacted by what types of apartment closings are filed by the city and when. There are probably over 700-800 sales in Q3 that closed, but have not yet been filed by the city register and we are waiting for them to file in. These will be counted in Q4 reports, not Q3.
I find the SE repeat condo index to be way more accurate in showing Manhattan price trends than these median/avg pricing reports. That is set to what appears to be a 60-day lag. My systems show deal volume, so all I see is what kinds of properties are signed, and pending, waiting to be captured in the reports. Based on that data, we still have some upside price action ahead of us, although the SE index prob is showing 75% of the move already, so its nearing maturity. As for todays market, its not nearly as active as it was back in April/May/June -- which the quarterly reports are now basically discussing today and will discuss in 3 days when the firms release their data. Inventory is still tight, but deal vol on a monthly pace is in the low 800s, down from 1200s in may.
Sizzle? I hearz there's a bacon shortage. Flmaozzz.
Shill away, Borker away. Zeith hail!
A friend of mine on wall street says tons of Chinese and Russian money is propping up the market. Political unrest in those nations make the righ want hard assets in stable nations to park their money. He feels this far outstrips the European investors. He feels that unless those nations suffer setbacks the market is safe.
You buy real estate to live in or to rent. Just set a price target for both.
In my experience the condo market is up about 15% from a year ago when I started looking. There was stuff lingering on the market then; not now
BUt I can't predict the future
the only future we can predict is 1 qtr ahead based on pending sales in real-time. Outside of that, if the market were to shit the bed tomorrow, it probably wouldnt even show up in the reports until Q1, 2013 at this point if one only looks to the quarterly reports.
Yea, that's what the Japanese thought when they bot Pebble beach, numerous condos in Hawaii and Rock Center in the early 90s ask them how much $ they made.
yep, its just like that
It's like that huh? Flmaozzz.
Step back. W67 can predict the future. Sprint will go from $2.40 to $10. Nyc re will tank 30% when fed stops this silly transfer of wealth from savers to spenders. 30% plus 6% commish. You are talking about some serious mortgage pig feeding going on from here on out. But then again, we needs pigs for bacon.
Sizzle. Sizzle sizzle. Now the question is who's on the grill?
No grill marks on mez.
>Step back. W67 can predict the future. Sprint will go from $2.40 to $10. Nyc re will tank 30% when fed stops this silly transfer of wealth from savers to spenders.
But that's your deal too, right? You hate the old money. You find every opportunity to attack those who are currently wealthy. That older white woman who didn't give you enough attention. The white investment banker who didn't promote you. Anyone who didn't let you into their club. You described yourself just two days ago as an anarchist.
All this talk about sizzling and the net net... prices down.
> For all you dyed in the wool renters:
Sounds like they were right, no?
More importantly the 60 story condo that will be coming online in 2014-2015 will bring in lots of high commissions. Prices by then should be at an all time high. Flmaozzzzz!!!!!!!
Wouldn't increased inventory mean lower prices? There seems to be quite a few building s coming online in the next two years. Don't your think that would mean flat lining prices?
It doesn't work when you do it.
"W67 can predict the future. Sprint will go from $2.40 to $10"
Did W67 predict that Sprint would go from $5.76 to $4.89 since last Tuesday? That's a loss of 15%!
As some might say, Flmaozzzzz!!!!!!!
Ya miss the run from $2.40 and bitch to me about the last few days. Your name wouldn't be Ronnie?
Flmaozzz. Should all the realtwhores who sold the millions of homes in foreclosures do a mia culpa? Flmaozz. Trust me anyone who bought nyc re in 2004 to 2014 would be Happy happy happy to lose just 100% of their equity.
"Did W67 predict that Sprint would go from $5.76 to $4.89 since last Tuesday? That's a loss of 15%!
As some might say, Flmaozzzzz!!!!!!!
If you can't take the ups and downs, no point getting in. But that hardly makes it a bad call. I'm still quite up on it as well - thanks w67th (more ego prodding)!
profit. and owning costs less to own each month! win/win
bjw, you can use your profit to pay down the interest in your mortgage.
Thanks hburg - is there a fund I can put some of it towards that will generate new jokes for you? The potential return there is actually quite enticing.
you and Rangersfan should spend an evening together to come up with more uninteresting things to say.
hb, do you feel compelled to add your vindictive to every thread? don't you get it? your views are tired, uninspired, without thought and without value. you troll threads like a pathetic little soul looking for his last thread of meaning in your life. such a pathetic little existence. such a pathetic "life". ya little weasel....
>hb, do you feel compelled to add your vindictive to every thread?
Rangersfan, you don't like to fight?
hahahaha, are you morfing into another personality without changing your pen name? note the lack of use of french...i will indulge you, but only for a minute. you want a "fight" - only if your up for it. i won't back down from a reasonable challenge - ny born and bred. so, what you want, hb. i am on here enough to figure out your gig but you want to play? is that what you want? ya little weasel....
only for a minute?
yep, tick, tick, tick, effin TOCK!
ya little weasel....
your father apparently didn't do his job
weak, so weak i think i am done with you, ya little weasel....
crawl back into your hole until another unwitting idiot decides to post....
let me know when your up for the big boy action. which will be never...ya little weasel....
rangersfan, no need to get all worked up - the burg can be mordantly funny when he actually applies himself.
huntersburg is many things and many posters. funny is not one of them.
cc, it is a rare occurrence, but it does happen.
Out of 9,283 posts, how many were repetitious and how many were funny?
Does anyone have reliable information re condo developments coming up in Brooklyn?
So I signed off and rangersfan, columbiacounty, and bjw stayed on to have a party.
was that funny?
RENY awefully quiet today with the sprint rally
Oh that rally?
But I'm having too much fun with my "does my finger smell like shit" experiment.
RENY... go suck some cock with ericho69... he should be finished by now.. I sent him to suck cock for doubting my sprint call a few days ago.
Go on RENY go suck some cock as punishment for being a RE PUMPER and non-believer in sprint. Give enricho69 a break. He's gonna get TMJ
FK You ALL RE HUMPERS. go to fking hell. Keep milking that dried up utter and keep hoping BERNIE can squeeze some more milk.
BUT be warned, sometimes if you suck it too much it fking bleeds. At least rub it down with some vaseline for heaven's sake.....
columbiacounty, was that funny?
you are not funny.
you have never been funny.
you are the opposite.
There you go again thinking I'm here for you. Why do you think I'm trying to amuse you? Let me be clear - I'm not.
why are you here?
You don't get to ask the questions.
hey, you reached out to me.
go fuck yourself.
I can't do that to myself.
sure you can. and you have.
no one else would do it with you.
Is that your version of "I know you are but what am I"?