90% of economsts predict recession will ease soon, what does that mean for NYC real estate?

your credibility is lost because you don't back up your accusations. you called me a lowballer, and a market time, say that i am a renter, i resort to name calling and profanity. none of this is true so just thought you'd step up to the plate and explain yourself.
but if the best you got for me is calling me a "market timer" well than LOL.

perhaps you should have butted out from the beginning.

petrfitz is a bull who equates renting with a lonely meaningless existence. that's a nice positive position. and he almost always personalizes the argument, so i have no problem using the term i did.

petrfitz, i have a lovely family, a great home, a beautiful country home. i don't need to own to have self-worth. i'm not sitting here nervously biting my nails waiting for prices to fall (although fall they certainly will). plenty of people are capable of making rational cost-benefit analyses that would indicate that it's not a bad idea in the slightest to wait. others would come to the conclusion, based on their personal needs and preferences, with the same data set, that now is the time to buy.

"others would come to the conclusion, based on their personal needs and preferences, with the same data set, that now is the time to buy."

What a total hypocrite. This is the same loving lady that call my purchase a 'piss-poor' investment without knowing the full details. LOL! Such a comic.

nicely said aboutready. i will wait, and que sera sera. Fortunately this is a second home for leisure purposes. if it happens great, if not i gave it a try, no love lost. i do not take offense nor insult from someone on a forum who knows nothing about me and much less about anything else for that matter.
i am very interested in NYC RE so i came to a sight to get the "buzz" around town. i find many forums from real people to be informative and most people's experiences helpful. forums can be a great tool. but i take it with a grain of salt. as i stated earlier ultimately not the market nor people's opinions here matter. it's up to the seller/developer and buyer to come to a meeting of the minds.

"as i stated earlier ultimately not the market nor people's opinions here matter. it's up to the seller/developer and buyer to come to a meeting of the minds."

I agree...

thanks ericho:)
....just waiting......i'm so close (that's what us mkt timers do you know, we wait). BTW i am no lowballer according to your offer on my example-LOL, i am very close, i predict that in July or August i will start seeing what i'm looking for-i hope

Movinup1,
Obviously i'm more optimistic then most here. I think most of these condos will try to do rental before being dumped into the market. If these signs of stability continues in this economy, more people and developers will be less inclined to dump them at a lost. Also, the biggest leverage buyers have now (deteriorating economy) will be taken away.

From this weekends Barron's. VERY disconcerting.

The Housing Hurricane Will Howl Again
By MIKE MORGAN
This is only a lull in the housing hurricane.

WE'RE OUT OF THE EYE OF THE HURRICANE, but here comes the back half of the storm. A lot of people think that we've seen the worst of the housing crisis. They're talking about green shoots and glimmers of hope, when they should be back in the storm shelter, preparing for a flood of inventory that will overwhelm the markets and produce another round of falling prices

For the past few months there has been a semi-moratorium on foreclosures. Most institutions with delinquent mortgages didn't foreclose. The signs that blanket many neighborhoods have been posted by a fraction of the lenders. Now the rest of the banks are rushing to get their properties on the market.
[ov]
Christoph Hitz for Barron's
We're still supporting misguided programs that only add to inventory woes. They encourage builders to put up more homes and penalize anyone else trying to sell a home.

As a Florida real-estate broker who works with bank asset managers to dispose of foreclosed properties, I get a good view of this market. From December 2008 through mid-March 2009, the number of asset managers calling to discuss REO (real estate owned) properties on their client banks' books dropped by more than 80% from the level at which it previously had been running. In the past two months, however, asset managers have been busy, with most interested in how many properties we could handle at once.

Law firms for banks are once again lining up to file foreclosures and to process evictions. The asset managers we work with have warned us to expect a flood of properties, beginning in early June. This will hit as the number of potential buyers continues to dwindle. Builders, traditional sellers and investors who entered too early are already loaded with REO properties.

ALL OF THE OBAMA administration's attempts to revive, resuscitate and shock the housing markets into recovery have failed. Potential buyers can't purchase homes when they are losing their jobs, regardless of how attractive the credits and mortgages are. The price of homes will continue to fall until the properties are affordable for potential buyers.

If an investor could purchase a home and rent it out for close to breakeven, we might be getting close to a bottom. But we are nowhere close to that level in most critical markets. Until it is approached, prices will continue to fall. In fact, the negative cash flow now evident, along with the flood of properties coming into the inventory pool, warn of lower prices.

There's no light at the end of the tunnel yet. We're still supporting builders through misguided programs that are only adding to the inventory woes. California decided to offer a $10,000 credit to buyers of new homes, on top of the $8,000 federal credit. But California made the $10,000 available only for new homes purchased directly from builders. That shows the power of the builders' lobby, but it only adds to California's housing-industry problem. It encourages builders to construct dwellings we don't need, and it penalizes anyone else trying to sell a home.

Housing inventory soon will flood a market in which more than 500,000 homes are being built each year, even though the annual sales pace for new homes is closer to 300,000. We must also deal with a system clogged with impossible short sales, a surge of second and vacation homes being dumped, and third-wave flippers realizing that they entered the market too soon.

FOR THE BANKS, the back half of the hurricane will destroy balance sheets, unless the Obama administration comes up with another plan to mythically mark these assets on the books. Or we might see some chimerical plan to write down mortgage payments, or move toxic mortgages into a dark pool, or create some new illusion that glosses over the problem.

Our experience with banks' selling REOs is they realize about 50%-75% of what they initially think they will get. Moreover, their expenses to bring these properties to market and manage them are growing. Court systems bogged down with foreclosures are raising fees so that they can hire additional staff. More and more homeowners being evicted are stripping homes to the bone, removing appliances, fixtures, carpet, cabinets, air handlers, motorized garage-door openers and anything else that they can carry off or sell.

Unemployment presents a two-pronged problem. If homeowners lose their jobs, they have difficulty meeting mortgage payments. And a high jobless rate forces more people to put their homes on the market.

During the housing bubble, many second homes were purchased with the mythical equity from primary residences. These second homes are coming onto the market at an alarming rate, as many middle- and upper-class sellers need to raise cash. In some very exclusive private communities in Florida, where home prices are in the seven figures, more than 50% of the homes are on the market. (For more on the vacation-home market, see Cover Story.)

Unfortunately, there are no signs of recovery, despite the hype and the twisting of numbers in many media reports. The end of the unofficial moratorium on foreclosures, combined with rising unemployment, signals that the back half of this housing hurricane is only just beginning.

MIKE MORGAN is a real-estate broker in Stuart, Fla., He owns Morgan Florida, which offers residential, commercial and investment real-estate services and research.

time will tell. i'll have to leave it to fate. i am prepared to buy now but i have a price limit. so my options are A)to wait a month or two and see if there are units to negotiate or put offers on, B)save a little more to up my limit, or C)worse case scenario, i just don't buy at all. i won't be house poor, it defeats the purpose of an apt for "leisure"........ and the fact of the matter is it doesn't matter how much someone paid for their home but the value it has in the current market.

Where did the title of this thread come from? A legitimate reference would help.

we certainly have digressed....

ericho loves being in the eye of hurricane, dont you glacias? didn't we just talk about this a couple days ago? You look right up at the blue sky above and say, "looking good!"
here comes the 2nd half of the storm, but hey, it's nice for a short time, so enjoy it I guess.

And as for fitz-douchebag, i echo AR, how is renting equated to dying alone? Talk about taking a leap from point A to point moron.

upper,
First you said there's no sign of recovery and now you said to enjoy the the current 'sunshine'.
Seeing a little flip-flopping here....

> i knew it, how convenient. nice job, there goes your credibility. if i were you i'd never post here
> again.

Uh, when did perfitz have credibility?

This is the ass who called BUY NOW at the absolute peak of the market. And I'm still laughing about his Las Vegas purchase he tried to brag about (in a now bankrupt development).

> Where did the title of this thread come from? A legitimate reference would help.

Same ass "buy Manhattan RE now" came out of in 2007.

LOL i knew he was a bitter seller..........as for the title of this thread, honestly what do economists really know about the NYC recession ending soon. reports indicate otherwise, and it lags behind other economies, so to say it will end here when it is actually is just beginning seems incorrect at best.

Yeah, he admitted he lost his shirt in RE in the past.... and he's done it again. But I don't think he had much of a shirt to begin with.

10022, this thread was started by Scoots, not petrfitz.

I was inferring that they share the same ass, thats all...