Home Price Declines Accelerate in Second Quarter

Excelsior!

How are foreclosures weighing in on Manhattan home values?

Is there a mass exodus to Cape Coral underway?

Exactly my point - who needs to sell as long as they don't foreclose on you? What, after all, is the REAL significance of an 18.5-month inventory?

Nothing. Prices have nowhere to go but UP. Especially when the other 18-month supply of apartments that aren't even listed come online. What's a 3-year supply? As long as there are no foreclosures....

*yawn*

3 yr supply of $1M 2/2 co-op's on prime upper west side? Hmmm, don't think so. There's exactly 17. That's where I live and that's my market so that's what I look at. I'm sure Cape Coral was a fantastic place before the windows were boarded up and weeds started growing up through the sidewalk but I'm not sure what it has to do with where I live.

"There's exactly 17."

Exactly my point. There should be many more at these inventory levels:

Sales in All Upper West Side
We found 100 listings for no more than $1,000,000.00 with at least 1 bedroom with at least 2 bathrooms

of which:

Sales in All Upper West Side
We found 90 listings for no more than $1,000,000.00 with at least 2 bedrooms with at least 2 bathrooms

So there are 80 2-bedroom listings on the UWS.

Sales in All Upper West Side
We found 943 listings for at least $1,000,000.00 with at least 2 bedrooms with at least 2 bathrooms

Sales in All Upper West Side
We found 528 listings for at least $1,000,000.00 with at least 3 bedrooms with at least 2 bathrooms

So there are 80 listings for no more than $1 million, and 415 (943 - 528) over $1 million with exactly 2. One would normally expect to find more lower-priced properties than higher-priced properties.

A $1 million property would cost about $6,200 a month to maintain. According to nybit:

You searched for apartments on the Upper West Side. Per your request, the results include only the following apartment layouts: 2-Bedroom. The list is ordered by Neighborhood.

72 records found

So there are 72 2-bedroom no-fee apartments for rent in that approximate area. Of which only ONE costs over $6,200 a month:

http://www.nybits.com/apartmentlistings/af91361d52875a8d8f8e73dee0de25cb.html

Until those numbers are more in line, the inventory will keep on rising.

Sales in Upper West Side
We found 17 Co-ops for no more than $1,000,000.00 with at least 2 bedrooms with at least 2 bathrooms
Median price: $950,000 Median size: 1,100 ft² Median price per ft²: $799

wow.. dude you bought the one segment of the market that defies the laws of Supply/Demand.... congrats!

i wonder how important 1.5 vs. 2.0 bathrooms is to the majority of people looking for a reasonable deal. because with 2 beds and 1.5 baths, there are 98 coops listed on the UWS under a million. don't many pre-war apartments have 1.5 baths? median size is actually slightly larger, and median price slightly less.

We found 98 Co-ops for no more than $1,000,000.00 with at least 2 bedrooms with at least 1.5 bathrooms
Median price: $899,000 Median size: 1,150 ft² Median price per ft²: $761
Information on All Upper West Side

buy now or be priced out forever!!!

spinnaker, you might only be looking at co-ops, but they are substitutes for condominiums and market rentals.

You point that there are only 17 only supports my point that properties are overpriced. ALL rentals in that area are at a price far below $6,200 a month (I picked a co-op to come up with that number), and the one at that price is in an 80/20 market rent stabilized building.

Ok AR, I tried 1.5 but I still only got 31. Pretty low number for prime UWS in a range that arguably has the most active buyer pool. BTW, I'm only looking south of 96th. There's some pretty homely properties in that mix that have been sitting for a while. I guess my point is, yes, inventory is high, but if you drill down and target specific segments you see things that might surprise.

Sales in Upper West Side
We found 31 Co-ops for no more than $1,000,000.00 with at least 2 bedrooms with at least 1.5 bathrooms
Median price: $879,000 Median size: 1,150 ft² Median price per ft²: $750
Information on Upper West Side

"i wonder how important 1.5 vs. 2.0 bathrooms is to the majority of people looking for a reasonable deal. because with 2 beds and 1.5 baths, there are 98 coops listed on the UWS under a million. don't many pre-war apartments have 1.5 baths? median size is actually slightly larger, and median price slightly less."

In my personal experience, a HUGE difference. In fact, enough of a difference to see many buyers who originally came in only wanting prewar eventually buying post wart because they wanted the full second bath and the only way they could get it was giving up on what originally was their number one criteria: to me, that's a pretty big difference.