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Manhattan’s inventory of homes for sale plunged to a seven-year low in Q3 as owners refrained from listing their properties in a market with flat prices, limiting a rebound in deals as buyer demand picks up.
The number of apartments on the market totaled 5,847 at the end of the quarter, a 24% decline from a year earlier and the lowest since the first three months of 2005, according to a report today by appraiser Miller Samuel Inc. and brokerage Prudential Douglas Elliman Real Estate.
shhhhhhh stfu... we are buying every last one of the 5,847... ZERO INVENTORY..
Each unit I DRIP OUT will be PRICED AT $50,000/psf....
I'M GONNA BE RICH!
Ahh let me see.......could have sworn it said owners refrain from listing in a flat market
Inventory dropped by 24%, interest rate are at historical lows and yet prices are flat. That is suppose to be bullish? Can someone explain that?
From article, "Purchases of luxury apartments, defined as the top 10 percent of all sales by price, totaled 295 deals, a 5.1 percent decline from a year earlier, Miller Samuel and Prudential said. The median price of those transactions fell 2.6 percent to $4.07 million.
On the Upper East Side, the median price of previously owned co-ops fell 1 percent from a year earlier to $840,000, according to Corcoran. Condo prices in the neighborhood fell 6 percent to a median $1.03 million.
On the Upper West Side, the median price of co-op resales was little changed at $795,000, while condo resale prices dropped 1 percent to $1.13 million."
Portion of article that looks at overall market:
"StreetEasy said purchases of condos and co-ops totaled 3,942, a 17 percent increase from a year earlier, while the median closing price climbed 1.2 percent to $850,000. The figure is an estimate that includes transfers recorded with the the New York City Department of Finance by Sept. 30, as well as transactions that were completed in September and are expected to be recorded later."
I think the article is on the bullish side. It is true that there could be a market in which there is so little inventory that people just give up and stop looking, and you dont see demand. But I think that is not what will happen here - people want to buy and rents are very high. Just my personal opinion.
vacancies are at a 3 yr high.. so rents will go back down.. along with prices-- "ITS THE ECONOMY ........"
since ACRIS implemented adding closing costs into the final sales price less than a yr ago, means that the prices are actually down by all indicators.
There is a palpable feeling that inventory is low, at least in the SE listings. I've been waiting for the flood of listings that usually comes in September, but have been dissapointed by both the quality and quantity of listings. I agree with the article that it seems many sellers are waiting for market conditions to improve unless they're in a position where they need to sell.
HIGH NOON. -spaghetti western music-
Who's gonna draw first blood..... a standoff ... on one side. a bubble profiteer slowly bleeding 2%/yr on maintenance/taxes and 2% inflation.... on the other, sweaty renter earning .000001% on his savings and the enticement of 3% mortgages....
WHO BLINKS first?
HAHAHAHAHAHAHAHAHAHAAAAAAAAhhAhahahaahahahahahahaaaaaa........ this ought to be good... lots of bullets flying, peoples heads shot clean off and tons of little RE borkers picking over the dead bodies....
Hope the sellers are not holding their breath
ab_11218, the city doesn't add all closing costs to the recorded amount. It adds only the NYS/NYC RE transfer taxes, and it does that only if:
1. The law says they're payable by the seller, and
2. The buyer pays them.
Sponsors usually but not always contract for the buyer to pay them. That's why you'll see odd dollar amounts on ACRIS and SE for many new-development condo and sponsor-coop sales, but not for resales.
ACRIS has been including them in the sale amount since January 2003, if not before, so any stats since then already include them. It amounts to about 1.86% on a $1,000,000 sale.
Maybe Jonathan Miller will see this and let us know whether they were included in his pre-2003 numbers.
did stevef remove his finger from his azz?
stevef is here. how the h-ll r u people? stevef does not frequent here much anymore b/c there really is nothing to debate. There is no inventory, demand is huge and prices are continuing to move higher for rents and sales. All of you bears here should have bought in late 08- early09 when the "sky was falling!" You know I was yelling it loud and clear. I was practically punching you in the face with it. Anyhow imo prices will be double what they are right now in 7 years...cheers!
and you will have paid off 7 years worth of principal..nice. How are you marco the vocal bear turned bull.
Flmaozzz. Did you get a 7 yr mortgage? I've paid back zero. In fact I've been piling on the debt.
It's how I had the capital to dump $1mm into sprint and still very very liquid. Pay 3%/yr earn 120% in 5 months. Flmaozzz. Yeah pay back your capital steveF. Flmaozzz.
Omfg. Financial ninnies.
the tragedy of usa is that, the guy with fingers in azz speaks the truth
really? you might have been a member since 4/10, but you haven't paid much attention if you write that steveF speaks the truth.
Sis Boom Bah!
steveF's highly illiquid asset risk,
Wah Wah Wah!!!
stevef im doin well...what people seem to forget here is that owning RE and equities can simultaneously be done.
of course it can be. but far too many people commit the majority of their assets to real estate. it's not such a big deal if the total carrying cost of the real estate is a low percentage of take-home income, and remains so post-purchase, but as people have a tendency to buy as much as they can, many find themselves barely getting by much less allocating money to other investments.
Hmmmm..... Sure you can do both. W67 jus saying maybe it might be a better bet to do that 30 yr prepaid rent thinga ma gig, post the greatest re bubble when its done more than deflate 10%. I know i know. 10% no big thing. That's 10% decline with mortgages going from 7% to 3%. Factor in 20% decline in 'real prices' and oooops that 6% illiquid cant turn key stoopid tax. Oh yeah. Forgot the 10x leverage.
Sure you're up on RE and equities Marco. Meh too. I'm up $1mm in equities
in the last 6 months. Zero decrease in my RE holdings. My LL can't say that. But I can. Flmaozzz. Sure you up big guy. Hahahhahahaaaaa.
Fking studio owning bear turned bull. What a moron. But you got plenty of company.
anyone who doesnt have all their $$ in RE with max leverage available is a dope
Flmozzzz. There a scarcity of sprint stock today.
"Ahh let me see.......could have sworn it said owners refrain from listing in a flat market"
Wow, he totally missed the point of the quote, didn't he...
"stevef does not frequent here much anymore b/c there really is nothing to debate. "
Yes, SteveF was so consistently wrong, it was hillarious. The bulls don't bother much anymore.
"All of you bears here should have bought in late 08- early09 when the "sky was falling!" You know I was yelling it loud and clear."
Actually, correction.. SteveF posted that he was giving up on RE and switching to stocks (after missing the 100% stock runup). Meaning he screwed up both times.
Would you like me to point out the thread SteveF? Come on, it is hillarious.
stevef, what other name do you post under?