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."

http://online.wsj.com/article/SB10000872396390444358804578018603703807088.html

There just aren't reasonably priced apartments out there in Manhattan. Rent or especially buy.

"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

The Oracle Frack arrives, how are things up in the Bronx?? Flmaozzzzz!!!!!!!

LOL!

"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).

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"

Hey Frack,

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!!!!!!!!!!

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.

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.

yep, its just like that

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?

"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!!!!!!!

LOL!!!!!!!!

"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!!!!!!!
LOL!!!!!!!!"

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

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.

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....

"my preciousssss"

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....

yep, tick, tick, tick, effin TOCK!

ya little weasel....

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.

cc, it is a rare occurrence, but it does happen.

Does anyone have reliable information re condo developments coming up in Brooklyn?